The series compensation system market 2020 is poised to grow at a CAGR of 5% during the forecast period, according to MRFR.
The Global Series Compensation System Market is driven by a increasing need for reliable electrical supply & corresponding investment in transmission & distribution network, grid expansion, and safe electrical infrastructure growth. Series Compensation Schemes are commonly recognized worldwide as a reliable & safety scheme in the industrial & commercial sectors. Series compensation system increases transmission efficiency, improves network stability, regulates voltage regulation and ensures proper division of load between parallel feeders, improves voltage at the load end, reduces losses by minimizing transmission expenditure. The series compensation system’s mounting application is becoming popular due to its low cost, improved system stability, high operating efficiency, easy and fast installation, proper load distribution between circuits, and convenient virtual series compensation deployment in the power network. Furthermore, the growing need for reliable electrical supply & subsequent investment in transmission & distribution networks, the advancement of secure electrical infrastructure and the expansion of the grid has driven the growth of the global market for series compensation systems.
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In addition, the increasing need for energy and the rapid growth of grid infrastructure have opportunities over the forecast period to assist in the growth of the global series compensation system industry. Compact design and low manufacturing costs also enable them to be used in various utilities and in the industrial sector. Over the forecast period, the constant need for electricity and the global growth in grid infrastructure will help in the development of the global Series Compensation System Market. However, fluctuating material costs and coronavirus spread can limit the global market for compensation systems in the series.
The top players of the global series compensation system market are listed as L&T Electrical & Automation (India), Energy Capacitors Pvt. Ltd. (India), Siemens AG (Germany), General Electric Company (U.S.), Adani Transmission Limited (India), Mitsubishi Electric Corporation (Japan), ABB Ltd. (Switzerland), Hyosung Corporation (South Korea), NR Electric Co. (China), and Eaton Corporation Plc (Ireland).
The global level segmental analysis of the series compensation system market is done among the segments of material type, product, and application.
- Based on the the segmentation of type, the market comprises thyristor-controlled series compensation and static series compensation.
- Based on the the segmentation of voltage, the market has included medium voltage types, high voltage, and low voltage.
- Based on the the segmentation of end-user, the market included utilities, industries, and others.
Detailed Regional Analysis
Geographically, the global series compensation system market is studied across major regions such as Asia Pacific, North America , Europe and the Rest of the World (RoW).
The demand for the series compensation program is projected to generate decent growth in the Asia Pacific region over the assessment period. A large portion of the region’s business growth holds the largest percentage share leading position in the global landscape. Over the forecast era, the regional market is further projected to inflate and stay at the top of the global standings. Regional market growth can be ascribed to rapid industrialization and urbanization. Added to this, the rapid economic growth in major developing countries like India and China is also sustaining the Asia Pacific market ‘s rise.
On the other hand is the segment that has achieved the second-highest percentage share in North America. North America ‘s rich and well-developed countryside is one of the region ‘s key engines.
Europe is also another significant global market, since it occupies the third-largest spot. Finally, the regional segment of the rest of the world is projected to gain the least share over the review period.
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