Superconducting Fault Current Limiter Market to rise at a CAGR of 8.2% by 2026

Fault current limiters (FCLs) have the potential to significantly improve power system stress in locations where fault current levels are expected to rise beyond the permissible range of surviving circuit breakers. Today’s superconducting materials can meet the performance necessities of power system machineries. As a result, a major portion of FCL designs use superconducting materials to complete the limiting action. Superconducting fault current limiter (SFCL) technologies continue to make progress toward commercialization. Power utilities worldwide deal with the issue of growing levels of fault current resulting from several occurrences which leads to higher adoption of SFCL limiters. The market is projected to expand at a CAGR of 8.2% during the forecast period and reach US$ 6,120.4 Mn by 2026.

Superconducting fault current limiter (SFCL) offers numerous benefits to electric utilities and their systems. For instance, manufacturers spend millions of dollars each year to maintain and protect the grid from potentially destructive fault currents. These large currents can degrade or damage circuit breakers and other expensive system components. Manufacturerscan decrease or abolish these replacement costs by connecting SFCLs. Also, governments have taken an initiative to increase or renovate power grid systems with fewer circuit breakers and fuses used in transmission & distribution systems. This will help to drive the superconducting fault current limiter market.

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Rise in demand for updated power grids and the general preference for renewable energy applications is increasing the demand for superconducting fault current limiters. Companies’ are concentrating on developing countries, which in turn is predicted to provide ample expansion opportunities to the superconducting fault current limiters market. Manufacturers are installing SFCL in power systems to increase efficient power supply in many developing countries.

Industrialization is a key factor directly affecting the superconducting fault current limiter market as demand for efficient power supply is increasing within several industries due to growing short circuits in power plants. Moreover, growing demand for electricity particularly in developing and underdeveloped countries due to rapid industrialization and the increasing usage of renewable energy for the sameis facilitating the growth of superconducting fault current limitersin industries.

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Some of the prominent players identified in the superconducting fault current limiter market includes - ABB Ltd, Siemens AG, Toshiba Corporation, Nexans, Furukawa Electric Co., Ltd, Applied Materials, Inc., Northern Powergrid, Superconductor Technologies, Inc, and American Superconductor (AMSC).