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Technavio’s market research analyst predicts the global electric fuse market to grow steadily at a CAGR of above 4% by 2021. One of the key factors responsible for the growth of this segment is the rising level of electricity consumption worldwide. Electric fuses are widely used in the power industry to generate, transmit, and distribute power. High voltage fuses are used in the protection of power conversion, while medium and low voltage fuses are used in the distribution of power. Recently, the adoption of electric fuse in the transport sector has witnessed a tremendous growth in both developed and developing nations. In the developed nations, there is a constant urge to make technological innovations, which helps in the expansion of the sector. Governments worldwide are encouraging the adoption of electric cars to curb carbon emissions and meet climate change targets. This has led to the establishment of charging stations that also increases the demand for electricity. These factors coupled with rapid urbanization will fuel the growth of the global electric fuse market in the coming years.
One of the latest trends gaining traction in this market is the growth in the adoption of automotive electronics. Electronic components used in vehicles necessitate the use of electric fuses for the safety of electronic components. The growing demand for advanced in-car systems such as premium audio systems, advanced driver assistance systems, on-board diagnostic systems, infotainment systems, and electronic transmission has been the major factor for the rise in sales of electric fuses in the automotive electronics sector. Also, the extensive use of high-end infotainment systems among luxury vehicle manufacturers will further propel the growth of the global electric fuse market during the forecast period.
The global electric fuse market is a mature market and is characterized by the presence of multiple manufacturers competing for a higher market share. To gain a competitive advantage and increase market share, manufacturers focus on innovative and efficient product offerings at an affordable price.
Leading vendors in the market are –
Other prominent vendors in the electric fuse market include AVX Corporation, Bourns, Fuji Electric, Legrand, Mitsubishi Electric, Schneider Electric, SCHURTER, and Siemens.
During 2016, the power sector dominated the electric fuse market and accounted for a major part of the overall market share. Factors such as grid revamps and expansion and rise in renewable energy sources are the key contributors to the dominance of this sector in the electric fuse market.
In this market study, analysts have estimated APAC to dominate the electric fuse market during the forecast period. Factors such as incremental investments in power infrastructure and the growth in the automotive and construction sectors are the major contributors to the dominance of the electric fuse market in the region.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Market challenges
PART 10: Impact of drivers and challenges
PART 11: Market trends
PART 12: Key vendor analysis
PART 13: Appendix
PART 14: Explore Technavio
Tags: electrical panel, fuse block, electrical engineering, electric power tools, heavy industry top companies, tools and components market outlook,
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