Series compensation systems are devices that reduce the probability of voltage drop over long distances for efficient running of the power system. It is most notably applied in transmission corridors to bring in stability. The global series compensation system market report by Market Research Future (MRFR) offers opportunities, drivers, and challenges to affect the industry for the period of 2022 to 2030 (forecast period). The COVID-19 pandemic and its effects are explored in the report.
Market Scope
The global series compensation system market is expected to grow at a CAGR of 5% during the forecast period. It is driven by the emphasis on optimization of performance on transmission corridors. Series compensation systems can provide stability to the grid and encourage power sharing between parallel circuits. Increasing applications of these systems owing to its quick deployment, low cost, high efficiency, and load distribution can bode well for the market.
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The huge need for these systems in electrical grids and investments in electrical infrastructure and transmission distribution network can drive the market demand significantly. Compact design and low manufacturing costs can lead to its implementation in utilities and other industrial sectors. Stability of the grid in light of frequent power outages and limitation of load-dependent drops can lead to larger use of series compensation systems.
But fluctuating costs of materials can hinder the global series compensation system market growth.
Segmentation
By type, it is segmented into fixed series compensation and thyristor controlled series compensation. The fixed series compensation segment is projected to capture the larger share of the market by maintaining minimum voltage and transferring maximum power over transmission lines. The use of series compensation systems for modifying the reactance of transmission system can drive the demand of this segment and lead to higher integration in electrical grids.
By voltage, it is segmented into low voltage, medium voltage, and high voltage.
By end-user, it is segmented into utilities, industries, and others. The utilities segment is bound to drive the demand for series compensation systems due to investments in new networks and efficient solutions for curbing energy expenses. The growing challenges of reliable power transmission and need for increasing transmission capacity can drive the segment growth.
Regional Analysis
The Asia Pacific is expected to be the leading market for series compensations. Rapid industrialization, urbanization, and rapid economic growth in countries of India and China are expected to drive the market.
North America is touted to dominate the global series compensation system market owing to increasing the capacity of transmission lines for transference of power. Huge demand for power amid rapid urbanization and industrialization can induce market demand significantly.
Competitive Outlook
Mitsubishi Electric Corporation, Energe Capacitors Pvt. Ltd., Adani Transmission Limited, LT Electrical Automation, Siemens AG, Eaton Corporation Plc, NR Electric Co., General Electric Company, ABB Ltd., and Hyosung Corporation are key players of the global series compensation system market.
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