Medium Voltage Fuse Market
Medium Voltage Fuse Market Forecasts to 2030 - Global Analysis By Type (Expulsion Fuses, Current Limiting Fuses, Dropout Fuses, Back-up Fuses and Other Types), By Distribution Channel (Direct Sales and Indirect Sales), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $1.1 BN |
|
Projected Year Value (2030) |
US $1.8 BN |
|
CAGR (2023-2030) |
6.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Medium Voltage Fuse Market is accounted for $1.1 billion in 2023 and is expected to reach $1.8 billion by 2030 growing at a CAGR of 6.4% during the forecast period. A medium-voltage fuse is a protective device used in electrical systems to interrupt current flow when it exceeds safe levels, thereby safeguarding equipment from damage and preventing electrical faults. Medium-voltage fuses are designed to operate reliably in medium-voltage applications such as capacitor protection, transformers, and motors.
According to REN21's Renewables 2022 Global Status Report, India ranked third in renewable energy installations in 2021, after China. India alone installed 15.4 gigawatts (GW) of renewable energy projects in 2021.
Market Dynamics:
Driver:
Expansion of industrial infrastructure and urbanization
The expansion of industrial infrastructure and urbanization act as significant drivers in the medium voltage fuse market. As urban areas grow and industrial activities expand, there's a heightened demand for reliable electricity distribution and power protection systems. Medium-voltage fuses play a crucial role in ensuring the safe and efficient operation of electrical networks within these infrastructures. The need for effective protection against voltage surges and faults in medium-voltage systems amplifies, driving the adoption of medium-voltage fuse solutions to safeguard critical equipment and infrastructure assets.
Restraint:
Volatility in raw material prices impacting manufacturing costs
Fluctuations in the prices of materials like copper, aluminum and insulating materials directly impact manufacturing costs, affecting profit margins for fuse manufacturers. Sudden spikes in raw material prices can lead to increased production expenses, making it challenging for manufacturers to maintain competitive pricing. This volatility also adds uncertainty to production planning and inventory management, complicating business operations and potentially limiting investment in innovation and expansion within the market.
Opportunity:
Adoption of smart grid technologies
The adoption of smart grid technologies presents a significant opportunity in the medium voltage fuse market. Smart grids rely on advanced monitoring, communication, and control systems to optimize the distribution and consumption of electricity. This increased intelligence in the grid necessitates enhanced protection against voltage fluctuations and faults, driving the demand for medium-voltage fuses. As smart grids continue to expand globally to improve energy efficiency and reliability, the need for reliable and high-performance medium-voltage fuse solutions is expected to grow, fostering market expansion.
Threat:
Stringent regulations and standards
As governments worldwide prioritize electrical safety and reliability, manufacturers face increasing pressure to meet stringent performance criteria and certification requirements. This necessitates investment in research and development to develop innovative fuse solutions that adhere to evolving standards, driving up production costs. Additionally, compliance challenges may delay product launches and market entry, impacting competitiveness and market share..
Covid-19 Impact:
The COVID-19 pandemic disrupted the medium-voltage fuse market by causing supply chain disruptions, labour shortages, and reduced industrial activity. Project delays and cancellations in sectors like construction and infrastructure further dampened demand. However, the increasing emphasis on renewable energy and infrastructure investments for economic recovery post-pandemic may drive market growth at a slower pace due to lingering uncertainties.
The indirect sales segment is expected to be the largest during the forecast period
In the medium voltage fuse market, the indirect sales segment is anticipated to dominate during the forecast period due to the extensive distribution network of wholesalers, distributors, and retailers. Indirect sales channels offer manufacturers a broader market reach, especially in regions with complex supply chains or fragmented markets. Additionally, indirect sales often involve value-added services such as technical support and after-sales assistance, enhancing customer satisfaction. This accessibility and added support contribute to the segment's projected growth and market leadership.
The transformer protection segment is expected to have the highest CAGR during the forecast period
The transformer protection segment is anticipated to experience robust growth in the medium voltage fuse market during the forecast period. This growth is attributed to the rising deployment of transformers across various industries, necessitating reliable protection against electrical faults and overloads. Additionally, increasing investments in power infrastructure and the expansion of renewable energy projects drive the demand for medium voltage fuses specifically designed for transformer protection, fueling the segment's growth trajectory.
Region with largest share:
The Asia Pacific region is positioned to spearhead the medium voltage fuse market during the forecast period due to rapid industrialization, urbanization, and infrastructural development initiatives across countries like China, India, and Japan. Additionally, increasing investments in renewable energy projects and the expansion of electrical infrastructure drive the demand for medium-voltage fuses in the region. Moreover, favorable government policies and initiatives to enhance electrical safety further bolster market growth, solidifying Asia Pacific's leadership position.
Region with highest CAGR:
The North American region is poised for substantial growth in the medium voltage fuse market owing to increasing investments in upgrading aging power infrastructure, the expansion of renewable energy projects, and stringent regulations promoting electrical safety and reliability. Additionally, the growing adoption of electric vehicles and smart grid technologies further drives demand for medium voltage fuses. Moreover, initiatives aimed at enhancing grid resilience and reliability contribute to the region's favorable growth prospects in the medium voltage fuse market.
Key players in the market
Some of the key players in Medium Voltage Fuse Market include ABB Inc., Alstom SA, Bel Fuse, Inc., Denco Fuses, Inc., DF Electric, Driescher Eisleben, Eaton Corporation Plc, Fuseco Inc, G&W Electric Company, Hubbell Power Systems, IPD Group Limited, Littelfuse, Inc., LSIS Inc., Mersen S.A, Mitsubishi Electric, Pennsylvania Breaker, LLC, Powell Industries Inc., Schneider Electric, SIBA GmbH and Toshiba Corporation.
Key Developments:
In April 2023, Eaton Corporation acquired a 49% stake in Jiangsu Ryan Electric Co., Ltd., a China-based manufacturer of power distribution and sub-transmission transformers. The acquisition is expected to enhance Eaton's presence across the globe in the next few years.
In February 2023, Littelfuse, Inc. announced the acquisition of Western Automation Research and Development Limited, a leading company in Ireland that specializes in the design and manufacture of electric shock protection devices. This acquisition is aimed at improving Littelfuse's e-mobility off-board charging infrastructure.
In February 2022, ABB helps utilities protect against wildfires with new Hi-Tech Valiant™ fire mitigation fuse. Hi-Tech ValiantTM full-range current-limiting fuse contains sparks within the device to help reduce risk of wildfire ignitions. It is designed to improve system safety and support utility infrastructure, resiliency and fire mitigation planning.
Types Covered:
• Expulsion Fuses
• Current Limiting Fuses
• Dropout Fuses
• Back-up Fuses
• Other Types
Distribution Channels Covered:
• Direct Sales
• Indirect Sales
Applications Covered:
• Transformer Protection
• Capacitor Protection
• Motor Protection
• Other Applications
End Users Covered:
• Utilities
• Industrial Sector
• Commercial Sector
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Medium Voltage Fuse Market, By Type
5.1 Introduction
5.2 Expulsion Fuses
5.2.1 Type R
5.2.2 Type E
5.3 Current Limiting Fuses
5.3.1 Type H
5.3.2 Type K
5.4 Dropout Fuses
5.5 Back-up Fuses
5.6 Other Types
6 Global Medium Voltage Fuse Market, By Distribution Channel
6.1 Introduction
6.2 Direct Sales
6.3 Indirect Sales
7 Global Medium Voltage Fuse Market, By Application
7.1 Introduction
7.2 Transformer Protection
7.3 Capacitor Protection
7.4 Motor Protection
7.5 Other Applications
8 Global Medium Voltage Fuse Market, By End User
8.1 Introduction
8.2 Utilities
8.3 Industrial Sector
8.3.1 Oil & Gas
8.3.2 Mining
8.3.3 Manufacturing
8.4 Commercial Sector
8.5 Other End Users
9 Global Medium Voltage Fuse Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 ABB Inc.
11.2 Alstom SA
11.3 Bel Fuse, Inc.
11.4 Denco Fuses, Inc.
11.5 DF Electric
11.6 Driescher Eisleben
11.7 Eaton Corporation Plc
11.8 Fuseco Inc
11.9 G&W Electric Company
11.10 Hubbell Power Systems
11.11 IPD Group Limited
11.12 Littelfuse, Inc.
11.13 LSIS Inc.
11.14 Mersen S.A
11.15 Mitsubishi Electric
11.16 Pennsylvania Breaker, LLC
11.17 Powell Industries Inc.
11.18 Schneider Electric
11.19 SIBA GmbH
11.20 Toshiba Corporation
List of Tables
1 Global Medium Voltage Fuse Market Outlook, By Region (2021-2030) ($MN)
2 Global Medium Voltage Fuse Market Outlook, By Type (2021-2030) ($MN)
3 Global Medium Voltage Fuse Market Outlook, By Expulsion Fuses (2021-2030) ($MN)
4 Global Medium Voltage Fuse Market Outlook, By Type R (2021-2030) ($MN)
5 Global Medium Voltage Fuse Market Outlook, By Type E (2021-2030) ($MN)
6 Global Medium Voltage Fuse Market Outlook, By Current Limiting Fuses (2021-2030) ($MN)
7 Global Medium Voltage Fuse Market Outlook, By Type H (2021-2030) ($MN)
8 Global Medium Voltage Fuse Market Outlook, By Type K (2021-2030) ($MN)
9 Global Medium Voltage Fuse Market Outlook, By Dropout Fuses (2021-2030) ($MN)
10 Global Medium Voltage Fuse Market Outlook, By Back-up Fuses (2021-2030) ($MN)
11 Global Medium Voltage Fuse Market Outlook, By Other Types (2021-2030) ($MN)
12 Global Medium Voltage Fuse Market Outlook, By Distribution Channel (2021-2030) ($MN)
13 Global Medium Voltage Fuse Market Outlook, By Direct Sales (2021-2030) ($MN)
14 Global Medium Voltage Fuse Market Outlook, By Indirect Sales (2021-2030) ($MN)
15 Global Medium Voltage Fuse Market Outlook, By Application (2021-2030) ($MN)
16 Global Medium Voltage Fuse Market Outlook, By Transformer Protection (2021-2030) ($MN)
17 Global Medium Voltage Fuse Market Outlook, By Capacitor Protection (2021-2030) ($MN)
18 Global Medium Voltage Fuse Market Outlook, By Motor Protection (2021-2030) ($MN)
19 Global Medium Voltage Fuse Market Outlook, By Other Applications (2021-2030) ($MN)
20 Global Medium Voltage Fuse Market Outlook, By End User (2021-2030) ($MN)
21 Global Medium Voltage Fuse Market Outlook, By Utilities (2021-2030) ($MN)
22 Global Medium Voltage Fuse Market Outlook, By Industrial Sector (2021-2030) ($MN)
23 Global Medium Voltage Fuse Market Outlook, By Oil & Gas (2021-2030) ($MN)
24 Global Medium Voltage Fuse Market Outlook, By Mining (2021-2030) ($MN)
25 Global Medium Voltage Fuse Market Outlook, By Manufacturing (2021-2030) ($MN)
26 Global Medium Voltage Fuse Market Outlook, By Commercial Sector (2021-2030) ($MN)
27 Global Medium Voltage Fuse Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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