Huh, I can't find that part number anywhere... it's almost certainly an MOV though. Used for transient suppression from the mains. Problem is when they explode like that, they've usually failed into a short briefly before exploding into an open. This short is what blows your fuse and unfortunately, a lot of times, other components.
I've seen this happen a lot with MOVs that were underrated. Some designers like to put the smallest possible value and call it good. Problem is, the thing gets hit with spikes over and over, and it's a cumulative degradation of the device since it's being overloaded. Eventually it gives in and this is the result. Now, the markings make me believe it's a 470V MOV... but, I don't know if that's an AC or a DC rating, if this is a 120/240Vac input, 277Vac input, etc.?
In theory, you can remove the bad MOV(s) (as you have done) replace the fuse, and see what happens. I have seen some very random components fail due to an MOV failing, though, so be wary. For instance, a forward converter SMPS had a unit w/ exploded MOVs come back. No Vcc, but the Vcc generation circuitry all looked peachy. Turns out a gate protection zener of the high side FET was shorted, and kept the unit from starting since only the low side was trying to switch, but never got the ball rolling to generate Vcc, and just shut the whole thing down. The symptoms were like you're reporting. I never would've found that fault if I hadn't decided to inject Vcc from an external supply and see what the deal was. Still can't explain how an MOV blowing caused that zener to short... but anyhow, you get my drift.
You'd probably need to do further troubleshooting to get it running again.
You can run it without the MOV, with the risk of transients hurting something over time. But I would advise replacing it, if we can figure out what it was rated for. Perhaps go a little higher on the voltage/energy ratings. I'll keep looking around.
Edit: VZ05E471KBS
That's a candidate for that part... is it about 5mm thick? If so, it's rated for 300Vac, so I wouldn't expect too many problems replacing it (perhaps with something that has a higher energy rating, like the VZ07E471KBS) That would be a little thicker, but looks like you have room. If you're running off of a 277Vac mains, you may want to go up to the next higher voltage rating, to be safe. Others here may be able to step in and tell you for sure.
Again, if you've clipped it out and replaced the fuse but it still doesn't work... you have other problems.
