Future Market Insights
A fault current limiter is a consumer safety enhancement device used to reduce fault risks. Fault current is any unusual current in an electrical power system and to control this current fault current limiters are installed. A fault current limiter is a device that offers an effective solution for short circuit problems in newly installed and existing electrical networks. It can be installed in an incoming feeder position, outgoing feeder position and a bus-tie position. Fault current limiters are used by various end user industries, such as automotive, oil and gas, power station, chemicals and paper mills. Moreover, fault current limiters are beneficial in power systems as they decrease current stresses on equipment during faults, reduce voltage dips and sags and hence, provide safety to the consumer.
There are two types of fault current limiters, namely super conducting fault current limiters and non-super conducting fault current limiters. The super conducting type are pegged to be the more preferable when compared to non-super conducting fault current limiters. Super conducting fault current limiters cause negligible energy and voltage losses, but when a critical fault occurs it transits to an extremely resistive state.
Fault Current Limiter Market: Market Dynamics
Increasing unit capacity of generators and growing concerns for reliable & efficient power supply are the key factors expected to drive growth of the fault current limiter market over the forecast period. Moreover, rising concerns among power suppliers to provide safe and secure transmission of electricity to customers will further drive the fault current limiter market over the forecast period. That apart, favorable initiatives executed by governments to expand or modernize the present day transmission and distribution system and increasing adoption of fault current limiters in power stations will also add to growth of the market.
Lack of commercialization of fault current limiters in developing regions is expected to hamper growth of the fault current limiter market over the forecast period. Similarly, the absence of universally accepted standards for fault current limiters will act as a restraining factor for growth of the market during the forecast period. Additionally, the high cost of fault current limiters is also anticipated to hinder growth of the market over the forecast period.
Fault Current Limiter Market: Segmentation
The global fault current limiter market can be segmented on the basis of product type, voltage range and end user.
Based on product type, the global fault current limiter market can be segmented as:
Super Conducting fault current limiter
Non-Super Conducting fault current limiter
Based on voltage range, the global fault current limiter market can be segmented as:
Low voltage fault current limiter
Medium voltage fault current limiter
High voltage fault current limiter
Bases on end user, the global fault current limiter market can be segmented as:
Oil and Gas
Fault Current Limiter Market: Region-Wise Outlook
During the forecast period, North America will be closely followed by Europe in terms of anticipated growth. Both these market are expected to witness rich growth in the fault current limiter market, owing to the unique safety features they offer to the power source. Asia Pacific in particular is expected to witness significant growth in the fault current limiter market, due to growing industrialization and increase in demand for commercial power. Japan is anticipated to grow with a significant CAGR, due to the growing automotive and related industries in these region. The Middle East and Africa region is projected to support growth of the fault current limiter market over the forecast period, due to expected rapid industrialization in upcoming years.
Fault Current Limiter Market: Market Participants
Examples of some of the market participants identified across the value chain of the global fault current limiter market include:
American Superconductors Corporation
Rongxin Power Electronic Co. Ltd.
Zenergy Power Electric Co.
Superconductor Technologies Inc.
Schneider Electric SE
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