Fault Current Limiter Market Analysis

Fault Current Limiter Market Overview:

Fault Current Limiter Market Size was valued at USD 5.49 Billion in 2023. The Fault Current Limiter market industry is projected to grow from USD 5.91 Billion in 2024 to USD 9.86 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.61% during the forecast period (2024 - 2032). The expanding usage of superconducting materials in generators, generator engines, electric motors, and other applications, which are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

LS Electric, a major power solutions provider linked with the LS group of Korea, revealed that it would collaborate with Korea Electric Power Corp., a state power company, to promote the commercialization of superconducting current limiters for protecting power plants against lightning and short circuit damage. Under this agreement, the company will be able to build an SFCL demonstration plant in Gochang, South Korea.

In March 2023, the Establishment of a multi-million-dollar R&D platform on Silicon Valley materials would accelerate new semiconductors development. This is the most highly developed and largest collective semiconductor manufacturing research facility worldwide. The New Equipment and Processing Innovation and Commercialization Center (EPIC) strives to be a nucleus for fast innovations aimed at speeding up development and commercialization processes needed by many micro-computer industries, including those dealing with electronic components.

American Superconductor Corporation (AMSC), a leading systems provider of megawatt-scale power resilience solutions to protect and enhance the capabilities of our Navy's fleet, announced the acquisition of Niltran, Inc. (Niltran), a Connecticut-based business selling rectifiers and transformers to industrial customers. AMSC had issued about $4.3 million worth of its common stock in the form of 301556 restricted shares along with other cash payments made at closing by AMSC totaling $4.5 million, which were paid directly to Niltran's outstanding trade creditors so that they could take care of any debts owed by it.

Fault Current Limiter Market Trends

• Rising need for improved and sophisticated power grid infrastructure is driving the market growth

Market CAGR for fault current limiter is being driven by the rising need for sophisticated and improved power grid infrastructure and a general inclination for renewable energy applications. Various glass, visitor, diodes, solenoids, copper, and metal wirings are also included in fault current limiters, in addition to other components. 

The price of raw materials for these components is increasing due to an inability to control manufacturing expenses. These factors have increased in the cost of the device's overall assembly, which may limit the market expansion for fault current limiters.

Additionally, modern fault current limiters show increased dependability for industrial lines of the future.  As a result, the global market for fault current limiters is anticipated to grow significantly during the next years. Globally strict laws and government programes encourage market expansion and the use of these systems in the main end-use sectors.

A more reliable and efficient power source is increasingly in demand from consumers. As the T&D system is being upgraded by the government due to the overuse of fuses and the absence of circuit breakers in the system.  The dependability and efficiency of power supplies increase, the market for fault current limiters is anticipated to expand. 

Fault current limiters are predicted to become more necessary as grid interconnections rise due to the current shortage of fuses and circuit breakers. A rising interest in renewable energy applications is anticipated to drive the market for fault current limiters.

For instance, in September 2017, to strengthen its grid business, American Superconductor Corporation paid US$ 3.75 Mn to buy Infinia Technology Corporation (ITC), a cryo-cooling company with headquarters in Washington, U.S. Additionally, Siemens employed superconductors to construct an electrical grid in Augsburg. 

Several players are growing their businesses through strategic mergers and acquisitions, and alliances with various end-use sectors due to the growing market and underlying latent demand. Thus, driving the Fault Current Limiter market revenue.

Fault Current Limiter Market Segment Insights:

Fault Current Limiter Type Insights

The Fault Current Limiter Market segmentation, based on type, includes superconducting and non- superconducting. The superconducting segment accounted for a major market share (3.9 billion) during the forecast period, due to its benefits, including its small size and inexpensive replacement costs. 

The superconducting fault current limiter (SFCL), one of the two main types of fault current limiters, is regarded as the alternative to conventional safety equipment. More than half of the fault current limiters market is under its control. Under normal circumstances, SFCL produces little voltage and energy losses, but when a catastrophic defect manifests, it changes to a highly resistive state.

Fault Current Limiter Voltage Range Insights

The Fault Current Limiter Market segmentation, based on voltage range, includes high, medium, and low. The high segment accounted for a major market share during the forecast period. High voltage fault current limiters are still in their infancy, but medium and low voltage fault current limiters have acquired general acceptance. 

High voltage current limiters have been implemented in a few nations, including the United States, China, and Germany, although they are not yet generally available on the market.

Fault Current Limiter End-use Insights

The Fault Current Limiter Market segmentation, based on end-use, includes power stations, oil & gas, automotive, paper mills, chemicals, and steel & aluminum. Power stations segment accounted for a major market share. The superconducting fault current limiter greatly raises the electrical system’s availability, safety, and reliability in power plants.

Figure 1: Fault Current Limiter Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fault Current Limiter Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Fault Current Limiter market anticipated to dominate the market. Current limiters have higher energy efficiency and minimal maintenance costs. Utilising cloud, analytics, and mobile technology, the integrated digital utility transformation also aids in reinventing.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Fault Current Limiter Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Fault Current Limiter market accounts for the second-largest market share due to mart grid technology and upgrading its existing infrastructure for more dependable and efficient networks. Particularly at high voltage networks, conventional protective systems have had limited ability to deal with increasing capacity. The increased demand for fault current limiters in Europe has a wider potential range due to the technical split. 

Governments are making large investments in the UK by giving DECC (Department of Energy and Climate Change) a sizeable sum for creating next-generation fault current technology. Further, the German Fault Current Limiter market held the largest market share, and the UK Fault Current Limiter market was the fastest growing market in the European region

The Asia-Pacific Fault Current Limiter Market is expected to grow at the fastest CAGR from 2023 to 2032 due to increasing mergers and acquisitions by major market player. Moreover, China’s Fault Current Limiter market held the largest market share, and the Indian Fault Current Limiter market was the fastest growing market in the Asia-Pacific region.

Fault Current Limiter Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Fault Current Limiter market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. 

To expand and survive in a more competitive and rising market climate, Fault Current Limiter industry must offer cost-effective items.

The government and private businesses are making significant investments in R&D for technological advancements in the global Fault Current Limiter industry to benefit clients and increase the market sector. In recent years, the Fault Current Limiter industry has advantages such as the requirement for efficient interconnection mechanisms in the power utility grid and the extent of the demand for reliable electricity supply. 

Major players in the Fault Current Limiter market, including Rongxin Power Electronic Co. Ltd., Applied Materials, American Superconductor Corporation,  Alsto,  Zenergy Power Electric Co., and Nexans among others are attempting to increase market demand by investing in research and development operations.

From a fledgling business to one of the most recognised organisations in the world, Applied Materials underwent a transformation. The company is responsible for putting the "silicon" in Silicon Valley and are fundamental to the development of the electronics sector. "The brains" of the electronics employed in practically every area of our lives, semiconductor devices known as chips are created by systems. 

Advances in semiconductor and display technology hold the potential of innovative applications that will alter sectors like consumer electronics, transportation, communications, and healthcare. With more than 17,300 patents and an annual investment in R&D of more than $2.8 billion, Applied has the strongest IP portfolio in sector. In July 2023, across many industries, there is a striking interest in creating and implementing digital twins to enable and expedite smart manufacturing.

In order to address the demand for smarter, cleaner, and better energy around the world, American Superconductor Corporation (AMSC) develops the concepts, technology, and solutions. Through its Windtec Solutions division, AMSC offers engineering services, designs, and electronic controls and systems for wind turbines that lower the cost of wind energy. 

The engineering planning services and advanced grid technologies that maximise network dependability, efficiency, and performance are offered by AMSC through its Gridtec Solutions. Gigawatts of renewable energy are currently powered by the company's solutions, which are also improving the efficiency and dependability of power networks in more than a dozen different nations. 

AMSC (American Superconductor), which was established in 1987, is based close to Boston, Massachusetts, and has activities throughout Asia, Australia, Europe, and North America. The products included in the company’s portfolio such as generators & drivetrains, turbine designs, electric control systems, power converters, renewable interconnectivity solutions, software, utility & industrial resilience, and modernization solutions, and utility voltage solutions. 

In July 2023, $34 million worth of new energy power systems orders were announced by a major system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the gridTM and safeguard and enhance the capability of our Navy's fleet.

Key Companies in the Fault Current Limiter market include

• Rongxin Power Electronic Co. Ltd.


• Applied Materials


• American Superconductor Corporation


• Alsto


• Zenergy Power Electric Co.


• Nexans

Fault Current Limiter Industry Developments

March 2023: Launch of multibillion dollar R&D platform by applied materials in silicon valley to speed up semiconductor innovation. It is the largest and most sophisticated facility in the world for joint research and development on semiconductor manufacturing processes. The new Equipment and Process Innovation and Commercialization (EPIC) Centre is intended to serve as the nerve centre of a high-velocity innovation platform that will speed the development and commercialization of the core technologies required by the semiconductor and computer industries.

May 2021: In order to safeguard and enhance the capability of our Navy's fleet, American Superconductor Corporation (AMSC), a leading system provider of megawatt-scale power resiliency solutions, announced that it has acquired Neeltran, Inc. (Neeltran), a privately held Connecticut-based company that sells rectifiers and transformers to industrial clients. In addition to issuing 301,556 restricted shares of AMSC common stock with a value of roughly $4.3 million, AMSC also paid $4.5 million in cash at closing. At closing, AMSC also made a direct payment of $7.6 million to the lenders of Neeltran to settle any outstanding debt.

Fault Current Limiter Market Segmentation:

Fault Current Limiter Type Outlook

• Superconducting


• Non- Superconducting

Fault Current Limiter Voltage Range Outlook

• High


• Medium


• Low

Fault Current Limiter End-use Outlook

• Power Stations


• Oil & Gas


• Automotive


• Paper mills


• Chemicals


• Steel & Aluminum

Fault Current Limiter Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America