Global Fault Current Limiters Market Size Set to Reach US$ 11.3 Billion by 2033, with 8.0% CAGR | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
According to Future Market Insights (FMI), the global Fault Current Limiters Market is poised for substantial growth, reaching an impressive US$ 11.3 billion by 2033. The report attributes this growth to the increasing applications across various industries, presenting a substantial $6.1 billion absolute opportunity. Detailed segmentations in terms of revenue and shipment are included in the report, along with 10-year forecasts that extend to 2033. Furthermore, the report delves into key players within the industry, their market shares, the competitive landscape, and provides regional insights
NEWARK, Del, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The Global Fault Current Limiters Market value is projected to rise from US$ 5.2 billion in 2023 to US$ 11.3 billion by 2033. Over the forecast period from 2023 to 2033, global fault current limiter sales are likely to soar at a CAGR of 8.0%.
The future of the fault current limiters industry looks bright with rising applications in a wide range of sectors. The target market is expected to create an absolute $ opportunity of US$ 6.1 billion through 2033.
Superconducting fault current limiters are expected to remain the top-selling type in the global market. This is due to their ability to quickly impede the fault current and their compact and low-maintenance nature.
As per the latest analysis, the superconducting fault current limiter segment is projected to expand at 7.9% CAGR through 2033. Historically, from 2018 to 2022 it witnessed a CAGR of 9.8%.
Rising applications of fault current limiters across sectors such as power generation and distribution, oil & gas, automotive, etc, is driving the target market.
Fault current limiters have become essential devices for limiting fault current in electrical power systems. They help end users safeguard expensive components and equipment from potentially dangerous fault currents.
Growing use of fault current limiters by electric utilities to protect their equipment and provide a stable power supply is expected to boost the global market through 2033.
Robust growth of power infrastructure across both developing and developed nations will uplift fault current limiter demand.
Governments across the globe are investing large amounts in expanding and developing power generation and transmission & distribution infrastructure to meet escalating energy demand. This in turn is creating a high demand for power devices such as fault current limiters.
Development of enhanced fault current limiters, the rise of the renewable energy sector, and the growing popularity of smart & intelligent grid systems will further boost the target segment.
Key Takeaways from the Fault Current Limiters Market Report:
The global fault current limiters industry is forecast to cross a valuation of US$ 11.3billion by 2033.
Based on type, superconducting fault current limiter segment is set to thrive at 7.9% CAGR during the assessment period.
By voltage range, low voltage FCLs segment is expected to expand at a CAGR of 7.7% through 2033.
The United States fault current limiters industry is projected to reach a valuation of US$ 2.3 billion by 2033.
Demand for fault current limiters in Japan is forecast to rise at 7.9% CAGR during the assessment period.
China fault current limiters industry is anticipated to exceed a valuation of US$ 2.5 billion by 2033.
South Korea market is projected to thrive at 7.7% CAGR through 2033.
The United Kingdom market is expected to attain a valuation of US$ 0.443 billion by 2033.
“Rising investments in upgrading and expanding power infrastructure across the world is expected to create lucrative growth prospects for the fault current limiters industry. To gain profits, companies are expanding their portfolios by launching new fault current limiters.” - says a lead analyst at Future Market Insights
These key players concentrate on launching an enhanced and innovative product line of fault current limiters for numerous applications. They also adopt strategies such as collaborations, partnerships, acquisitions, mergers, and alliances to strengthen their market presence.
Recent developments:
In October 2020, AMSC acquired Northeast Power Systems, Inc. to strengthen its presence and accelerate toward profitability.
Top 10 Key Players in Fault Current Limiters and Their Marketing Strategy
ALS Ltd
American Superconductor Corporation
Applied Materials, Inc.
Gridon Ltd
Rongxin Power Electronic Co., Ltd.
Siemens AG
Superconductor Technologies, Inc.
SuperPower, Inc.
ABB Limited
Nexans
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the fault current limiters market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on type (superconducting fault current limiter (SFCL) and non-superconducting fault current limiter (NSFCL)), voltage range (low, medium, and high), end use (power stations, automotive, oil & gas, steel & aluminum, paper mills, and others), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
Scope of The Report
Attribute
Details
Estimated Market Value (2023)
US$ 5.2 billion
Projected Market Value (2033)
US$ 11.3 billion
Anticipated Growth Rate (2023 to 2033)
8.0% CAGR
Historical Data
2018 to 2022
Forecast Period
2023 to 2033
Quantitative Units
Revenue in US$ Billion, Volume in Units, and CAGR from 2023 to 2033
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
