Fuses are a crucial electrical component used as an alternative to circuit breakers. Fuses are a low-resistance sacrificial device used to protect an electrical circuit in case of a current overload. They usually consist of a thin metal wire and melt when exposed to the high-energy movement of an uncontrolled electric current, thus breaking the circuit and protecting the rest of the system. Fuses are used in almost every residential and industrial electrical device, since overloads and short circuits can cause significant damage to the entire electrical grid section if not controlled and can even cause fires.
In North America, the demand for fuses has been consistent due to the steady development of the region’s industrial sector ever since the 1950s and the high disposable income of the consumers in the region, which has provided a strong sales outlet for the consumer goods industry. According to a Transparency Market Research report recently added to the market research catalog of Market Research Reports Search Engine (MRRSE), the North America electrical fuses market was valued at US$1.8 bn in 2015. Exhibiting a robust 6% CAGR from 2016 to 2024, the market’s valuation is expected to rise to US$3.1 bn.
Booming Construction Industry Drives North America Fuses Market
One of the most important drivers for the North America fuses market is the flourishing construction industry. Due to the rising disposable income of consumers in the U.S. and Canada, new residential and commercial construction projects are rising in number across North America. The emerging economy of Mexico is another promising outlet for the North America construction industry. This has generated a significant demand for a reliable electricity supply, which has led to a rising use of fuses.
The rising demand from the automotive sector is also beneficial for the North America fuses market. Due to the presence of automotive giants such as Ford, GM, Chevrolet, etc., the automotive industry in North America has experienced rising demand in the last few years, while the steady technological innovation in the automotive industry means the demand for automotive electronics is rising. This is likely to remain a key driver for the North America fuses market in the coming years, as the U.S. is the leading market for cars in the world and is witnessing steady growth in demand for electric cars, which naturally use fuses in numerous systems.
Siemens AG to Retain Dominance in North America Fuses Market
On the other hand, the key restraints on the North America fuses market include the easy availability of counterfeit switchgear. Increasing sales of counterfeit devices not only have the potential to hurt the North America fuses industry, but also to cause significant damage stemming from their inferior quality.
Browse the full North America Electrical Fuses Market report at http://www.mrrse.com/north-america-electrical-fuses-market
Siemens AG, General Electric, ABB Ltd., and Schneider Electric are the key players in the North America fuses market. Of these, Siemens alone accounted for a share of more than 30% in the market in 2015 and is likely to remain a leading competitor in the coming years.