Global Fault Current Limiter Market

Fault Current Limiter Market Size, Share, Growth Analysis, By Type(Superconducting and Non-superconducting), By Voltage Range(High, Medium, and Low), By End-use(Power Stations, Oil & Gas, Automotive, Paper Mills), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15F2162 | Region: Global | Published Date: March, 2024
Pages: 186 |Tables: 91 |Figures: 73

Fault Current Limiter Market Insights

Global Fault Current Limiter Market size was valued at USD 5.1 billion in 2022 and is poised to grow from USD 5.49 billion in 2023 to USD 9.86 billion by 2031, growing at a CAGR of 7.60% in the forecast period (2024-2031).

Globally, utility companies have been undermined by demand for electricity as electricity demand outpaces supply. As energy demand increases, increasing system errors are in current levels and more distributed generation, solar and wind and other clean energy sources, added to an already overloaded system which causes faults in the system such as power supply, fallen power lines, or power cut lines. Too much current flows through the electrical system causing failure of the T&D system causing circuit breaker failure or a blown fuse. The fault current limiter limits the amount of current flowing through the system to allow the power system to maintain uninterrupted operation. Therefore, it is necessary to use a fault current limiter to prevent short circuits and damage to expensive electrical equipment.

The market is driven by the advancement in networking and the growing need for efficient and reliable power transmission across the globe. A fault current occurs in the power supply system when the current bypasses the normal load due to a short circuit. It is used to monitor energy consumption in electrical power systems. The fault current limiter is a self-protective feature in modern T&D networks that helps them operate more efficiently by reducing the chances of fault current. The fault current limiter prevents the amount of current flowing through the system and enables system consistency while reducing risk and improving consumer care.

Market Snapshot - 2024-2031

Global Market Size

USD 5.1 billion

Largest Segment

Middle

Fastest Growth

Growth Rate

7.60% CAGR

Global Fault Current Limiter Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Fault Current Limiter Market Segmental Analysis

The Fault Current Limiter Market segmentation, based on type, includes superconducting and non- superconducting. The Fault Current Limiter Market segmentation, based on voltage range, includes high, medium, and low. The Fault Current Limiter Market segmentation, based on end-use, includes power stations, oil & gas, automotive, paper mills, chemicals, and steel & aluminum. By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World.

Analysis by Application

The superconducting segment is the dominating segment which retained the major market share (3.9 billion) during the forecast period, owing to its advantages, including small size and inexpensive replacement cost. Superconductor fault current limiter (SFCL), fault currently one of the main types of restrictions, and is considered an alternative to conventional safety equipment. Under normal circumstances, the SFCL does not produce much energy and energy loss, but when a catastrophic fault occurs, it switches to a more resistant state.

The non-superconducting segment is the fast-growing segment of the fault current limiter (FCL) market plays an important role in addressing the challenges associated with fault currents in power systems; non-superconducting fault current limiters tend to be more cost-effective than their superconducting counterparts. The materials and processes involved in non-excessive FCLs are often economically viable, making them useful for companies and power system operators prioritizing cost considerations.

Analysis by Material

The high segment is the dominating segment, which retained the largest market share during the forecast period. High voltage fault current limiters are still in their infancy, but medium low voltage fault current limiters have gained general acceptance. High-voltage current limiters have been implemented in many countries such as the USA, China and Germany, although they are not yet available on the market in general.

The middle segment of the fault current limiter (FCL) market refers to FCLs designed for use in medium-voltage power systems. Medium-voltage fault current limiters typically operate in the medium-voltage range, which can vary but is generally considered from 1 kV (kilovolt) to 69 kV. The specific requirements of these devices and the challenges associated with medium-voltage power systems.

Global Fault Current Limiter Market By Material , 2023 (%)

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Fault Current Limiter Market Regional Insights

Asia-Pacific region dominates the global fault current limiter market. The high market growth is attributed to the increasing popularity of electricity networks in emerging economies. Furthermore, the rapidly expanding Transmission & Distribution (T&D) infrastructure is positively impacting the growth of the regional market. Countries like China, Japan, and India are emerging as major markets for selling error current limits. Asia-Pacific undoubtedly offers lucrative growth in many sectors due to growing population, urbanization and technological advancement. India and China continue to dominate overall energy consumption in the region. Heavy investments in electricity transmission and distribution and strong government interest in electrifying the entire region have created the fault line for the current limited growth of APAC Gulf countries is investing heavily in regional cooling to match the growing need for air conditioning. Consequently, operators in the power sector are investing heavily in power generation to meet the growing demand for power generation that can underpin the market.

North America has the second largest share in the global fault current limiter market, due to high energy efficiency and low maintenance cost of these limits Moreover, integrated digital utility transformation helps to innovate through the use of mobility, analytics and cloud technologies. The North America fault current limiter market is expected to register the highest CAGR during the forecast period. North America is estimated to lead the market owing to developments in geriatric transmission and distribution networks and investments in smart grid options. Also, expansion of information and communication technology and information industry, requiring uninterrupted power supply, fault current limit demand.

Global Fault Current Limiter Market By Region, 2024-2031
  • Largest
  • Fastest

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Fault Current Limiter Market Dynamics

Drivers

  • Growing Need for Advanced and Sophisticated Power Systems Is Driving the Market Growth

The market value for the defective cage is associated with the development schedule of the power grid in the grid due to the inclusion of all other components in addition to other components value of the deduction expenditure added to the items included. Increase due to inability to machine. These factors have increased the overall cost of device assembly, potentially limiting the market expansion of fault current constraints.

Rise in the Demand of Electricity

  • Rising economies worldwide have led to a dramatic rise in the demand for electricity leading to significant investments in power transmission and distribution. At the same time, many companies and consumer product manufacturers are investing heavily in safety equipment to meet the demand for fault-limited equipment as clean energy such as wind and solar panels add energy to an already overweight electrical system that can fail in over voltages.

 

Restraints

  • High Cost

Lack of fault current limiting standards in power systems, high cost, market potential and safety issues related to high temperature and high temperature superconducting fault current limiting in power systems are expected to restrain the market growth during the forecast period.

 

Cost and affordability

  • Implementing fault current limits can result in significant costs, including the purchase of the equipment itself, installation costs, and potential power changes to existing systems. The affordability and willingness of stakeholders to invest in these technologies can be a significant constraint, especially in small or budget- items and enhanced implementation.

 

Technological Advancement

  • Current constraints of the market is still evolving, and some technologies are considered relatively new or relatively insufficient compared to traditional safety devices. Some FCL technologies lacking a well-established track record existence may lead to hesitation among businesses and end-users to adopt these solutions on a large scale.

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Fault Current Limiter Market Competitive Landscape

The competitive environment of the global Fault Current Limiter market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.

Top Player’s Company Profiles

  • Superconductor Technologies Inc.,
  • ABB Ltd.,
  • Applied Materials,
  • Alstom
  • Zenergy Power Electric Co.
  • Siemens AG
  • American Superconductor Corporation
  • Rongxin Power Electronic Co. Ltd
  • Superpower Inc
  • Gridon
  • Eaton
  • Legrand
  • SGB
  • Toshiba
  • Hubbell
  • Crompton Greaves
  • Allis Electric

Recent Developments

  • March 2023: Establishment of a multi-billion-dollar R&D platform using materials used in Silicon Valley to accelerate new semiconductor development. It is the world’s largest and most sophisticated joint research and development facility in semiconductor manufacturing. The New Equipment and Processing Innovation and Commercialization Center (EPIC) aims to be a core of fast-moving innovation to accelerate the development and commercialization of key technologies needed by the semiconductor and computer industries.
  • March 2023: Establishment of a multi-billion-dollar R&D platform using materials used in Silicon Valley to accelerate new semiconductor development. It is the world’s largest and most sophisticated joint research and development facility in semiconductor manufacturing. The New Equipment and Processing Innovation and Commercialization Center (EPIC) aims to be a core of rapid innovation to accelerate the development and commercialization of key technologies needed by the semiconductor and computer industries.
  • May 2021: American Superconductor Corporation (AMSC), a leading systems provider of megawatt-scale power resilience solutions to protect and enhance the capabilities of our Navy's fleet, announces the acquisition of Niltran, 2021. Inc. (Niltran), a Connecticut- based company that to industrial customers Sells rectifiers and transformers. In addition to the issuance of 301,556 restricted shares of AMSC common stock, valued at approximately $4.3 million, AMSC also paid $4.5 million in cash at closing time 7.6 to Niltran’s closing creditors by AMSC of the million dollars paid directly also so that they could settle any outstanding debt.
  •  

Fault Current Limiter Key Market Trends

Increasing Interest in Renewable Energy

  • Consumers are increasingly looking for a reliable and efficient source of electricity. For example, the government is optimizing the T&D system due to excessive fuse usage and lack of circuit breakers in the system. Reliability and efficiency will increase, and the fault current limit market is expected to expand. The need for fault current limiters is predicted to increase as grid interconnections increase due to lack of current in fuses and circuit breakers. The growing interest in renewable energy use is expected to drive trade-offs related to fault current constraints.

Fault Current Limiter Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. Rising economies worldwide have led to a dramatic rise in the demand for electricity leading to significant investments in power transmission and distribution. At the same time, many companies and consumer product manufacturers are investing heavily in safety equipment to meet the demand for fault-limited equipment as clean energy such as wind and solar panels add power to an already overweight electrical system that can fail in overvoltage's.

Fault current limiters use a variety of raw materials such as copper, gold, aluminum, glass, and others with high prices in the international market, which may lead to slower market growth and substitute materials such as circuit breakers and fuses can dominate the market.

Report Metric Details
Market size value in 2023 USD 5.1 billion
Market size value in 2031 USD 9.86 billion
Growth Rate 7.60%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Superconducting and Non-superconducting
  • Voltage Range
    • High, Medium, and Low
  • End-use
    • Power Stations, Oil & Gas, Automotive, Paper Mills, Chemicals, and Steel & Aluminum
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Superconductor Technologies Inc.,
  • ABB Ltd.,
  • Applied Materials,
  • Alstom
  • Zenergy Power Electric Co.
  • Siemens AG
  • American Superconductor Corporation
  • Rongxin Power Electronic Co. Ltd
  • Superpower Inc
  • Gridon
  • Eaton
  • Legrand
  • SGB
  • Toshiba
  • Hubbell
  • Crompton Greaves
  • Allis Electric
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Fault Current Limiter Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Fault Current Limiter Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Fault Current Limiter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fault Current Limiter Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fault Current Limiter Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Fault Current Limiter Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Fault Current Limiter Market size was valued at USD 5.1 billion in 2022 and is poised to grow from USD 5.49 billion in 2023 to USD 9.86 billion by 2031, growing at a CAGR of 7.60% in the forecast period (2024-2031).

The competitive environment of the Fault Current Limiter market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Superconductor Technologies Inc.,', 'ABB Ltd.,', 'Applied Materials,', 'Alstom', 'Zenergy Power Electric Co.', 'Siemens AG', 'American Superconductor Corporation', 'Rongxin Power Electronic Co. Ltd', 'Superpower Inc', 'Gridon', 'Eaton', 'Legrand', 'SGB', 'Toshiba', 'Hubbell', 'Crompton Greaves', 'Allis Electric'

Growing Need for Advanced and Sophisticated Power Systems Is Driving the Market Growth

Consumers are increasingly looking for a reliable and efficient source of electricity. For example, the government is optimizing the T&D system due to excessive fuse usage and lack of circuit breakers in the system. Reliability and efficiency will increase, and the fault current limit market is expected to expand. The need for fault current limiters is predicted to increase as grid interconnections increase due to lack of current in fuses and circuit breakers. The growing interest in renewable energy use is expected to drive trade-offs related to fault current constraints.

Asia-Pacific region dominates the fault current limiter market. The high market growth is attributed to the increasing popularity of electricity networks in emerging economies. Furthermore, the rapidly expanding Transmission & Distribution (T&D) infrastructure is positively impacting the growth of the regional market. Countries like China, Japan, and India are emerging as major markets for selling error current limits. Asia-Pacific undoubtedly offers lucrative growth in many sectors due to growing population, urbanization and technological advancement. India and China continue to dominate overall energy consumption in the region. Heavy investments in electricity transmission and distribution and strong government interest in electrifying the entire region have created the fault line for the current limited growth of APAC Gulf countries is investing heavily in regional cooling to match the growing need for air conditioning. Consequently, operators in the power sector are investing heavily in power generation to meet the growing demand for power generation that can underpin the market.

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