Global Fault Current Limiter Market: Overview
Fault current occurs in the electrical power system due to the short circuit where current bypasses the normal load. It is used in the power systems in order to control power wastage. Fault current limiter is a protection component in modern T&D networks, which reduces chances of occurrence of fault currents and help in functioning properly. Fault current limiter restricts the amount of current flow through the systems, permits nonstop operation of the system by minimizing the risk and improves the safety of the consumer. The human body is a good conductor of electricity; once high current passes through the body it may burn the tissues and can even stop the heart beat. Thus, fault current limiter is the best solution to avoid such risk that limits power transmission through power systems and provides safety to the customers.
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Global Fault Current Limiter Market: Growth Factors
Increasing concerns for efficient and reliable power supply among the consumers is expected to fuel the fault current limiter market. The government is taking initiatives to modernize T&D system along with the fuses used and insufficiency of circuit breakers within the system is fuelling the market. Consumer inclination towards renewable energy applications coupled with high demand for modernized & intelligent power grid infrastructure may give rise to the market growth. However, lack of standards for fault current limiter, high cost, commercialization, and safety concerns regarding high scale high-temperature superconducting fault current limiter in power systems may hinder the global fault current limiter market to some extent.
Global Fault Current Limiter Market: Segmentation
The market for the fault current limiter is classified based on the voltage range, end-users, type, and region. The end-users segment is fragmented into chemicals, power stations, steel & aluminum, automotive, oil & gas, and paper mills. The type segment is classified into non-superconducting fault current and superconducting fault current limiter. Based on voltage range, the market is bifurcated into low voltage fault current limiter, medium voltage fault current limiter, and high voltage fault current limiter. Region-wise, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Fault Current Limiter Market: Regional Analysis
Fault current limiter market is the leading market in the North American region; it offers prototypes for verification and test by the distributors, which is anticipated to boost the market growth. Fault current limiter provides unique safety features to power sources this is augmenting the market in Europe and North America. Rapid industrialization has encouraged the rise of the commercial power in Asia Pacific region. Major concerns among power suppliers for offering secure and safe transmission of electricity to customers are expected to spur the growth of the fault current limiter market.
Global Fault Current Limiter Market: Competitive Players
Major market players in the global fault current limiter market include Superconductor Technologies Inc., ABB Ltd., Applied Materials, Alstom, and Zenergy Power Electric Co. Other influencing players include Siemens Ag, American Superconductor Corporation, Rongxin Power Electronic Co. Ltd., Superpower Inc., and Gridon.
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