Series compensation system market is expected to grow at a CAGR of 5% during the forecast period.
A series compensation is a device, which decreases the reactive impedance of the transmission line to reduce voltage drop over long distances and enables efficient operation of the power system by reducing Ferranti effect. SERIES Compensation allows the receiver’s end receive more power as it reduces the voltage drop across the transmission line. The growing application of the series compensation system, is due to its low cost, high operational efficiency, improved system stability, proper load distribution between circuits, easy and quick installation and convenient virtual deployment of series compensation, anywhere in the power network. The Global Series Compensation System Market is driven by the increasing need for reliable electric supply & subsequent investment in transmission & distribution network, grid expansion, and developing safe electrical infrastructure.
Series Compensation Systems are widely accepted across the world in the industrial & commercial sectors as a reliable & safety system. Series compensation system increases transmission capacity, improves system stability, controls voltage regulation and ensures proper load division among parallel feeders, as well as it improves the voltage at the loading end, reduces losses by lowering the expenditure in transmission. Also, compact design and low manufacturing cost allow their installation in various utilities and in the industrial sector. The constant need for electricity and the worldwide growth in grid infrastructure, will aid in the growth of global series compensation system market over the forecast period. However, fluctuating material costs may restrain the Global Series Compensation System Market.
In March 2023, Mitsubishi Electric Corporation reported receipt of an order for a static synchronous compensator (STATCOM) rated at ±700MVA, the largest capacity class, from Tohoku Electric Power Network Co., Inc. situated in Sendai, Miyagi Prefecture. The STATCOM will be commissioned by the close of 2031. Japanese grid power generation in the northeastern region is expected to help achieve carbon neutrality.
By October 2021, GE Research and Prolec GE had partnered with Cooperative Energy and announced that they are developing a flex lever power transformer for installation into the utility’s major substation in Columbia, Mississippi. It belongs to one of these substations within this network that serves over half a million homes and commercial units located across the state of Mississippi.
September 2021 witnessed Adani Transmission Ltd set aside 160 MN USD for investment within eastern Madhya Pradesh aimed at strengthening power transmission system to MP Power Management Company Ltd (MPPMCL).
On June 11th, 2020, Mitsubishi Electric Corporation purchased Sharp Fukuyama Semiconductor Co, Ltd., formerly owned by Sharp Corporation in Fukuyama City, Hiroshima Prefecture, Japan. This factory was now going to perform as a fresh plant for Mitsubishi electric corporation. Its construction, scheduled November 2021, is anticipated allowing Mitsubishi Electric Corporation to enlarge its power device business line.
The key players of the Global Series Compensation System Market are General Electric (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Adani Transmission Limited (India), NR Electric Co. (China), Hyosung Corporation (South Korea), Mitsubishi Electric Corporation (Japan), L&T Electrical & Automation (India), Energe Capacitors Pvt. Ltd. (India) and Eaton Corporation Plc (Ireland).Â
The Global Series Compensation System Market is driven by the need for reliable electric supply, maximum safety in transmission & distribution network, and also the investments into the replacement of matured electric grid structures with modern upgraded ones. The Asia-Pacific region is the leading market for series compensations. Rapid industrialization, urbanization, and fast economic growth in countries such as India and China, is expected to drive the market.Â
To provide detailed analysis of the market structure along with forecast for the next five years of the various segments and sub-segments of the Global Series Compensation System Market.
To provide insights about factors affecting the market growth.
To analyze the global series compensation system market based on various tools such as Supply Chain Analysis, and Porter’s Five Forces Analysis.
To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries.
To provide country level analysis of the market with respect to the current market size and future prospective.
To provide country level analysis of the market for segments by material type, product, application and region.
To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Series Compensation System Market.Â
Product Analysis:
Additional Information:
Geographic Analysis:
Company Information:
| Attribute/Metric | Details |
| Â Â Market Size | Â Â 2030: Significant Value |
| Â Â CAGR | Â Â 5% CAGR (2022-2030) |
| Â Â Base Year | Â Â 2021 |
| Â Â Forecast Period | Â Â 2022-2030 |
| Â Â Historical Data | Â Â 2019 & 2020 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Voltage, Type, End User |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â General Electric Company (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Adani Transmission Limited (India), NR Electric Co. (China), Hyosung Corporation (South Korea), Mitsubishi Electric Corporation (Japan), L&T Electrical & Automation (India), Energe Capacitors Pvt. Ltd. (India) and Eaton Corporation Plc (Ireland) |
| Â Â Key Market Opportunities | Rapid industrialization & urbanization Fast economic growth in countries such as India and China |
| Â Â Key Market Drivers | Reliable electric supply Maximum safety in transmission & distribution network Matured electric grid structures with modern upgraded ones |
Frequently Asked Questions (FAQ) :
The global Series compensation is expected to record a substantial market valuation due to the high operational efficiency, improved system stability, among others.
The global Series compensation is projected to register a moderate 5% CAGR in the forecast period.
The fixed series compensation segment is slated to expand as the fastest-growing segment.
The utilities segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global Series compensation are ABB Ltd. (Switzerland), Siemens AG (Germany), Adani Transmission Limited (India), among others.
Series Compensation System Market is expected to grow at a CAGR of 5% during the forecast period 2022-2030.
$Significant Value
5%
Asia-Pacific
2022-2030
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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