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The fuse holder market size is estimated to grow at a CAGR of 4.75% between 2023 and 2027. The market size is forecast to increase by USD 419.21 million. The growth of the market depends on several factors, such as growth in EV sales, the emergence of renewable energy, and expanding aerospace and defense sector.
This report extensively covers market segmentation by type (open fuse holder and fully enclosed fuse holder), end-user (power, automobile, and electrical and electronics), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Fuse Holder Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is an increasing adoption of fuse holders in the aerospace and defense sector as most of the major electrical and electronic components in this sector incorporate several fuses to protect the electronic components. As a result, the growth of the aerospace and defense sector is expected to positively impact the market growth. Additionally, there is a rise in investments in these sectors in several countries such as the UK, the US, France, Japan, and the Middle East which will fuel the demand further.
For example, in the US, there is an increase in military expenditure by 4.4% in 2020 when compared to 2019. One of the main reasons is that there is a significant investment by Pentagon in testing and war game strategies. Additionally, the global security threat is also fuelling such investments. Furthermore, as several governments in many developed countries are investing to equip their armed forces with modern weapons and implement next-generation technologies including defense electronics, precision strike equipment, cyber defense, and intelligence gathering, it is expected to fuel the growth of the defense sector which in turn will drive the market growth during the forecast period.
Fuses and associated products are an important component of any electrical system in any residential, commercial, or industrial building. It plays a major role in commercial buildings, such as hospitals, diagnostic centers, and other healthcare facilities. As a result, the growth of such buildings and units can fuel the demand for fuses and associated components which can positively impact the market growth. Additionally, in these centers, there is increasing adoption of medical devices which require a 24/7 power supply for the safety of patients.
However, several healthcare facilities are equipped with backup power sources, which need fuses to protect the equipment. Hence, the demand for fuses and related products highly depends on the performance of the healthcare industry and the new construction of related facilities. Thus such factors are expected to positively impact the market which in turn will drive the fuse holders market during the forecast period.
One of the main concerns regarding the fuse holders is functioning with an inappropriate power supply like overvoltage and under-voltage. As control panels in fuse holders can vary the frequency only when they receive a fixed voltage, these fuse holders need a proper power supply to function properly. Hence, these fuse holders are integrated with harmonic mitigation devices in order to resolve this issue.
However, such devices will increase the overall cost of the fuse holders. Additionally, cooling facilities are needed to regulate the heat and enhance the performance of drives, resulting in higher costs. Customized requirements and raising the motor horsepower is other significant factor contributing to the high cost of the fuse holders. Thus, such concerns can negatively impact the market. Hence, such factors are expected to hinder the fuse holder market growth during the forecast period.
The open fuse holder segment is estimated to witness significant growth during the forecast period. The demand for open fuse holders is directly proportional to the growth of the electrical and electronics industry. The advancement in technology can significantly fuel the demand for these components in different electronic devices such as desktop PCs and TVs.
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The open fuse holder segment was the largest segment and was valued at USD 811.68 million in 2017. There is wide adoption of fuse holders across industrial applications in order to protect circuits and equipment from overcurrents. Additionally, the demand for open fuse holders is expected to increase gradually with the growth in industries such as power and automotive continue to grow and modernize. Some of the infrastructure projects which require fuse holders as part of their electrical systems include the construction of buildings, transportation systems, and power distribution networks. Furthermore, there is an increasing popularity of electronic devices in the consumer market which can positively impact market growth. Hence, such factors are expected to drive market growth during the forecast period.
Based on the end-user segment, the segment is classified into power, automobile, and electrical and electronics. In those power segments, there is increasing adoption of fuse holders for different applications in the power sector. Additionally, some other applications of fuse holders include the protection of components in solar power generation and distribution, as well as the pitch box in wind turbines. The fast-paced industrialization and development in infrastructure have increased the demand for electricity, resulting in increasing investments in enhancing and modernizing the power sector globally. As a result, it has positively impacted the market growth, Hence, such factors are expected to fuel the growth of this segment which in turn will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors significantly contributing to the growth of the fuse holder market in APAC is due to the economic development in countries like India and China. Additionally, factors such as increasing investments in power infrastructure and the rise in growth of the automotive and construction sectors are fuelling the fuse holder market in the region.
Furthermore, several governments in APAC are investing high in the installation of circuit protection in power systems, such as high-voltage direct current (HVDC), ultra-high-voltage direct current (UHVDC), and line-commutated converter HVDC (LCC-HDVC). Thus such developments will positively impact market growth. Hence, such factors are expected to drive market growth during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global fuse holder market witnessed a significant slowdown due to the temporary shutdown of companies, manufacturing units, industries, and the transportation and construction sectors in APAC, resulting in a decline in demand for fuse holders. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business activities in the region. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Brunswick Corp: The company offers fuse holders through its subsidiary Blue Sea Systems such as AGC MDL Fuse Holders, ATO ATC Fuse Holders, and MAXI Fuse Holders.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Bulgin Ltd., Eaton Corp. Plc, Elcom International Pvt. Ltd., Grote Industries LLC, HPL Electric and Power Ltd., Keystone Electronics Corp, Littelfuse Inc., LOVATO Electric Spa, Lucy Group Ltd., Mersen Corporate Services SAS, Rittal GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SCHURTER Holding AG, Siemens AG, TE Connectivity Ltd., Viair Corp., WAGO GmbH and Co. KG, and Faurecia SE
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The fuse holder market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Fuse Holder Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.75% |
Market growth 2023-2027 |
USD 419.21 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.32 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Brunswick Corp., Bulgin Ltd., Eaton Corp. Plc, Elcom International Pvt. Ltd., Grote Industries LLC, HPL Electric and Power Ltd., Keystone Electronics Corp, Littelfuse Inc., LOVATO Electric Spa, Lucy Group Ltd., Mersen Corporate Services SAS, Rittal GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SCHURTER Holding AG, Siemens AG, TE Connectivity Ltd., Viair Corp., WAGO GmbH and Co. KG, and Faurecia SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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