Fixed Series Compensation Market size is expected to surpass USD 400 million by 2030, according to the new research study by Global Market Insights Inc.
The report identifies the rising electricity demand and growing integration of sustainable electrical networks as the chief industry drivers. For instance, in July 2022, Millennium Challenge Corporation (MCC), a foreign aid agency under the United States government, inked a USD 237 million deal with the Republic of Kosovo for boosting its energy sector.
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With respect to type, the study classifies the industry into low voltage, medium voltage, and high voltage. The medium voltage FSC market size valued at around USD 130 million in 2021. Mounting demand for energy efficiency and power factor correction techniques will fuel the demand for medium voltage FSC. The medium voltage FSC range lies between 1,000 V and 69 kV, which is widely preferred for power distribution across rural & urban areas.
The utilization of series compensation for enhancing the operational efficiencies of oil & gas companies will bolster product significance in the sector over the estimated timespan. The oil & gas application segment held approximately 8% of the market share in 2021. The segment growth will be driven by substantial espousal of reactive power compensation to provide a structured methodology for cost-effective systems.
Browse key industry insights spread across 176 pages with 142 market data tables and 24 figures & charts from the report “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” in detail along with the table of contents
Regionally, MEA will emerge as a prominent revenue contributor for the fixed series compensation industry. The Middle East & Africa market is anticipated to register over 5% growth from 2022 to 2030 propelled by advancements in electric power transmission systems and increased demand for controllability.
The competitive scenario of the FSC market is estimated to witness robust demand backed by notable product innovation and implementation of effective expansion strategies by companies. For instance, In March 2022, Hitachi Energy Ltd. was selected as a technology partner for the world’s longest AC power-from-shore project in Norway. The project was planned to extend to around 250 km and be powered from the mainland grid. Hitachi Energy’s series compensation technology includes a Fast Protective Device/FPD, metal-oxide varistors, and a fast bypass switch that digitally controls and protects transmission lines by receiving quick signals from optical current transducers.
Some of the key market players analyzed in the report include 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.