PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351124
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351124
According to Stratistics MRC, the Global Fault Current Limiter Market is accounted for $5.4 billion in 2023 and is expected to reach $12.5 billion by 2030 growing at a CAGR of 9.2% during the forecast period. A Fault Current Limiter (FCL) is a device used in electrical power systems to limit the amount of current that flows in the event of a fault or short circuit. It helps protect equipment, prevent damage, and maintain the stability of the electrical grid. A fault current is generated in the power supply system when the current bypasses the normal load due to a short circuit. It is used to control wasted energy in power systems.
According to the U.S. Energy Information Administration (EIA), there were about 11,925 utility-scale electric power plants in the United States in 2021.
As renewable energy sources like solar and wind are integrated into the electrical grid, there is a need for technologies like FCLs to manage potential fluctuations and faults that can arise from intermittent energy generation. FCLs can enhance the stability of power systems by limiting the fault current levels, which can prevent cascading failures and improve the overall reliability of the grid. They allow for better management of intermittent energy generation and help reduce the reliance on non-renewable energy sources which is driving the market demand.
A fault current in an electrical grid refers to an abnormal flow of electric current caused by a short circuit or other fault. This can potentially lead to various safety concerns. Fault currents can result in elevated levels of electrical current flowing through equipment and conductors. This can pose a significant risk of electrocution to individuals coming into contact with the affected components. Factors such as voltage fluctuations, thermal stress and overloading are hampering the market growth.
The high demand for intelligent and modernized power grid infrastructure is driven by a combination of technological advancements, environmental concerns, regulatory mandates, and the need for improved grid reliability. Modernizing the grid enables the integration of clean energy sources, reducing reliance on fossil fuels and contributing to efforts to combat climate change. Advanced grid systems allow for dynamic demand response programs, where electricity consumption can be adjusted based on grid conditions. Technological advancements, economic benefits and demand response accelerated the market growth.
Installing a fault current grid requires skilled labor, often from specialized electrical engineers and technicians. The installation process may be more time-consuming and intricate. The materials used in fault current grids, including high-quality conductors, insulators, and protective elements, can be expensive. Designing a fault current grid requires careful planning, analysis, and engineering expertise. This complexity adds to the overall cost.
The COVID-19 pandemic has had a range of effects on various industries and technologies, including fault current limiters (FCLs) and their development and deployment. The pandemic led to disruptions in global supply chains, affecting the availability of components and materials needed for manufacturing FCLs. Research and development efforts for FCL technology have been affected by restrictions on in-person collaboration, limited access to labs and testing facilities, and disruptions in the availability of specialized equipment. The post pandemic has raised collaborations for complex engineering projects.
The superconducting fault current limiter (SFCL) segment is estimated to have a lucrative growth. A Superconducting Fault Current Limiter (SFCL) is an advanced electrical device designed to limit the magnitude of fault currents that occur in electrical power systems. It utilizes the unique properties of superconductors to rapidly change their electrical resistance in response to high current surges. Its improved grid reliability, compatibility with renewable energy sources, compact and lightweight design factors are fuelling the segment's demand.
The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period. FCLs prevent overload situations in the electrical system. This ensures that each component operates within its designed capacity, avoiding overheating and potential damage. Fault Current Limiters (FCLs) in automotive applications provide various benefits, primarily focused on enhancing safety, protecting electrical systems, and improving vehicle performance.
Asia Pacific is projected to hold the largest market share during the forecast period owing to massive population growth, urbanization, and industrialization. India and China continue to dominate the total energy consumption in the region. Extensive investment in transmission and distribution network and government's keen interest in providing electricity throughout the region has multiplied fault current limiter growth in APAC.
Europe is projected to have the highest CAGR over the forecast period, owing to the upgradations of aging transmission and distribution networks and investment in the smart grid option. Moreover, the expansion of information and communication technology along with the data center, which requires an uninterrupted power supply, may surge the demand for fault current limiters. Strong green technology policies, boding investment in a smart and microgrid to meet the rising power demand is likely to boost the market in Europe.
Some of the key players profiled in the Fault Current Limiter Market include: Siemens AG, ALS Ltd, American Superconductor Corporation, Nexans, Gridon Ltd, Rongxin Power Electronic Co., Ltd., Applied Materials, Inc., Superconductor Technologies, Inc., SuperPower, Inc., ABB Limited, Suzlon Energy Australia (SEA), Wilson Transformer Company and Furukawa Electric Co Limited.
In June 2022, Applied Materials, Inc. acquired Picosun Oy, an innovator in atomic layer deposition technology, especially for specialty semiconductors, to expand its technology portfolio.
In October 2020, American Superconductor Corporation, a prominent system provider of megawatt-scale power resiliency solutions, announced the acquisition of Northeast Power Systems, Inc. to expand its presence and accelerate toward profitability.