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The spur in electricity demand across the world has crumbled the utility companies as demand for power is running ahead of supply. Rising system fault current levels as energy demand increases and more distributed generation and clean energy sources such as solar and wind, added to an already overburdened system. A variety of aspects causes fault current in the system like lightning, downed power lines, or crossed power lines. Excessive current flows through the electrical system resulting in failure of the T&D system causing a tripped circuit breaker or blown a fuse. Fault current limiter limits the amount of current flowing through the system enabling continuous and uninterrupted operation of the electrical system. Hence, for preventing short circuits and damages to costly electrical equipment fault current limiter is essential.
Fault current limiter market classified on the basis of type, voltage range, and end-user. Based on type, the market is further divided into superconducting and non-superconducting fault current limiters. Superconducting FCL may exhibit robust growth owing to its ability to impede the fault current swiftly. The rising adoption of SFCL by several industry verticals may drive its growth. Based on the voltage range, the market is segmented into low, medium, and high voltage flow current limiter. High voltage flow current limiter may exhibit strong growth owing to the expansion of the T&D network and investment in the power sector. Several industry verticals use flow current limiters such as oil & gas, utility, automotive, chemicals, iron & steel manufacturing, and others.
Key Market Driver -
Disseminating transmission and distribution network along with auguring demand for electricity
Key Market Restraint -
Volatile prices of raw material
The surge in economies around the world has dramatically increased power demand resulting in high investment in transmission and distribution networks. Simultaneously, permeating clean energy sources such as wind and solar power has added power to an already overloaded electrical system which may fail under the excessive current. Henceforth, several companies and utility operators are enormously investing in safety devices that may inflate the demand for fault current limiters.
Fault current limiter utilizes various raw products such as copper, gold, aluminum, and glass, among others which has volatile prices in the international market, which may retard the growth of the market. Also, the alternative such as circuit breakers and fuses are likely to restrain the market.
The major companies for fault current limiter market are ABB, Schneider Electric, Siemens, Nexans, AMSC, Wilson Transformer Company, Furukawa Electric Co., Ltd., Applied Materials, and GridON, among others.
The global fault current limiter market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is estimated to lead the market owing to the upgradation 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. The presence of top automakers, expansion of manufacturing units, and positive outlook of renewable energy sources is expected to leverage the fault current limiter market.
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Asia Pacific has unbiasedly offering lucrative growth in many sectors due 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. The gulf countries are exponentially investing district cooling in matching the increasing requirement for air conditioning. Consequently, utility operators are exponentially investing in power generation to match the growing demand for electricity that may underpin the market.
By Voltage Range
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