Report Overview
[ 170 + Pages Research Report ] Fault Current Limiter Market to surpass USD 12 billion by 2032 from USD 4.4 billion in 2021 at a CAGR of 9.5% in the coming years, i.e., 2022-32.
Product Overview
Fault current limiters abbreviated as FCLs are used to lower fault current levels and lessen the risk to the stability of power systems when faults occur. It is designed on the idea that, in the absence of defects, a large series resistance is supplied in the current's path, although in normal circumstances this resistance is minimal. As the generation increases, the system becomes unstable as the fault current level rises and this ultimately causes hitches in protection. Fault current levels that exceed the safety equipment's maximum ratings, like circuit breakers, can seriously harm the system and other parts. The best solution, in this case, is to install the fault current limiters.
Market Highlights
The Fault Current Limiter Market is expected to project a notable CAGR of 9.5% in 2032.
The electric utility grids' interconnection methods and growing demands for a dependable and efficient power supply are the main drivers of the Fault Current Limiter Market. Other factors that will fuel the market growth include favorable government attempts to upgrade or expand the current T&D system as well as the inadequate circuit breakers and fuses used in T&D systems.
Fault Current Limiter Market: Segments
The Super Conducting segment is expected to grow with a higher CAGR during 2022-32
Fault Current Limiter Market is categorized on the basis of Product Type into Non-Super Conducting and Super Conducting. Superconducting Fault Current Limiter (SFCL) segment is projected to lead the market. This growth is attributed to the growing applications in end-user industries including energy, defense, transportation, chemicals, and many others. Resistive and inductive are the two key classes into which the SFCL segment has been divided for the study.
The Power Station segment is expected to grow with a higher CAGR during 2022-32
Fault Current Limiter Market is categorized on the basis of End User into Chemicals, Paper Mills, Oil and Gas, Power Station, and Automotive. Since superconducting fault current limiters considerably improve the safety, dependability, and availability of electrical systems in power plants, the power station segment is anticipated to account for the highest share of the global Fault Current Limiter Market. Moreover, the Fault Current Limiter Market's three fastest expanding end-use sectors are the chemical, power generation, and automotive industries.
Market Dynamics
Growth Drivers
Growing Concerns for Efficiency and Reliability of Power Supply and Rising Government Support
Customers' growing worries about the security and effectiveness of their power supply are predicted to fuel the Fault Current Limiter Market. Rising grid interconnections and the existing insufficiency of fuses and circuit breakers are likely to fuel the Fault Current Limiter Market. Furthermore, the market is being significantly supported by supportive activities by governments for updating and extending the current distribution and transmission system with rising demand from power plants.
Growing Need for Smart and Enhanced Power Grid Infrastructure
Growing demand for energy efficiency is one of the other key factors propelling the growth of the global Fault Current Limiter Market. Another driver for the development of the global Fault Current Limiter Market is the need for an intelligent and updated power grid infrastructure. The global Fault Current Limiter Market will have enough room to grow due to the rising demand for intelligent and modernized power grid infrastructure and the general preference for renewable energy applications.
Restraint
Unstable Prices of Raw Materials and Availability of Alternatives
The growth of the Fault Current Limiter Market may be slowed down by the use of a variety of raw materials, such as gold, aluminum, copper, and glass, among others, whose prices are unstable in the global market. Also, the Fault Current Limiter Market is likely to be constrained by the easy availability of alternatives like circuit breakers and fuses.
Recent Developments
- The World Bank approved the development of grid infrastructure to supply power to 2.5 million Iraqis in May 2019. A financing institution approved the Electricity Services Reconstruction and Enhancement Project to support the Government of Iraq's efforts to improve the dependability of the electricity supply.
- Suzlon Energy Australia (SEA), a Suzlon subsidiary, and top power generation company AGL Energy Limited inked a five-year operating and maintenance agreement for 252 MW in September 2018.
- The US Department of Energy (DOE) stated in November 2018 that it will fund USD 7.5 million to promote the study and creation of designs that would increase the resilience of the US power grid. The installation of an electric device like a fault current limiter would be made possible due to this.
Fault Current Limiter Market: Key Players
- Siemens AG
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- ABB Group
- Alstom
- Applied Materials
- Nexans
- Furukawa Electric Co.
- Wilson Transformer Company
- American Superconductor Corporation
- AMSC
- Gridon
- Superpower Inc.
- Superconductor Technologies Inc.
- Rongxin Power Electronic Co. Ltd.
- Zenergy Power Electric Co.
- Theva Dünnschichttechnik GmbH
- Other Prominent Players
Fault Current Limiter Market: Regions
Fault Current Limiter Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is expected to witness a significant growth in Fault Current Limiter Market owing to increasing smart grid initiatives, renewable projects, energy efficiency measures, and constant upgradation of T&D infrastructure.
APAC is reportedly making a significant move towards the use of renewable energy sources in order to meet the region's rising energy demands. The APAC Fault Current Limiter Market is also driven by the lucrative initiatives that governments all over APAC are taking to develop renewable energy projects.
Impact of Covid-19 on Fault Current Limiter Market
The COVID-19 pandemic majorly impacted the operations of Fault Current Limiter manufacturers, as well as those of their suppliers and distributors. Over a few months, as compared to the pre-COVID-19 stage, it is expected that the decline in Fault Current Limiter export shipments and slow domestic demand, will negatively impact and slightly decrease demand for Fault Current Limiter. The pandemic's effects on order intake were evident in the first half of 2020 for the leading companies in this industry.
Fault Current Limiter Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Fault Current Limiter Market report also contains analysis on:
Fault Current Limiter Market Segments:
- By Product Type
- Non-Super Conducting
- Super Conducting
- By Voltage Range
- High Voltage
- Medium Voltage
- Low Voltage
- By End User
- Chemicals
- Paper Mills
- Oil and Gas
- Power Station
- Automotive
- Fault Current Limiter Market Dynamics
- Fault Current Limiter Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Fault Current Limiter Market Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
USD 4.4 billion |
|
Revenue Forecast in 2032 |
USD 12 billion |
|
Growth Rate |
CAGR of 9.5% from 2022 to 2032 |
|
Base Year for Estimation |
2021 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments Covered |
Product Type, Voltage Range, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key Companies Profiled |
Siemens AG, ABB Group, Alstom, Applied Materials, Nexans, Furukawa Electric Co., Wilson Transformer Company, American Superconductor Corporation, AMSC, Gridon, Superpower Inc., Superconductor Technologies Inc., Rongxin Power Electronic Co. Ltd., Zenergy Power Electric Co., Zenergy Power Electric Co., Theva Dünnschichttechnik GmbH, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The Fault Current Limiter Market size was estimated at USD 4.4 billion in 2021 and is expected to reach USD 12 billion in 2032.
Fault current limiters abbreviated as FCLs are used to lower fault current levels and lessen the risk to the stability of power systems when faults occur. It is designed on the idea that, in the absence of defects, a large series
The Super Conducting and Power Station segments accounted for the larger share of the Fault Current Limiter Market.
Key players in the Fault Current Limiter Market are Siemens AG, ABB Group, Alstom, Applied Materials, Nexans, Furukawa Electric Co., Wilson Transformer Company, American Superconductor Corporation, AMSC, Gridon, Superpower Inc., Superconductor Technologies Inc., Rongxin Power Electronic Co. Ltd., Zenergy Power Electric Co., Zenergy Power Electric Co., Theva Dünnschichttechnik GmbH, and Other Prominent Players.
The electric utility grids' interconnection methods and growing demands for a dependable and efficient power supply are the main drivers of the Fault Current Limiter Market.
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