The global fault current limiters market size is expected to reach USD 5.2 billion in 2023 and USD 11.3 billion by 2033. Over the forecast period from 2023 to 2033, global fault current limiter demand is likely to surge at 8.0% CAGR.
In 2022, the worldwide fault current industry totalled a valuation of about USD 4.8 billion. Between 2023 and 2033, it is predicted to generate an absolute $ opportunity of USD 6.1 billion.
Global fault current limiter sales are expected to witness a positive growth trajectory during the assessment period owing to the rising demand from several sectors.
Sales are anticipated to remain high for superconducting fault current limiters during the assessment period. This is due to their rising usage in a wide range of applications for protecting sensitive and expensive equipment.
As per Future Market Insights (FMI), superconducting fault current limiters segment is forecast to thrive at 7.9% CAGR through 2033. To gain maximum profits and meet end user demand, key companies are focusing on strengthening their portfolio of superconducting fault current limiters.
Key Market Shaping Factors:
There has been a general rise in fault levels due to a variety of factors including lightning, downed power lines, or crossed power lines. This in turn has brought the fault current limiters industry into the limelight.
The flow of fault current can result in failure or damage of components and equipment of the electrical systems. To prevent this and keep electrical power systems safe, devices such as fault current limiters, also known as fault current controllers are being employed.
Fault current limiters (FCL) have become essential power devices to limit the fault current in electrical power systems. They limit the amount of current flowing through the system and allow for the continual, uninterrupted operation of the electrical systems.
Usage of fault current limiters is expected to increase rapidly during the projection period. This is due to rising system fault current levels amid increasing energy demand and adoption of clean energy sources such as solar and water.
Complexities associated with explosive fault-limiting fuses and series reactors as well as their respective drawbacks are also encouraging end users to use fault current limiters. Fault current limiters not only limit the fault current but also operate with little to no impedance during normal operations.
Growing adoption of fault current limiters by electric utilities due to their various advantages is expected to boost the target market during the assessment period.
Fault current limiters offer various benefits to electric utilities which are encouraging their installation. For instance, FCLs can prevent potentially destructive fault currents from damaging expensive equipment.
Fault currents can damage or degrade circuit breakers and other expensive transmission & distribution system components. However, by installing fault current limiters, utilities can tackle this and reduce or eliminate replacement costs.
Other benefits that are fueling demand for fault current limiters include:
The ever-increasing power demand and growing need for stable power supply are expected to fuel fault current limiter demand.
Power producers and network operators are increasingly installing fault current limiters to limit the short-circuit current, prevent equipment damage, and provide a stable power supply. These FCLs control fault current levels on utility distribution and transmission networks.
Rising investments in upgrading and replacing aging power infrastructure globally and rising popularity of smarter power networks will boost fault current limiter sales.
| Attributes | Key Insights |
|---|---|
| Estimated Global Fault Current Limiters Market Value (2023) | USD 5.2 billion |
| Projected Global Fault Current Limiters Market Size (2033) | USD 11.3 billion |
| Value-based CAGR (2023 to 2033) | 8.0% |
| United States Market CAGR (2023 to 2033) | 8.0% |
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According to Future Market Insights’ (FMI) latest report, global sales of fault current limiters increased at around 10.0% CAGR historically from 2018 to 2022. Total market value at the end of 2022 reached about USD 4.8 billion.
Looking forward, the global market for fault current limiters is expected to thrive at a CAGR of 8.0% through 2033. It is predicted to generate an absolute $ opportunity of USD 6.1 billion during the projection period.
Growing demand for fault current limiters from power, oil & gas, automotive, and other sectors is driving the global market forward, and the trend is expected to continue through 2033.
The scope of fault current limiters is very vast and they find application in almost every sector related to technology, power, and transmission.
Electrical power systems used across various sectors require circuit protection from overloads. For this purpose, devices such as fault current limiters are being employed.
Fault current limiters play a critical role in safeguarding equipment and related machinery from circuit overload across numerous sectors.
Increasing need for efficient and reliable power supply across the world will play a key role in boosting growth of the faulty current limiters industry.
Governments throughout the world are taking steps to upgrade the transmission & distribution (T&D) system. This in turn is expected to create a plethora of growth avenues in the global fault current limiters industry.
Rising demand for modernized and intelligent power grid infrastructure and surging popularity of high-temperature superconducting fault current limiters will further boost the market.
In several applications, it is almost impossible for conventional circuit breakers to meet the requirements for fault current limiting. As a result, users are moving towards high temperature superconducting fault current limiters.
High-temperature superconducting fault current limiters can effectively protect grids by utilizing HTS quench properties. They are being gradually used across various sectors for safeguarding expensive equipment.
Another prominent factor that is likely to fuel fault current limiter demand globally is the rapid expansion of renewable energy sector.
Regions such as North America, Europe, and East Asia are dominant markets for fault current limiters This is due to increasing smart grid initiatives, energy efficiency measures, renewable projects, and constant upgradation of transmission & distribution infrastructure.
On the other hand, regions such as South Asia & Pacific and Middle East & Africa are emerging as lucrative markets for fault current limiter manufacturers. This is due to expansion of power sector, transition towards renewable energy, and growing awareness about the benefits of fault current limiters over conventional protection devices.
| Countries | Projected CAGR (2023 to 2033) |
|---|---|
| United States | 8.0% |
| United Kingdom | 7.7% |
| China | 7.9% |
| Japan | 7.9% |
| South Korea | 7.7% |
| Countries | Market Value (2033) |
|---|---|
| United States | USD 2.3 billion |
| United Kingdom | USD 0.443 billion |
| China | USD 2.5 billion |
| Japan | USD 1.9 billion |
| South Korea | USD 0.715 billion |
| Countries | Historical CAGR (2018 to 2022) |
|---|---|
| United States | 9.8% |
| United Kingdom | 9.6% |
| China | 9.8% |
| Japan | 9.7% |
| South Korea | 9.6% |
Expansion of Power Infrastructure Boosting the United States Fault Current Limiters Market
According to Future Market Insights (FMI), the United States fault current limiters market registered a CAGR of 8.0% during the historical period. Looking ahead, fault current limiter demand in the United States is expected to rise at 9.8% CAGR.
By the end of 2033, the United States fault current limiters industry is projected to exceed a valuation of USD 2.3 billion. It will create an absolute $ opportunity of USD 1.2 billion during the projection period.
Rapid expansion of power infrastructure, including generation, transmission, and distribution is a key factor propelling fault current limiter demand across the United States.
In recent years, there has been robust growth of power infrastructure across the United States due to growing energy demand from industrial, residential, and commercial sectors. For instance, according to the USA Energy Information Administration (EIA), there were about 11,925 utility-scale electric power plants in the United States in 2021.
With robust expansion of power generation, transmission, and distribution infrastructure, demand for fault current limiters will rise rapidly across the United States. This is due to rising usage of fault current limiters to control fault current levels on utility and distribution networks.
Similarly, growing popularity of smart grids and need for protecting sensitive equipment will fuel demand for fault current limiters in China during the assessment period.
Increasing Government Support and Investments to Uplift Fault Current Limiter Demand in China
China is the world’s most populated country and to provide electricity to such a huge population is a massive task. Hence, the Chinese government is taking various steps such as investing rigorously in expanding & upgrading the existing transmission and distribution infrastructure.
Rising government investments in developing and expanding the power generation sector will continue to play a key role in fueling fault current limiter sales during the assessment period.
As per Future Market Insights (FMI), China fault current limiters industry is forecast to thrive at 7.9% CAGR over the forecast period in comparison to 9.8% CAGR during the historical period. By 2033, total market size in China is expected to reach a high of USD 2.5 billion.
Rapid growth of renewable energy sector is another key factor that is expected to create lucrative opportunities for fault current limiter manufacturers across China.
Rising interest in smart grid technology and large presence of fault current limiter companies will further boost China market through 2033.
Principal Consultant
| Top Segment (Type) | Superconducting Fault Current Limiters |
|---|---|
| Historical CAGR (2018 to 2022) | 9.8% |
| Projected CAGR (2023 to 2033) | 7.9% |
| Top Segment (Voltage Range) | Low |
|---|---|
| Historical CAGR (2018 to 2022) | 9.7% |
| Projected CAGR (2023 to 2033) | 7.7% |
Demand to Remain High for Superconducting Fault Current Limiters
Based on type, the global fault current limiters industry is segmented into superconducting fault current limiters (SFCL) and non-superconducting fault current limiters (NSFCL). Among these, demand is projected to remain high for superconducting fault current limiters.
As per Future Market Insights (FMI), superconducting fault current limiter demand is expected to rise at 7.9% CAGR during the assessment period in comparison to 9.8% CAGR registered from 2018 to 2022.
Superconducting fault current limiters have become flexible and effective alternatives to other conventional protective devices. This is due to their high effectiveness in reducing fault current within the first cycle of fault current, zero impedance, and reduced weight.
Superconducting fault current limiters are being widely used in substations. These smart grid systems help in protecting power grids by reducing the detrimental nature of faults, extending life of substation equipment, and allowing utilities to eliminate need for constant replacements.
The stability and compactness of superconducting fault current limiters are also encouraging companies to invest in these product types.
Rising applications of superconducting fault current limiters in end-use sectors such as energy, transportation, defense, etc is expected to boost growth of the target segment.
The ability of superconducting fault limiters to the issue of extremely high fault currents in power networks will fuel their sales over the next ten years.
There are generally two types of superconducting fault current limiters including resistive SFCLs and inductive SFCLs. High adoption of these SFCLs for limiting fault currents in electrical power systems will boost the target market during the assessment period.
Low Voltage Fault Current Limiters Segment to Lead the Target Market
Based on voltage type, the target market is categorized into low, medium, and high voltage fault current limiters. Among these, low voltage fault current limiters segment is expected to dominate the global market. This is due to rising usage of low FCLs in numerous applications.
According to Future Market Insights’ (FMI) latest analysis, low voltage segment witnessed a CAGR of 9.7% during the historical timeframe and for the projection period, it is likely to thrive at 7.7% CAGR.
Leading fault current limiter manufacturers listed in the report include ALS Ltd, American Superconductor Corporation, Applied Materials, Inc., Gridon Ltd, Rongxin Power Electronic Co., Ltd., Siemens AG, Superconductor Technologies, Inc., SuperPower, Inc., ABB Limited, and Nexans among others.
These key fault current limiter manufacturing companies are focusing on developing an enhanced and innovative product line of fault current limiters to meet end user requirements. They also use tactics such as partnerships, acquisitions, agreements, mergers, facility expansions, and collaborations to gain a competitive edge in the market.
Recent developments:
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| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 5.2 billion |
| Projected Market Value (2033) | USD 11.3 billion |
| Anticipated Growth Rate (2023 to 2033) | 8.0% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Voltage Type, End Use, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | ALS Ltd; American Superconductor Corporation; Applied Materials, Inc.; Gridon Ltd; Rongxin Power Electronic Co., Ltd.; Siemens AG; Superconductor Technologies, Inc.; SuperPower, Inc.; ABB Limited; Nexans |
The fault current limiters market CAGR 2033 is 8.0%.
The market is estimated to secure a valuation of USD 5.2 billion in 2023.
The projected market value of the market for 2033 is USD 11.3 billion.
Key players are developing the market by introducing new technologies.
ABB, Siemens, and Schneider Electric are the key companies in this market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Superconducting Fault Current Limiter (SFCL) 5.2. Non-Superconducting Fault Current Limiter (NSFCL) 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Voltage Range 6.1. Low 6.2. Medium 6.3. High 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Power Stations 7.2. Automotive 7.3. Steel & Aluminum 7.4. Oil & Gas 7.5. Paper Mills 7.6. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. ALS Ltd 18.2. American Superconductor Corporation 18.3. Applied Materials, Inc. 18.4. Gridon Ltd 18.5. Rongxin Power Electronic Co., Ltd. 18.6. Siemens AG 18.7. Superconductor Technologies, Inc. 18.8. SuperPower, Inc. 18.9. ABB Limited 18.10. Nexans 19. Assumptions & Acronyms Used 20. Research Methodology
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Fault Current Limiters Market
