Fault Current Limiter Market

Global Fault Current Limiter Market Size (2024 to 2032):

The Global Fault Current Limiter Market is predicted to grow from around USD 4.95 billion in 2023 to reach a valuation of USD 13.32 billion by 2032 from USD 5.53 billion in 2024 with a compound annual rate of (CAGR) 11.63% during the forecast period 2024-2032.

Current Scenario of the Global Fault Current Limiter Market

The increase in interconnections in the network and the growing need for an efficient and reliable power supply are driving the current fault current limiters business around the world. A fault current is produced in the power supply system due to a short circuit where the current bypasses the normal load. It is employed in power systems to control wasted energy. The fault current limiter is a protective component in modern T&D networks, which reduces the risk of fault currents and helps to function properly. The fault current limiter limits the amount of current that flows through the systems and allows continuous operation of the system while minimizing risk and improving consumer safety.

The human body is a good conductor of electricity; Once a high current flows through the body, it can burn tissue and even stop the heartbeat. Therefore, the fault current limiter is the best solution to avoid such a risk that it limits the transmission of energy through the power systems and ensures the safety of the customers. 

A fault current is any abnormal current in a power supply system. An electrical failure can occur due to a short circuit, where the current bypasses the normal load. Fault Current Limiters (FCLs) are devices employed in power systems that are employed to control wasted power.

MARKET DRIVERS

A growing concern among consumers for an efficient and reliable power supply is predicted to fuel the market for fault current limiters.

The government is taking initiatives to modernize the T&D system, as the fuses employed and insufficient circuit breakers in the system are fueling the market. Consumers' inclination toward renewable energy applications, coupled with a high call for modernized smart grid infrastructure, can lead to market expansion. Escalating concerns about power supply reliability and efficiency among customers are predicted to drive the market for fault current limiters. The current shortage of fuses and circuit breakers with escalating interconnections to the grid is predicted to drive the market for fault current limiters. The rising call for modernized smart grid infrastructure, coupled with an escalating preference for renewable energy applications, is predicted to provide many expansion opportunities for the Fault Current Limiters market. Favorable initiatives by governments to modernize and expand the current transmission and distribution system coupled with escalating calls for power plants are greatly supporting the expansion of the global fault current limiters market.

MARKET RESTRAINTS

Lack of standards for fault current limiters, high cost, marketability, and safety concerns regarding high-temperature, high-temperature superconducting fault current limiters in electrical systems can hamper development to some extent.

MARKET OPPORTUNITIES

The main factors driving the expansion of the worldwide fault current limiters market include the growing concern for energy efficiency.

In addition, the call for modernized smart grid infrastructure to create opportunities for the worldwide fault current limiter industry. The escalating call for modernized smart grid infrastructure and the universal preference for renewable energy applications will provide many expansion opportunities for the market worldwide.

MARKET CHALLENGES

Safety concerns and the huge scale of the high-temperature superconducting fault current limiter in power systems, along with the high price, are significant challenges in the industry.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Fault Current Limiter Market Analysis By Type

The superconducting segment is predicted to have a larger share due to its various advantages, including reduced replacement cost by connecting superconducting fault current limiters and being widely employed due to its compact size.

Global Fault Current Limiter Market Analysis By Voltage Range

The high-voltage segment is predicted to grow with the highest CAGR during the foreseen period, as fault current limiters are in the emerging stage with installation in countries such as the United States, China, and Germany.

Global Fault Current Limiter Market Analysis By End Use

The power stations segment is predicted to have the largest share of the worldwide fault current limiter market, as the superconducting fault current limiter contributes significantly to escalating the safety, reliability, and availability of power stations in energy plants.

REGIONAL ANALYSIS

The market for fault current limiters is dominated by the North American area and it offers prototypes for verification and testing by distributors, which is predicted to drive market expansion. The fault current limiter provides unique safety features to power sources, escalating the market in Europe and North America. Rapid industrialization encouraged the rise of trading power in the Asia-Pacific region. The main concerns of electricity providers to provide safe power transmission to customers are predicted to drive the expansion of the fault current limiters market.

Europe and North America are investing heavily in upgrading the existing transmission and distribution (T&D) infrastructure, positively impacting the region's fault current limiter market. North America is predicted to experience significant expansion in the market due to escalated smart grid initiatives, renewable projects, energy efficiency measures, and the constant upgrade of T&D Infrastructure. The European market for fault current limiters has a strong focus on smart grid technology by updating its existing infrastructure for better reliability and efficient networks.

KEY PLAYERS IN THE GLOBAL FAULT CURRENT LIMITER MARKET

Companies playing a prominent role in the global fault current limiter market include Superconductor Technologies Inc., ABB Ltd., Applied Materials, Alstom, and Zenergy Power Electric Co. Other influencing players include Siemens AG, American Superconductor Corporation, Rongxin Power Electronic Co. Ltd., Superpower Inc., Gridon, and Others.

RECENT HAPPENINGS IN THE GLOBAL FAULT CURRENT LIMITER MARKET

• A new approach to limiting fault current with a series-parallel resonance strategy. The increase in call-driven electricity generation, the expansion of distributed generation systems that connect to the grid in parallel, and the expansion of the grid are leading to escalated levels of fault current in the systems of energy.
• ABB launches FC - protective fault current limiter to protect against high fault currents. ABB has introduced its new FC-Protector fault current limiter which complements the existing range of fault current limiters.

DETAILED SEGMENTATION OF THE GLOBAL FAULT CURRENT LIMITER MARKET INCLUDED IN THIS REPORT

This research report on the global fault current limiter market has been segmented and sub-segmented based on type, voltage range, end use, and region.

By Type

• Superconducting
• Non-superconducting

By Voltage Range

• High
• Medium
• Low

By End Use

• Power Stations
• Oil & Gas
• Automotive
• Steel & Aluminium
• Paper Mills & Chemicals

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa