LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global electric fuse market size is projected to grow to USD 3,102.8 million by 2021, at a CAGR of more than 4% over the forecast period.
This research report titled ‘Global Electric Fuse Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The construction industry is witnessing global growth, especially in the emerging nations. With the rise in the number of buildings, there is an increase in demand for electricity and efficient power management solutions. This is creating a large demand for electric fuses and acting as a major factor impacting the growth of the market.
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Based on end-user, the report categorizes the global electric fuse market into the following segments:
- Power sector
- Automotive sector
- Electrical and electronics sector
- Industrial sector
The top three revenue-generating end-user segments in the global electric fuse market are discussed below:
“The power sector is the largest segment of the electric fuse market, generating more than 35% of the overall revenue. Grid revamps, and expansion of renewable energy sources are expected to propel the growth of the market segment over the forecast period,” says Anju Ajaykumar, one of the lead analysts at Technavio for tools and components research.
The demand for electric fuse market from the power sector is driven by major grid expansion, due to the setting up of new power generation plants over the forecast period in countries such as China, Russia, the UAE, and the US. Additionally, the rise in the generation of power from clean sources will also create significant demand for electric fuse.
Automotive vehicles require electric fuses in many of its components, creating a huge market demand. Since each vehicle requires over 150 fuse wires, the rise in the automotive industry will impact the electric fuse market exponentially. The quickly changing lifestyles of consumers are creating a demand for fuel-efficient and technologically advanced cars equipped with more safety features, which will require additional fuse wires. Sustained economic growth, growing industrial development, infrastructure development, and an increase in disposable income will boost the demand for motor vehicles, which will further benefit the electric fuse market.
Electrical and electronics sector
“Consumer electronics constitute the majority portion of electrical and electronics sector, which includes household appliances such as refrigerators, air conditioners, laptops, smartphones, and tablets used by individuals. These devices are extremely sensitive to voltage variations and require fuse chips to ensure optimal current flow,” says Anju.
The rising disposable income among consumers in emerging economies, especially in APAC, has led to a steep rise in the sales of consumer electronics. Also, the high levels of adoption of smartphones and laptops will drive the growth of the market segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Bel Fuse
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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