Albany, NY -- (SBWIRE) -- 04/29/2019 -- As per a new market research report published by Transparency Market Research titled "Medium Voltage Fuse Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2026," the global medium voltage fuse market is expected to reach US$ 1,708.9 Mn by 2026. The market is projected to expand at a CAGR of 5.5% during the forecast period from 2018 to 2026.
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In terms of geography, the global medium voltage fuse market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. North America is anticipated to hold a significant share of the total medium voltage fuse market. This is primarily due to the presence of key industry players and relatively faster adoption, hence the higher market share as compared to other regions. Higher incorporation of medium voltage fuses from transformers and motor starters/motor circuits application areas (as these fuses help them to maintain reliability and safety during transmission) is expected to add to the region's market share. The region is also helped by the presence of a large automobile and power sector. The U.S. is anticipated to be the largest contributor to the region's revenue over the forecast period.
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In 2016, based on type, majority revenue share in the global medium voltage fuse market was held by current limiting fuses segment. As compared to current limiting fuses, expulsion fuses are expected to grow at a faster rate during the forecast period.
Based on product type, R-Rated fuses are expected to hold a major share of the market while E-Rated fuses are anticipated to witness rapid growth during the forecast period. Increasing usage of general purpose fuses is expected to contribute to the growth of the market.
Based on application, the transformers segment is expected to maintain its dominance as it gains market share year on year. Growing demand for fuses in transformers arising from large scale decentralization of power grids in many regions across the globe is primarily driving the growth of the transformers segment. The transformers segment is projected to be followed by the motor starters/motor circuits segment in terms of market share. This is due to the low maintenance cost associated with them. Feeder circuits/ feeders segment is expected to showcase rapid growth compared to other segments. This is due to the increasing installation of fuses and feeders to support them.
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The Asia Pacific region is expected to show tremendous growth rate while capturing considerable percentage of the global medium voltage fuse market. The region's market is expected to be primarily driven by growth of the power sector, growing urbanization, and improving awareness about the technology. Investments made in infrastructure in countries such as Japan, China, and India are also expected to add to the growth of the market in the region.