Electrical Fuses Market (Voltage Level of Installation - Low Voltage Fuses (Plug-in Fuses, Cartridge Fuses) , High Voltage Fuses; Application - Construction, Automotive, Industrial, Consumer electronics, Power generation) - North America Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024
North America Electrical Fuses Market: Overview
The escalation in the demand for electrical fuses is a reflection of the prosperity of various industries that it finds application in, including automotive, construction, and consumer electronics. Electrical fuses act as a device that allows interruption and continuation of an electrical circuit based on various parameters but primarily short circuit or overload. Electrical fuses are not only important from safety point of view but also go a long way towards saving energy or power by interrupting the current flow when not required. These electrical fuses are manufactured to function under different voltage segments and on the back of the advent and adoption of smart homes in the developed country of the U.S., the demand in the North America electrical fuses is primed to increment at a notable CAGR of 6.0% during the forecast period of 2016 to 2024. The analysts of the report have evaluated that the North America electrical fuses market provided for a demand worth of US$1.84 bn in 2015 and have estimated the valuation to swell up to US$3.09 bn by the end of 2024.
North America Electrical Fuses Market: Trends and Opportunities
Escalating demand for electricity coming out of various states in the developed country of the U.S. is the primary driver of the North America electrical fuses market. The country is currently at the forefront as far as the adoption of various technological advancements is concerned. In addition to that, the U.S. government is focused on upgrading the capacity of already installed power infrastructure in order to meet increasing power demands from various industries including automotive and building and construction and small and medium enterprises (SMEs). Rising energy consumption, growing need to upgrade or retrofit grid assets, and government focus on efficient power generation and transmission are some of the other factors augmenting the demand in the North America electrical fuses market. On the other hand, the advent of alternatives such as switchgear is expected to hinder the growth rate of the North America electrical fuses market. Although the alternatives are less reliable and are of poor quality, they are cheaper and readily available from local vendors.
North America Electrical Fuses Market: Market Potential
Growing inclination towards renewable resources of energy is expected to propel the demand for new grid connections and thereby, provide traction to the North America electrical fuses market. Not only the U.S., wherein the government has set a bench market of achieving 30% renewable electricity usage by 2025, Canada is another highly profitable country in terms of harnessing green energy.
North America Electrical Fuses Market: Country-wide Outlook
The developed country of the U.S., which houses the third largest population in the world, is the primary consumer as a nation in the North America electrical fuses market. A number of industries in the country as shifting towards the development of smart factories and resorting to industrial Internet of things (IIoT) as a way to automation. By the end of 2024, the U.S. electrical fuses market is estimated to be worth US$2,152.0 mn, swelling up substantially from its evaluated worth of US$1,291.6 mn in 2015. The demand from the country is projected to expand at a CAGR of 5.9% during the forecast period of 2016 to 2024.
North America Electrical Fuses Market: Competitive Landscape
The vendor landscape of electrical fuses market in the region of North America is highly competitive as a result of the presence of a number of regional and domestic players. That being said, a few companies do hold a position of strength. In 2015, Siemens AG held the pole position with 30.2% of the total shares while constituting for a three-fourth shares of the total demand in collaboration with Schneider Electric SA, General Electric Company, and ABB Ltd.
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