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

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

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

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