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Fixed Series Compensation Market Size By Type (Low voltage, Medium voltage, High voltage), By Application (Utilities, Oil & gas, Others), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 - 2030

  • Report ID: GMI5298
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Drivers

Fixed Series Compensation Market size exceeded USD 250 million in revenue in 2021 and is expected to grow at a CAGR of more than 5% from 2022 to 2030. Prevalent demand for robust electricity infrastructure is likely to fuel the industry growth.
 

Global Fixed Series Compensation Market

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High government emphasis on maximizing the safety of high-voltage transmission lines will have a prominent impact on the demand for reactive power compensation. Furthermore, mounting integration of energy grid infrastructure with renewable sources of energy will promote industry progression.
 

Continuous product advancements will boost the fixed series compensation market development. Companies are indulging in strategic growth partnerships and expanding manufacturing facilities to improve their position. Additionally, government investments in grid infrastructure projects benefit companies in terms of revenue generation.
 

Inflated cost of operation and sluggish technological evolution

The unforeseen fluctuations in raw material costs, demand & supply gap, commodity price volatility, and unstable product value chain are hindering final tool & equipment prices, thereby hampering product adoption among customers.
 

However, sizable government investments in improving grid infrastructure across the globe and companies collaborating to bolster stability in power transmission lines will stimulate fixed series compensation market outlook.
 

Low-voltage fixed series compensation to gain traction

North America Fixed Series Compensation Market, By Type

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In terms of type, the fixed series compensation market is segregated into low, medium, and high voltages. Low-voltage FSC held a market share of over 20% in 2021. The demand for low-voltage fixed series compensation will witness substantial growth by end of 2030 owing to the need to reduce voltage instability and improve the power factor of connected devices. Residential or utility and small commercial customers primarily require low voltages, i.e., less than 1,000 V of voltage.
 

Rising product demand in utilities to define the industry landscape

By application, the fixed series compensation market is categorized into oil & gas, utilities, and others. The utilities segment will attain about 5% gains through 2030. The surging demand for electricity in developed and emerging nations has put an excessive burden on the existing electricity grid network infrastructure. Fixed series compensation finds usage in utilities for managing and maintaining grid efficiency & reliability at its full capacity, which will propel product uptake in these purposes.
 

Latin America to emerge as a prominent revenue pocket

Europe Fixed Series Compensation Market Size By Country

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Regionally, the global fixed series compensation market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
 

The Latin America FSC industry is expected to reach a valuation of around USD 25 million by 2030. The region is observing a widespread espousal of Industry 4.0 by several enterprises across various sectors. The increasing demand from numerous sectors, such as oil & gas and power, to cut asset downtime & lead time, improve product efficiency, and reduce retail shrinkage will drive regional market growth.
 

Additionally, Europe is also poised to record significant growth rate of approximately 5% through the forecast period.
 

Effective growth strategies to augment the industry outlook

General Electric Grid Solution, Hitachi Energy Ltd., Rongxin Power Electronic Co., Siemens, Mitsubishi Electric Power Products, Inc., Infineon Technologies AG, L&T Electrical & Automation, and Hyosung Corporation are a few major players in the FSC market. Firms majorly focus on expanding production capacity and establishing strategic alliances to sustain their fixed series compensation market presence.
 

To cite another instance, in December 2021, L&T announced its plans to supply a dynamic reactive power compensator for an Abu Dhabi substation. The company also set out to improve grid stability & voltage support by deploying specialized equipment in substations, such as STATCOMs/SVCs.
 

Impact of COVID-19 on the fixed series compensation industry trends

COVID-19 had a significant impact on the market statistics during the initial phase. The demand for electricity increased massively due to strict lockdowns and a subsequent shift towards remote working & education. Moreover, a halt in business operations and labor shortages further impeded the business growth.
 

However, declining cases and increased emphasis on fortifying the existing infrastructural grid to accommodate the soaring power demand worldwide have positively influenced the product landscape. Higher government spending on renewable sources of energy is likely to foster the fixed series compensation market outlook through 2030.
 

This market research report on fixed series compensation (FSC) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2030 for the following segments:

  • Market, By Type
    • Low Voltage
    • Medium Voltage
    • High Voltage
  • Market, By Application
    • Utilities
    • Oil & gas
    • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • GCC
    • South Africa

 

Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

In 2021, the market size of fixed series compensation surpassed USD 250 million in revenue and may grow at 5% CAGR over 2022-2030 driven by prevalent demand for robust electricity infrastructure.

The utilities segment will grow at a CAGR of approximately 5% through 2030 as fixed series compensation finds extensive usage in utilities for managing and maintaining grid efficiency & reliability at its full capacity.

The low voltage fixed series compensation segment held around 20% market share due to its wide utilization in residential and commercial areas and the ability of low voltage FSC to reduce voltage instability and improve the power factor of connected devices.

The Europe fixed series compensation industry will attain over 5% gains from 2022 to 2030 as a result of rising electricity demand in the region, particularly owing to soaring industrial production and population growth.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 11
  • Tables & Figures: 166
  • Countries covered: 14
  • Pages: 176

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