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Pharmacy benefit management market
Electronic Fuzes Market Report Overview
The global electronic fuzes market size is USD 906.9 million in 2022 and is projected to touch USD 1290.78 million by 2031, exhibiting a CAGR of 4.0% during the forecast period.
A fuze is an electrical or mechanical device connected to ammunition that provides a reliable and safe explosion at the appropriate time and location. These mechanisms are responsible for the safe separation of the ammunition from the launch platform as well as the explosion. Missiles, rockets, bombs, and shells are all examples of offensive weapons. In contemporary combat, ammunition and other munitions are critical components of the army's launching capabilities. Because this ammunition includes explosives, there is always the risk of an explosion while storing, launching, or handling them. This necessitates the addition of various safety features to this ammunition. All of the aforementioned requirements are satisfied by a simple device known as a fuze.
The fuze's primary roles are armament, security, firing, and target detection. Mechanical components, linkage mechanisms, and other mechanisms are used in the insurance, disarming, and ignition mechanisms of mechanical fuzes. A mechanical fuze was the first fuze produced and is currently employed in many different types of ammunition because of its simplicity and ease of conception. Mechanical connections, such as gears, springs, rotors, sliders, and plungers, or a combination of some of these, are used to operate fuses. Due to stringent safety standards, mechanical fuzes feature several components and a clockwork construction.
When designing mechanical and electrical fuzes, there are several important factors to consider. These characteristics include safety and stress resistance, wear and tear in use, handling, and storage, movement dependability, a simple construction, and appropriate strength. Due to stringent safety standards, mechanical fuzes often contain multiple components and a clockwork structure. Electronic fuzes were invented in the mid-1960s, and this technology has subsequently advanced. Electronic fuzes are now utilised in many contemporary weapon systems and have mostly replaced mechanical fuzes.
COVID-19 Impact: Halt in Supply Chain Hampered the Market Growth.
The global COVID-19 pandemic has been unprecedented and staggering, with electronic fuzes experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The pandemic of COVID-19 has hampered the expansion of the electronic fuzes market. This slowdown is mostly the outcome of economic contractions caused by a stop in investments from a variety of end-use sectors. It had an impact on commodity supply networks and demand. Significant price decreases have been witnessed across important commodities, although prices, in certain cases, stay passive. Due to the global closure and supply chain delays caused by the spread of COVID-19, firms making electric fuses suffered financial losses. Order intake for manufacturing enterprises has decreased, and the cost of sourcing raw materials has risen owing to a supply shortfall, resulting in order closure delays.
LATEST TRENDS
"The Rising Need for Renewable Energy Leads to Market Expansion"
Rising investments in the renewable energy industry are propelling the electronic fuzes industry forward. Natural resources such as sunshine, wind, and water are used to generate renewable energy. Unlike more traditional energy sources such as coal and gas, these resources are continually replenished and will never run out. Renewable energy creates fewer emissions and is thus better for the environment. As the government and commercial entities invest more money in this, the need for electronic fuzes rises.
Electronic Fuzes Market Segmentation
- By Type
Based on Type; the market is divided into Mortar Fuzes, Artillery Fuzes, Rocket and Missile Fuzes, Aircraft Fuzes, Others.
Mortar Fuzes is the leading part of the platform segment.
- By Application
Based on Application; the market is divided into Civil Applications, Military Applications, Other Applications.
Civil Applications is the leading part of the application segment.
DRIVING FACTORS
"Widespread Use of Electricity Increases Market Demand"
Industries use a lot of energy and require a lot of fuel and electricity to run mechanical drives, boilers, furnaces, and heating, ventilation, and air-conditioning (HVAC) systems. Non-electric energy sources were previously employed by IC engines, fossil fuel-based boilers, and furnaces, among other things. Industries are progressively electrifying in order to transition to a low-carbon future and assure dependable operations. Industries have begun to electrify in order to save money, resulting in higher investments in the process. Companies may decrease energy and administrative expenses while fulfilling sustainability goals by electrifying. Because the use of electricity is unavoidable in practically every industry, it is necessary to utilise these fuzes, resulting in the electronic fuzes market growth.
"Upgrading of the Substations Leads to an Increase in Market Demand"
Unless extended and strengthened, planned power generation capacity is anticipated to impose a strain on the current power infrastructure. According to the World Energy Council, at least 2,000 GW of new power generation capacity is required globally, with an additional 1,000 GW necessary to replace existing infrastructure within the next decade. This capacity increase needs the construction of new, updated, and extended T&D infrastructure. The majority of the current electricity infrastructure in numerous wealthy countries is already outdated and in need of replacement. Electric fuses are primarily used in medium-voltage substations for feeder and distribution line protection, preventing transient short circuits from causing protracted power outages and ensuring customer supply continuity. The continuing upgrading of existing substations and feeder line protection is expected to strengthen the electronic fuzes market.
RESTRAINING FACTORS
"Automation Trend is Slowing the Market's Growth"
Electric fuses have historically been an important component of circuit protection equipment in end-user industries. However, there has been a substantial transition in the low-voltage market from the usage of electric fuses to MCBs and MCCBs since these circuit protection devices are more dependable, reusable, safe, sensitive, have a superior interface, and do not require manual intervention. Circuit breakers and protective relays are replacing electric fuses in medium-voltage infrastructures because these devices are more reliable and can be automated. This has been a consistent pattern across areas and plants. Because most businesses throughout the region are going toward automation, there is a high need for intelligent devices such as MCBs and MCCBs, as well as relays. This automation trend is expected to hinder the worldwide electronic fuzes market over the projected period.
Electronic Fuzes Market Regional Insights
"North America to lead market owing to Digitization"
North America has the majority of the world's electronic fuzes market share. North America is well-known for its high-tech digitising technology. Google, Facebook, Twitter, Apple, and Amazon are all located in the United States, where there is a high need for reliable power. The government is launching a project to replace existing, obsolete substations in order to improve the transmission and distribution network. Concurrently, authorities are implementing safety measures in electric utilities to minimise damage and loss of life, which would increase demand for electronic fuzes in North America.
KEY INDUSTRY PLAYERS
"Key Participants to Accelerate Market Growth"
This market's data was compiled from a variety of sources. Trade magazines, statistics from professional organisations, academic research, and government publications are all examples. In addition to these main sources, manufacturers, distributors, sellers, retailers, micro-experts, and other market participants give information in addition to these. The study covers information on market participants as well as their geographical activities. Companies are concentrating their efforts on expanding their market position through methods such as mergers and acquisitions, partnerships, and the development of new goods.
List of Market Players Profiled
- L3 Technologies (U.S.)
- Orbital ATK (Northrop Grumman) (U.S.)
- Kaman (U.S.)
- Expal (Maxam Group) (Spain)
- JUNGHANS Microtec GmbH (Germany)
- Reutech ( Germany)
- DIXI Microtechniques (France)
- Sandeep Metalcraft (India)
- Reshef Technologies (Israel)
REPORT COVERAGE
The data for this market was gathered from a variety of sources. Trade magazines, statistics from professional organisations, academic research, and government publications are all examples. In addition to these main sources, manufacturers, distributors, sellers, retailers, micro-experts, and other market participants give information in addition to these. The study covers information on market participants as well as their geographical activities. Companies are concentrating their efforts on expanding their market position through methods such as mergers and acquisitions, partnerships, and the development of new goods.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 906.9 Million in 2022 |
Market Size Value By |
US$ 1290.78 Million by 2031 |
Growth Rate |
CAGR of 4% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What value is the electronic fuzes market expected to touch by 2031?
The electronic fuzes market is expected to reach USD 1290.78 million by 2031.
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What CAGR is the electronic fuzes market expected to exhibit by 2031?
The electronic fuzes market is expected to exhibit a CAGR of 4.0% by 2031.
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Which are the driving factors of the electronic fuzes market?
The widespread use of electricity, as well as the requirement to upgrade substations, propels the electronic fuzes market ahead over the projection period. In addition, the need to replace conventional energy with renewable energy also drives up demand.
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Which are the top companies operating in the electronic fuzes market?
L3 Technologies, Orbital ATK (Northrop Grumman), Kaman, Expal (Maxam Group), JUNGHANS Microtec GmbH, Reutech, DIXI Microtechniques, Sandeep Metalcraft, Reshef Technologies are the top companies operating in the electronic fuzes market