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Global Electric Fuse Market
The Electric Fuse Market is likely to witness a growth rate of 5.8% over the forecast period. This is because of the intensified investments in the construction sector, rapidly accelerating urban population, and robust demand for electric fuses in the construction industry.
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Electric Fuse Market Dynamics
The augmenting demand for electric fuses in several end-use industries such as healthcare, energy, and automotive is the pre-eminent force complementing the growth of the global electric fuse market. For example, Japan Electronics and Information Technology state that the overall production of international electronic and information technology is projected to increase by 7% by 2021. Additionally, the rising awareness among consumers towards the usage of electric fuses as inclusive circuit prevention in Battery Energy Storage Systems accompanied by the increasing acquisition of electric and inexhaustible storage has strengthened the market size. The aggravating demand for electric vehicles has elevated the market growth. For instance, as per the report by IEA, the supply of electric cars increased from 1.5 million to 2.1 million globally from 2018 to 2019, respectively. However, an electric fuse is an outdated technology that has encouraged the adoption of other alternative technologies like MCB's, which has restrained the market growth.
Regional Drivers
Based on the regional coverage, the Asia Pacific region is anticipated to witness robust growth over the coming years. This is because of the electrification of vehicle infrastructure. According to MIT Energy Initiative, China mandated automakers that automotive contribute to nearly 40% of all sales by the end of 2030. Moreover, the aggravating demand for renewable-based power production has strengthened the market growth. For instance, in accordance with the International Energy Agency, the Solar PV development reaches 162 GW, almost 50% more than the pre-pandemic level, and wind capacity increased by more than 90% in 2020 to touch 162 GW proliferating the market growth.
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Published on January 17, 2022
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