Major players in the fixed series compensation market 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
Selbyville, Delaware, Aug. 09, 2022 (GLOBE NEWSWIRE) --
Fixed series compensation market size to surpass USD 400 million by 2030, according to the latest research study by Global Market Insights Inc. Minimizing power losses at the transmission line by maintaining high voltage stability will drive the fixed series compensation industry trends
High voltage power transmission lines need to be set at lower current and high voltage to reduce power losses. Besides, the expanding investment portfolio in grid modernization will further propel product adoption over the forecast period. For instance, in May 2022, the U.S. Department of Energy launched a $2.5 billion fund to expand critical new transmission lines across the country. The Biden administration aims to build a domestic grid that runs on a hundred percent clean electricity line by 2035 with this initiative.
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Slow-paced technological evolution in the developing regions may emerge as a major restraining factor, cites the report. Countries such as India have a young population and are likely to be prime economic contributors. However, the advent of digitalization technologies will play a vital role in business growth.
Based on type, the fixed series compensation industry into low voltage, medium voltage, and high voltage. High voltage series compensation may reach a valuation of around USD 150 million by the end of 2030 owing to the rising demand for improved power factor and real power drown from the system.
The fixed series compensation market size from the others application segment accounted for about USD 17 million in revenue in 2021. The escalating demand for enhanced performance and the safety of assets & human beings is fueling the growth of other applications, which include mining, metal, and other industrial facilities. Moreover, mining safety regulations & standards of governments related to electricity will also garner industry expansion.
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For instance, in March 2022, Africa’s grid infrastructure witnessed a boost in its development with U.S aid worth $1 billion. Power Africa, the U.S. agency, unveiled the Beyond the Grid initiative that was intended to unlock investment and growth opportunities for off-grid energy solutions in Africa.
As per the report, the North America fixed series compensation market size was valued at about USD 100 million in 2021. The region will witness significant demand for series compensation systems due to soaring electricity demand and new energy mix that consists of a variety of fuel sources and renewable energy.
Increased government spending on smart grids and high investments to promote renewable energy generation will strengthen the industry outlook in APAC. As per the report, Asia Pacific captured around 27% share in the fixed series compensation market in 2021.
The competitive landscape of the fixed series compensation industry is inclusive of General Electric Grid Solution, Rongxin Power Electronic Co., Hitachi Energy Ltd., Siemens, Infineon Technologies AG, Mitsubishi Electric Power Products, Inc., L&T Electrical & Automation, and Hyosung Corporation. These companies engage mainly in technological advancements and product range expansion strategies to retain their foothold in the market.
Moreover, in May 2022, Infineon Technologies AG, a leading semiconductor manufacturer, announced that it had switched operations at its Austin, Texas-based semiconductor factory called Fab25 to a hundred percent renewable power. Infineon transformed its entire electricity consumption to green power in Europe in 2021.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive summary
2.1 Fixed Series Compensation (FSC) industry 360º synopsis, 2018 – 2030
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Application trends
Chapter 3 Fixed Series Compensation (FSC) Industry Insights
3.2 Impact analysis of coronavirus (COVID-19) pandemic
3.3 Ukraine-Russia war impact
3.4 Industry ecosystem analysis
3.5 Investment portfolio
3.6 Patent analysis
3.7 Technology & innovation landscape
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
188.8.131.52 Rising peak load demand and overall electricity demand
184.108.40.206 Maximum safety in transmission and distribution network
220.127.116.11 Expansion of electric grid network
18.104.22.168 Grid stability & security of supply concerns
22.214.171.124 Integration of a sustainable electrical network
3.9.2 Industry pitfalls & challenges
126.96.36.199 Fluctuating material cost
188.8.131.52 Slow-paced technological evolution across developing regions
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/fixed-series-compensation-market
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