Pune, April 27, 2021 (GLOBE NEWSWIRE) -- The global fault current controller market is growing rapidly. The market growth attributes to growing concerns over the reliable power supply. Moreover, the demand for intelligent and modernized power grid infrastructure creates significant growth opportunities for the fault current limiter industry.
Power faults in industrial automation equipment can cause a wrench into productivity and profitability plans, creating most equipment-related failures. Therefore, fault current limiters become crucial for maintaining proper circuit protection with highly integrated ICs, preventing these faults and bolstering industrial equipment uptime.
Modern fault current limiters demonstrate improved reliability for next-generation production lines. Resultantly, the global market for fault current limiters is projected to gain significant traction in the years to come. According to Market Research Future (MRFR), the global fault current limiter market is projected to reach USD 8.12 BN by 2027, registering over 8.16% CAGR during the review period (2020-2027)
Other factors propelling the market growth include constant demand for reliable energy supply and paramount concern of disruptive supply conditions in the developing economies. Stringent regulations and initiatives of government worldwide foster market growth, promoting the adoption of these systems in the major end-use industries.
Conversely, the high production and maintenance costs associated with fault current limiters act as major headwinds for the market's growth. Nevertheless, future technological advances would support the market growth throughout the assessment period, presenting economical manufacturing techniques that can reduce the overall selling cost of these systems.
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Fault Current Limiter Market – Segments
The fault current limiter market analysis is segmented into type, voltage range, end-use, and regions. The type segment is sub-segmented into superconducting and non-superconducting. Of these, the superconducting segment holds the largest market share due to its various benefits, including reduced replacement cost and compact size.
The voltage range segment is sub-segmented into high, medium, and low. Among these, the high voltage segment holds the largest market share and is estimated to increase at the highest CAGR over the review period.
The end-user segment is sub-segmented into power stations, oil & gas, automotive, steel & aluminum, paper mills, and chemicals. Among these, the power station segment holds the largest market share as the superconducting fault current limiter significantly increases the safety, reliability, and availability of electrical systems in power stations.
Simultaneously, chemical, power stations, and automotive industries account for the fastest-growing end-user segments in fault current limiter market. The region segment is sub-segmented into the Americas, Europe, APAC, and the Rest-of-the-World.
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Global Fault Current Limiter Market – Regional Analysis
The Asia Pacific region dominates the global fault current limiter market. The largest market growth attributes to the increasing interconnection of electric utility grids in emerging economies. Besides, the rapid expansion of Transmission & Distribution (T&D) systems positively impacts the growth of the regional market. Countries like China, Japan, and India are emerging as considerable markets for fault current limiters.
North America derives the second-largest share in the global fault current limiter market, attributing to the increased energy efficiency and low maintenance costs of these limiters. Additionally, the integrated digital utility transformation helps to reinvent by leveraging mobility, analytics, and cloud technologies. The North American fault current limiter market is expected to register a significant CAGR during the forecast period.
Fault Current Limiter Market - Competitive Analysis
The market appears highly competitive and fragmented, with many large players forming a competitive landscape. Industry players make considerable investments locally and in emerging countries to expand their global footprints and distribution & supply chain networks.
Obtaining strong financial support is the sole strategy of these players to maintain their market positions. Device manufacturers strive to minimize production costs by adopting cost-effective techniques.
Major Players:
Players active in the fault current limiter market are Siemens (Germany), ABB (Switzerland), Gridon (Israel), Superconductor Technologies Inc. (US), Superpower Inc. (US), Rongxin Power Electronic Co.Ltd. (China), American Superconductor Corporation (US), Applied Materials (US), Alstom (France), Nexans (France), and Zenergy Power Electric Co. (US), among others.
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Industry/Innovation/Related News:
Nov. 28, 2020 – Qatar General Electricity and Water Corporation (Kahramaa) showcased its energy expertise at GCC Power 2020 conference, organized by GCC CIGRE, presenting two working papers on the partial discharge v/s noises in online GIS Partial Discharge Monitoring Systems.
During the conference, the company also demonstrated techniques for onsite repair of mega transformers and the most prominent challenges & solutions in these two fields. Additionally, Kahramaa presented a working paper on enhancing transient stability of interconnected power systems using a resistive superconducting fault current limiter.
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