The presence of both established and local players has spurred intensive price-based competition in the North America electrical fuses market. As per a new study by Transparency Market Research (TMR), Siemens AG, Schneider Electric SA, ABB Ltd., and General Electric Company cumulatively held more than 75% of the electrical fuses market in North America in 2015. Of these, Siemens AG held the leading share of 30.2% in the market in the same year.
A TMR analyst says, “Leading manufacturers of electrical fuses are increasingly investing in research and development activities to minimize the size of fuses they produce as well as improve their overall performance. Moreover, they are also focusing on adopting green materials to make the application of electrical fuses more widespread.” Thus, with the emergence of local players, the North America electrical fuses market is expected to witness the advent of more eco-friendly products.
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Mounting Demand for Electricity in North America to Boost Sales of Electrical Fuses in the Region
North America witnesses a considerably high demand for electricity. The region being the forerunner in several technological advancements, provides lucrative opportunities for electrical fuses manufacturers to capitalize on. Furthermore, the rapid economic growth and the increasing population in North America will also augur well for the market’s future. Besides this, governments in this region are also focusing on upgrading installed capacities in power infrastructure in order to meet the surging demand for electricity.
According to TMR, the growth exhibited by the construction and automotive industries in North America will subsequently spur the demand for electrical fuses. Considerable investments by vehicle manufacturers in EVs and hybrid cars will also cause an upswing in the consumption of electrical fuses across the automotive sector.
Availability of Counterfeit Products and Prevalence of Intense Competition Limit Sales of Electrical Fuses
However, the advent of counterfeit switchgears threatens the market’s growth in North America. The rising penetration of illegal manufacturers of similar looking products will create a major bottleneck for the market. This presence of counterfeit products is expected to adversely impact the profitability of original switchgear manufacturers.
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Increasing Demand for Electric Vehicles Translates to Bright Prospects for Electrical Fuses Manufacturers in North America
Between 2016 and 2024, TMR expects the demand for electric vehicles and solar energy to increase significantly in North America. Since electrical fuses protect electronic components from overheating, their application in electrical and hybrid vehicles will increase considerably. Competitive strategies adopted by leading market players will also push sales of electrical fuses upward in North America.
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The U.S. currently exhibits the most lucrative opportunities for manufacturers and suppliers of electrical fuses in the region. TMR forecasts that the electrical fuses market in this country will exhibit a CAGR of 5.9% during the aforementioned forecast period. Favorable policies will further promote the sales of electrical fuses in this country. The U.S. led the North America electrical fuses market in 2015, followed by Canada and Mexico.
TMR has pegged the valuation of the North America electrical fuses market at US$1.8 bn in 2015. Rising at a positive CAGR of 6.0% between 2016 and 2024, the market is expected to reach US$3.09 bn by the end of 2024. By volume, the market stood at 43.5 million units in 2015 and is expected to reach 60.8 million units by 2024, exhibiting a CAGR of 3.8% during the forecast period.
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