Transparency Market Research has found in a recent study that the vendor landscape of the global medium voltage fuse market is flourishing due to rise in R&D activities and the entry of several new regional players. Developing economies are providing exposure to local companies that offer low cost products and services. However, developed companies are providing offers with huge discount to compete with these developing companies. Bel Fuse, Inc., Eaton Corporation, ABB Ltd., Littelfuse, Inc., GmbH, Fuseco Inc., DF Electric, General Electric, SIBA IPD Group Limited, Fusetek, Mersen S.A, Powell Industries Inc., LLC, Pennsylvania Breaker, and Mitsubishi Electric are few of the leading companies in the market. Other prominent players include LSIS Inc., Schneider Electric SA, Denco Fuses, Toshiba Corporation, and Driescher Eisleben. These companies are expected to expand their geographical boundaries so as to improve their positions in the intensely competitive landscape in future.
According to the TMR report, there will be increase in demand by 5.3% CAGR during the forecast of 2017 and 2025. The market was assessed at US$2,116.3 mn in 2017. The worth is estimated to be US$3,194.8 mn by 2025.
Transformers Generate Maximum Demand
In terms of application, the segment of transformers generates the maximum demand because of the excessive demand for electricity across the globe. Transformers being one of the most crucial components of an electricity distribution unit, the rising investments on the expansion and modernization of power distribution infrastructure globally are expected to keep the demand for medium voltage fuses in transformers high over the forecast period as well, especially across emerging economies. Geographically, the medium voltage fuse market in North America is presently the most lucrative because there is large demand in the region’s highly developed energy transmission infrastructure for a variety of fuses and some of the world’s most prominent shareholders are also from this region.
Regional Companies Rising in the Market with the Demand of Fuses
Rising demand across industrial and construction sectors, rising awareness regarding renewable energy resources, and increased demand for reliable power delivery and electricity across emerging economies are some of the key factors driving the market. U.S. is the only developed country that is involved in furnishing most of the revenue in the global medium voltage fuse market because of the blooming industry and industrial players. Asia Pacific region is growing thus, giving chance to countries like Japan, China and India to come ahead in the market with the demand of energy and motorization. The rapid urbanization of several countries across the globe is also fueling the demand for power supply and dependable power transmission, thus creating demand for medium voltage fuses.
Human race cannot function without electricity as it is required in all aspects of development. Thus the need for efficient power transmission process and infrastructure continues to be high from across the globe. With rapid globalization and demand for evolution, the demand for power transmission and electricity is growing. The rising need for energy around the globe has created a consistent demand for transformers. This has had a direct and a positive impact on the global medium voltage fuse market.