Fault Current Limiter Market share is projected to reach USD 6.92 Billion by 2027, with ~7.64% CAGR during the forecast period.
In addition, the global fault current limiter market share is expected to rise at a CAGR of 7.64%, with a value of USD 6.92 billion over the estimated forecast year of 2022-2030.
The spur in the electricity demand across the world has crumbled to the utility companies as demand for the power is running ahead of supply. The rising system faults current levels as energy demand increases and more distributed generation and the clean energy sources like solar and wind, added to an already overburdened system. Various aspects cause fault current in the system like lightning, downed power lines, or crossed power lines. The excessive current flows through the electrical system, failing the T&D system, causing a tripped circuit breaker or blowing a fuse. The Fault current limiter limits the amount of the current flowing through the system, enabling the continuous and uninterrupted operation of the electrical system. However, preventing short circuits and damages to costly electrical equipment fault current limiter.
The growing concerns for the reliable and efficient power supply coupled with the interconnection mechanism in the electricity grid are the key factors driving the market's growth. However, the favorable government initiatives to expand or modernize the present-day T&D system, along with the inadequacy of the circuit breakers and fuses used in the T&D systems, are the drivers that will boost the market's growth.
The major factors driving the growth of the global fault current limiter market include growing concern for efficient power. Additionally, demand for intelligent and modernized power grid infrastructure to create opportunities for the global fault current limiter industry. For instance, in November 2018, the US Department of Energy (DOE) announced to invest USD 7.5 million to support the research and development of designs that would strengthen the resilience of the US power grid. This would create opportunity for the installation of electric device like fault current limiter.
The key players operating in the global market are ABB (Switzerland), Siemens (Germany), Gridon (Israel), Superpower Inc. (US), Superconductor Technologies Inc. (US), Rongxin Power Electronic Co.Ltd. (China), Applied Materials (US), American Superconductor Corporation (US), Alstom (France), Zenergy Power Electric Co. (US), Nexans (France) and others.
Many major players such as ABB, Gridon, Siemens, and others are manufacturing fault current limiter that are highly competitive and provide greater efficiency. Such players are actively focusing on new product development as a key strategy in order to offer the best suitable fault current limiter. For instance, in October 2016, ABB introduced a FC-protector fault current limiter to protect against high fault currents, providing flexible use for outdoor and indoor installations, with rated voltage up to 17.5 kV and rated current up to 25000 A. However, rising cost of raw materials in some parts of the world is expected to restrain the growth of the fault current limiter market.
The global market has been segmented based on type, voltage range, and end-use. On the basis of type, the global market includes superconducting and non-superconducting. The superconducting segment is expected to hold larger share due to its various benefits including reduction of replacement cost by connecting superconducting fault current limiters and widely used due to its compact size. On the basis of voltage range, the global market is segmented into high, medium, and low. The high voltage segment is expected to grow with the highest CAGR during the forecast period as the fault current limiters are at the emerging stage with installation in countries such as US, China, and Germany.
On the basis of end-use, the global fault current limiter market has been segmented into power stations, oil & gas, automotive, steel & aluminum, and paper mills & chemicals. The power stations segment is expected to hold the largest share within the global fault current limiter market as the superconducting fault current limiter significantly helps in increasing the safety, reliability, and availability of electrical systems in power stations. Moreover, chemical, power stations, and automotive are three fastest growing end-use industries in market.
The global fault current limiter market is expected to witness high growth during the forecast period owing to the growing concern for reliable and efficient power supply globally.
A fault current limiter is an electric device that helps to limit the amount of current flowing through a network. High temperature superconducting fault current limiter and solid-state current limiter are two categories of fault current limiter. This device is driven by rising system fault current levels as energy demand increases and more distributed generation sources are added to the power system.
On the basis of region, the global fault current limiter market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest fault current limiter market share due to increasing interconnection of electric utility grid in emerging economies and expand Transmission & Distribution (T&D) system.
|CAGR||7.64% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Voltage Range and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Siemens (Germany), Gridon (Israel), Superpower Inc. (US), Superconductor Technologies Inc. (US), Rongxin Power Electronic Co.Ltd. (China), Applied Materials (US), American Superconductor Corporation (US), Alstom (France), Zenergy Power Electric Co. (US), Nexans (France)|
|Key Market Opportunities||
|Key Market Drivers||Growing concern for efficient power|
The fault current limiter market can thrive at 7.64% CAGR by 2030.
The fault current limiter market can value at USD 6.92 Bn by 2027.
Alstom (France), American Superconductor Corporation (US), Zenergy Power Electric Co. (US), and Nexans (France) are some reputed names in the fault current limiter market.
The two types of fault current limiter are superconducting and non-superconducting.
oil & gas, power stations, steel & aluminum, automotive, paper mills, and chemicals are some end-users of fault current limiter.