Fault Current Limiter Market: Global Industry Analysis and Forecast (2023-2029)

Fault Current Limiter Market was valued at US$ 4.17 Bn. in 2022. Fault Current Limiter Market size is estimated to grow at a CAGR of 9.26% over the forecast period.
Fault Current Limiter Market Overview:
The present fault current limiters market is being driven by the development in network interconnections and the growing requirement for an efficient and reliable power supply all over the world. A fault current is generated in the power supply system when the current bypasses the normal load due to a short circuit. It is used to control wasted energy in power systems. The fault current limiter is a protective component in modern T&D networks that helps them function effectively by reducing the possibility of fault currents. The fault current limiter restricts the amount of current that flows through the system, allowing the system to continue operating while reducing risk and improving consumer safety.

The human body is an excellent conductor of electricity; when a large amount of current passes through it, it can burn tissue and even stop the heartbeat. As a result, the fault current limiter is the greatest solution for avoiding such a danger because it limits energy transmission through power systems while also ensuring customer safety. Any aberrant current in a power supply system is referred to as fault current. A short circuit can cause an electrical failure because the current skips the normal load. Fault current limiters (FCLs) are devices that are used in power systems to control wasted energy.To know about the Research Methodology :- Request Free Sample Report
Fault Current Limiter Market Dynamics:
Increased demand for sophisticated and upgraded power grid infrastructure, as well as a universal preference for renewable energy applications, will provide the fault current limiter market with several potential prospects across the globe. Fault current limiter also incorporates a variety of glass, visitor, diodes, solenoids, copper, and metal wirings, among other things. Because of a lack of control over manufacturing costs, the cost of raw materials for these components is rising. As a result of these considerations, the entire assembly of the device is becoming more expensive, potentially impeding the growth of the fault current limiter market.

The market for fault current limiters is expected to grow as customer demand for a more efficient and dependable power supply grows. The government is taking steps to upgrade the T&D system, which is being fueled by the use of fuses and a lack of circuit breakers in the system. Consumer preference for renewable energy applications, along with a high demand for improved smart grid infrastructure, could lead to market growth. The market for fault current limiters is expected to grow as consumers' concerns about power supply reliability and efficiency grow. With rising grid interconnections, the existing shortage of fuses and circuit breakers is expected to increase the need for fault current limiters.

The growing demand for upgraded smart grid infrastructure, along with an increasing inclination for renewable energy applications, is expected to propel the Fault Current Limiters market to new heights. Government measures to update and extend the present transmission and distribution system, together with rising demand for power plants, are driving the global fault current limiters market forward.

However, Lack of fault current limiter standards, high cost, marketability, and safety issues about high-temperature, high-temperature superconducting fault current limiters in electrical systems are expected to hamper the market growth during the forecast period.
Fault Current Limiter Market Segment Analysis:
Based on the Type, the Fault Current Limiter Market is segmented into Superconducting fault current limiter, Non-superconducting fault current limiter. The Superconducting fault current limiter segment held the largest market share, accounting for 67% in 2022. The segment growth is attributed to its numerous advantages, such as lower replacement costs and compact size. When compared to traditional protection equipment, the superconducting fault current limiter (SFCL) is considered to be the best option among the two major types of fault current limiters. It controls more than half of the global market for fault current limiters. SFCL causes negligible voltage and energy losses under normal conditions, but when a catastrophic fault develops, it transitions to a highly resistive state.Based on the Power Design, the Fault Current Limiter Market is segmented into Low (Less than 1kV), Medium (1-40 kV), and High (More than 40 kV). In recent years, medium and low-voltage fault current limiters have gained widespread acceptance, but high voltage fault current limiters are still in their infancy. Some countries, such as the United States, China, and Germany, have installed high voltage current limiters, although they have not been widely commercialized. During the forecast period, the high voltage fault current limiter is expected to increase at a faster rate of 9.4%.
Fault Current Limiter Market Regional Insights:
The European region held the largest market share accounting for 34% in 2022. The region’s growth is attributed to customers' growing interest in smart grid technology. The fault current limiter market in this region is expected to grow as aging infrastructure is upgraded to provide superior and sufficient networks. Smart technology will integrate modern communication technologies as well as renewable energy sources such as wind and solar into future power networks to provide more efficient, dependable, and safe power. An excessive increase in fault currents in the electrical system is one of the main difficulties caused by the inclusion. Conformist protection devices, particularly at high voltage networks, are less capable of handling the additional capacity. The scope and need for fault current limiters in the region are rising as a result of this practical gap, which is a dynamic component of modern technology.

The objective of the report is to present a comprehensive analysis of the global Fault Current Limiter Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Fault Current Limiter Market dynamic, structure by analyzing the market segments and projecting the Fault Current Limiter Market size. Clear representation of competitive analysis of key players by Power Rating, price, financial position, product portfolio, growth strategies, and regional presence in the Fault Current Limiter Market make the report investor’s guide.
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Fault Current Limiter Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 4.17 Bn.


Forecast Period 2023 to 2029 CAGR:
9.26%
Market Size in 2029:
US$ 7.75 Bn.


 Segments Covered:
by Type
• Superconducting fault current limiter
• Non-superconducting fault current limiter


by Power Rating
• Low (Less than 1kV)
• Medium (1-40 kV)
• High (More than 40 kV)


by End-User
• Power Stations
• Oil & Gas
• Automotive
• Steel & Aluminum
• Paper Mills
• Chemicals



Fault Current Limiter Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)f
Fault Current Limiter Market Key Players are:
• ABB Limited (Switzerland)
• Siemens AG (Germany)
• Alstom (France)
• Nexans (France)
• AMSC (U.S.)
• 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)

Frequently Asked Questions:

1] What segments are covered in the Fault Current Limiter Market report?
Ans. The segments covered in the Fault Current Limiter Market report are based on the Type, Power Rating, and End-User.

2] Which region is expected to hold the highest share in the Fault Current Limiter Market?
Ans. The European region is expected to hold the highest share in the Fault Current Limiter Market.

3] What is the market size of the Fault Current Limiter Market by 2029?
Ans. The market size of the Fault Current Limiter Market by 2029 is expected to reach at US$ 7.75 Bn.

4] What is the forecast period for the Fault Current Limiter Market?
Ans. The forecast period for the Fault Current Limiter Market is 2023-2029.

5] What was the market size of the Fault Current Limiter Market in 2022?
Ans. The market size of the Fault Current Limiter Market in 2022 was valued at US$ 4.17 Bn.