Fixed Series Compensation Market Size & Share 2022 to 2030
Market Size by Type (Low voltage, Medium voltage, High voltage), by Application (Utilities, Oil & gas, Others) & Forecast.
Report ID: GMI5298
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Published Date: August 2022
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Report Format: PDF
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Authors:
Suraj Gujar, Ankita Chavan
Fixed Series Compensation Market Size
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.
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.
Fixed Series Compensation Market Analysis
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.
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.
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.
Fixed Series Compensation Market Share
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 Pandemic
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:
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Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
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4. Market sizing
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