Fault Current Limiter Market Overview
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The global Fault Current Limiter Market share is expected to rise at a CAGR of 7.64%, with a value of USD 6.92 billion over the estimated forecast year of 2022-2030.
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Segmental Analysis
The global fault current limiter market has been segmented based on voltage range, type, and end-use.
- Based on type, the global market comprises superconducting and non-superconducting. The superconducting segment is poised to dominate the global market and is anticipated to grow with the highest CAGR.
- The global market is segmented based on voltage range as high, medium, and low voltage. The upper voltage segment is expected to grow with the fastest CAGR during the review period.
- Based on end-use, the global fault current limiter market is segmented into automotive, power stations, oil gas, steel aluminum, and paper mills chemicals. The power stations segment is poised to hold the largest over the review period.
Regional Analysis
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
Fault current limiter offers unique safety features to power sources. This is expanding the market in Europe and North America. Fault current limiter market is witnessing the hgihest market share in the North American region. it provides prototypes for verification and test by the distributors, which is estimated to boost the market growth. Increasing concern for reliable power and upgrade of the TD network in the Canada, US, and Mexico would fuel the demand for fault current limiter market.
The Asia-Pacific market is slated to be the second-largest market for fault current limiters, owing to increasing investments towards smart grid and transmission distribution network. Significant concerns among power suppliers for offering secure and safe transmission of electricity to consumers are expected to drive the growth of the fault current limiter market.
The fault current limiter market in Europe is poised to be led by Germany owing to an increase in power generated from renewable energy resources, growing smart grid initiatives, and replacement of present TD network driving the fault current limiter market in this country.
The fault current limiter market in the Middle East Africa is dominated by Saudi Arabia due to the rising power demand and use of fault current limiting factor in the growing oil gas industry in the country. The fault current limiter market in South America is led by Brazil owing to it being the largest oil-producing country in the region. Additionally, Brazil is also expected to have the highest CAGR during the review period.
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Competitive Analysis
The major market players operating in the global market as identified by MRFR are ABB (Switzerland), Siemens (Germany), Gridon (Israel), Superpower Inc. (US), Superconductor Technologies Inc. (US), Rongxin Power Electronic Co.Ltd. (China), Applied Materials (US), American Superconductor Corporation (US), Alstom (France), Zenergy Power Electric Co. (US), Nexans (France) , and others.
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