Current-Limiting Fuses Market Size, Share, Growth Analysis, By Voltage(Low voltage, medium voltage, and high voltage), By Application(Transformers, capacitors, motor starters, feeder circuits), By Region - Industry Forecast 2024-2031

Current-Limiting Fuses Market Drivers

Increasing demand for electricity

• The increasing demand for electricity from various end-use sectors such as residential, commercial, and industrial is driving the demand for current-limiting fuses. This is because these fuses help in the protection of electrical equipment, thereby preventing damage to the equipment and ensuring a continuous supply of electricity. For instance, according to the International Energy Agency (IEA), global electricity demand is expected to grow by 4% in 2021 and 3.5% in 2022.

Stringent government regulations

• To guarantee the dependability and safety of electrical equipment, governments all over the world are putting strict laws into place. This is driving the demand for current-limiting fuses, as they help in protecting electrical equipment from overloading and short-circuiting. For instance, in the United States, the National Electrical Code (NEC) mandates the use of current-limiting fuses in various electrical applications.

Current-Limiting Fuses Market Restraints

High cost

• Current-limiting fuses are often more expensive than traditional fuses, which can act as a restraint to the growth of the market. This is because the cost of the materials used in current-limiting fuses, such as silver and copper, is higher than the materials used in traditional fuses. Additionally, the installation and maintenance of current-limiting fuses can also be more expensive than traditional fuses.

Competition from circuit breakers

• Circuit breakers are an alternative to current-limiting fuses and are often preferred over fuses due to their ability to trip faster and their ease of resetting. This is a potential restraint to the growth of the current-limiting fuses market as circuit breakers can replace the need for fuses in certain applications.