ID: MRFR/E&P/2673-HCR | 111 Pages | Published By Anshula Mandaokar on March 2023
Series Compensation System Market is expected to grow at a CAGR of 5% during the forecast period 2022-2030.
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.
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).
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.
|Market Size||2030: Significant Value|
|CAGR||5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Voltage, Type, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
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.