USD 2.84 billion
Report ID:
SQMIG20D2118 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
65
|Figures:
75
Global Current-Limiting Fuses Services Market size was valued at USD 2.84 billion in 2022 and is poised to grow from USD 3.28 billion in 2023 to USD 10.39 billion by 2031, growing at a CAGR of 15.50% in the forecast period (2024-2031).
The global current-limiting fuses market is a rapidly growing industry that plays a crucial role in ensuring the safety and efficiency of electrical systems. Current-limiting fuses are designed to limit the amount of current that passes through a circuit, protecting electrical equipment and preventing costly damage or dangerous situations. The purpose of the market is to provide reliable and efficient current-limiting fuses to a wide range of industries, including power generation, transmission, and distribution, as well as industrial, commercial, and residential applications. Modern and dependable current-limiting fuses are required due to the rising demand for electricity and the expanding usage of renewable energy sources. The market is driven by several factors, including the growing demand for electricity worldwide, the increasing focus on energy efficiency and sustainable energy sources, and the need for reliable and safe electrical systems.
Additionally, the rising demand for electronic devices and appliances, as well as the expansion of the automotive industry, are fueling the growth of the market. However, the market also has to deal with issues including the high cost of modern current-limiting fuses and the absence of industry standards. Another barrier to entry for new competitors may be caused by the complexity of contemporary electrical systems and the demand for specialized solutions. The creation of intelligent current-limiting fuses that can be monitored and controlled remotely, as well as the incorporation of cutting-edge technologies like IoT and AI to increase the efficiency and dependability of electrical systems, are important industry trends. Additionally opening up new business potential are the rising use of renewable energy sources and the desire for electric vehicles.
US Current-Limiting Fuses Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.84 billion
Largest Segment
Low Voltage
Fastest Growth
Low Voltage
Growth Rate
15.50% CAGR
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Global Current-Limiting Fuses Market is segmented on the basis of voltage, application, and region. By voltage, the market is segmented into low voltage, medium voltage, and high voltage. By application, the market is segmented into transformers, capacitors, motor starters, feeder circuits, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Current-Limiting Fuses Market Analysis By Voltage
The low voltage segment is the largest segment in the global current-limiting fuses market. This can be attributed to the widespread usage of low voltage fuses in various applications such as residential, commercial, and industrial sectors. Low voltage fuses are commonly used in appliances, electrical circuits, and electronics as protection against overcurrents, short circuits, and ground faults. The increasing demand for consumer electronics, as well as the growing trend of automation and digitalization in the industrial sector, are expected to drive the growth of the low voltage segment in the global current-limiting fuses market.
The medium voltage segment is the fastest-growing segment in the global current-limiting fuses market. This can be attributed to the increasing demand for renewable energy sources such as solar and wind power generation, which require medium voltage fuses for protection against overcurrents and short circuits. The growing adoption of electric vehicles is also expected to drive the demand for medium voltage fuses. For instance, according to the International Energy Agency, the number of electric cars on the road worldwide increased from 2 million in 2016 to 10 million in 2020, and is expected to reach 145 million by 2030. This growth in the electric vehicle market is expected to drive the demand for medium voltage fuses in the coming years.
Current-Limiting Fuses Market Analysis By Application
The transformers segment is the largest segment in the current-limiting fuses market by application. Transformers play a crucial role in power transmission and distribution networks and are widely used in industries such as power generation, oil and gas, and manufacturing. Current-limiting fuses are used in transformers to protect them from overcurrent and short circuits, which can damage the equipment and cause power outages.
The fastest-growing segment in the current-limiting fuses market by application is motor starters. Motor starters are used to control the starting and stopping of electric motors, and they require protection from overcurrent and short circuits. Current-limiting fuses are commonly used in motor starter circuits to ensure the safe operation of motors and prevent damage to the equipment. The increasing adoption of electric motors in various industries, such as automotive, aerospace, and manufacturing, is expected to drive the demand for current-limiting fuses in motor starter applications.
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North America dominated the global current-limiting fuses market, primarily driven by the rising demand for electricity, coupled with the increasing number of smart grid initiatives in the region. In addition, the region's market is anticipated to increase as a result of the rising demand for renewable energy sources and the requirement to upgrade aging power infrastructure. According to the International Energy Agency (IEA), the U.S. is the largest producer of natural gas and oil in the world, which requires a reliable power supply to maintain its position in the market, thus leading to a high demand for current-limiting fuses.
The Asia-Pacific region is expected to be the fastest-growing region in the global current-limiting fuses market due to the increasing demand for power, the growth of the manufacturing industry, and the rising adoption of smart grid technology in countries such as China and India. In addition, the increasing investment in the renewable energy sector in the region is also driving the demand for current-limiting fuses. For instance, India has set a target to achieve 175 GW of renewable energy capacity by 2022, which will require significant investments in the power infrastructure, thereby driving the demand for current-limiting fuses in the region.
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Current-Limiting Fuses Market Drivers
Increasing demand for electricity
Stringent government regulations
Current-Limiting Fuses Market Restraints
High cost
Competition from circuit breakers
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Global Current-Limiting Fuses Market is highly competitive, with several established players and new entrants vying for market share. Some of the key players in the market are actively involved in research and development activities to introduce innovative products and gain a competitive edge in the market. They are also focusing on expanding their geographic reach by entering into strategic partnerships, collaborations, and mergers and acquisitions. For instance, in June 2021, Eaton Corporation PLC announced its acquisition of Tripp Lite, a leading provider of power quality and connectivity solutions, to expand its offering of critical power solutions. In addition, these players are also focusing on providing customized solutions to meet the specific needs of their customers. They are investing heavily in developing new technologies and improving their manufacturing processes to enhance the efficiency and reliability of their products.
Top Player’s Company Profiles in Current-Limiting Fuses Market
Current-Limiting Fuses Market Recent Developments
In April 2023, Eaton Corporation, a renowned entity in intelligent power management, finalized the acquisition of Jiangsu Ryan Electric Co., Ltd., a China-based manufacturer specializing in power distribution and sub-transmission transformers. By integrating Jiangsu Ryan Electric Co., Ltd.'s expertise and offerings, Eaton aims to strengthen its position and expand its influence across diverse markets worldwide.
In February 2023, Littelfuse, Inc. made headlines with its acquisition of Western Automation Research and Development Limited, a prominent organization based in Ireland recognized for its expertise in designing and producing electric shock protection devices.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Our analysis of the Global Current-Limiting Fuses Market indicates that the market would expand significantly over the forecast period due to rising electricity demand and rising demand for dependable and effective power distribution systems. The market is also expected to benefit from the increasing adoption of renewable energy sources, which require specialized fuses to ensure safe and efficient operation. Additionally, the market is likely to witness significant growth in emerging economies, where there is a high demand for electricity infrastructure development. However, the market is also facing challenges, such as the increasing adoption of alternative technologies and the availability of low-cost substitutes, which could potentially impact market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.84 billion |
Market size value in 2031 | USD 10.39 billion |
Growth Rate | 15.50% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Current-Limiting Fuses Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Current-Limiting Fuses Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG20D2118