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

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.