USD 5.1 billion
Report ID:
SQMIG15F2162 |
Region:
Global |
Published Date: March, 2024
Pages:
186
|Tables:
91
|Figures:
73
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.
Global Market Size
USD 5.1 billion
Largest Segment
Middle
Fastest Growth
Growth Rate
7.60% CAGR
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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.
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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.
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Drivers
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
Restraints
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
Technological Advancement
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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
Recent Developments
Increasing Interest in Renewable Energy
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 |
|
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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Report ID: SQMIG15F2162