According to a new market report on the superconducting fault current limiter market,
published by Transparency Market Research, the global superconducting
fault current limiter (SFCL) market is expected to reach US$ 6,120.4 Mn
by 2026, expanding at a CAGR of 8.2 % from 2018 to 2026. According to
the report, the global market will continue to be influenced by a range
of macroeconomic and industry-specific factors. Asia Pacific will
continue to be at the forefront of global demand, with the market in the
region growing at a CAGR of 9.4% through 2026.
Growing need for reliable & efficient power supply is driving the global superconducting fault current limiter market
Due to increase in power demand and
concerns regarding power supply, it is inevitable that distributed
generation (DG) will experience higher market adoption in electric power
distribution and transmission systems in the coming years. With a high
diffusion of DG, a high-level fault current may be caused during an
emergency, which would have a negative effect on the complete power grid
including the linked DGs. SFCL can be implemented to prevent
distributed generating sources from blackout in smart grid systems,
because this fault current may be higher than the rating of existing
protective devices. Frequent failure in power systems has increased the
demand for these applications, thereby offering multiple opportunities
to the global SFCL market.
Superconducting Fault Current Limiter Market: Scope of the Report
The global superconducting fault current
limiter market has been broadly segmented in terms of type and end-use
industry. By type, the shielded core SFCL segment is consistently
expected to witness the highest market share between 2018 and 2026.
Growing urbanization which is resulting in the growth of power
distribution & transmission networks as well as commercial
buildings, is the major factor responsible for its high share. Moreover,
growing demand for efficient power supply is another factor accounting
for its dominance throughout the forecast period.However, of all types,
resistive SFCL segment is expected to expand at a CAGR of 7.8% due to
its increasing applications in power stations and in the oil & gas
industry. By end-use industry, transmission & distribution grid
cumulatively represented 26.3% share in 2017. Rapid urbanization
especially in the developing countries of Asia Pacific and the Middle
East is aiding the growth of SFCL in power grids. Furthermore,
increasing government initiatives across the world for the renewal of
existing transmission and distribution networksis further driving its
significant share amongst all other applications.
Asia Pacific dominated the
superconducting fault current limiter market in 2017 with China
contributing majority share of income. The dominance of the region in
the market is attributed to its large population base, increasing
industrialization and urbanization, growth in transmission and
distribution networks, and supportive governmental initiatives for
expansion or upgrade of existing systems. Analyzing the Asia Pacific
superconducting fault current limiter market at country level, it is
anticipated that China would lead the market consistently throughout the
forecast period. The country has the highest number of superconducting
fault current limiter manufacturers and its production is more than
double the size of the next largestsuperconducting fault current limiter
producing country. Apart from China, India and Japan are also expected
to contribute significantly to the Asia Pacific superconducting fault
current limiter market. The superconducting fault current limiter market
in India is expected to expand at the highest share of 10.2% during the
forecast period. Although North America and Europe collectively
contributed 55.5% of the global share in 2017, it is expected to
slightly decrease till 2026 due to the mature superconducting fault
current limiter market in the regions.
