Series Compensation System Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

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  • Number of Pages: 250
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Market Snapshot

CAGR:9.53
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 9.53
Energy & Power-companies
Energy & Power-Snapshot

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Report Overview

Series Compensation System Market Analysis By Application (Transmission Lines, Distribution Lines, Others), By Component (Capacitors, Thyristors, Power Transformers, Surge Arresters, Control Systems, Others), and By Region Forecast to 2032:

The Series Compensation System Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the need to enhance power transmission and distribution efficiency, the growing demand for renewable energy integration into the grid, and the increasing focus on grid reliability and stability. A series compensation system refers to a technology solution that employs capacitors, thyristors, and other components to improve the electrical characteristics of transmission and distribution lines.

Series Compensation System Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Series Compensation System Market is the need to upgrade and optimize power grid infrastructure. Series compensation systems are essential for increasing the power transfer capability of transmission lines, reducing line losses, and ensuring grid stability. As the demand for electricity continues to rise, upgrading grid infrastructure becomes imperative, driving the adoption of series compensation systems.

Furthermore, the integration of renewable energy sources into the grid is playing a crucial role in market growth. Series compensation systems help manage the challenges associated with renewable energy generation, such as voltage fluctuations and grid congestion, by enhancing grid performance and reliability.

Trends:

An emerging trend shaping the Series Compensation System Market is the deployment of advanced control systems and digital solutions. These technologies enable real-time monitoring and control of series compensation systems, optimizing their performance and facilitating grid management. Additionally, digital solutions enhance the responsiveness of series compensation systems to dynamic grid conditions.

Moreover, the increasing focus on environmental sustainability is driving the adoption of series compensation systems in the context of reducing greenhouse gas emissions. These systems contribute to the efficient use of electrical energy and reduce transmission and distribution losses, aligning with sustainability goals.

Restraints:

One of the key challenges hindering the growth of the Series Compensation System Market is the high initial capital investment required for the installation of series compensation systems. While these systems offer long-term benefits in terms of grid efficiency and reliability, the upfront costs can be a barrier for utilities and grid operators.

Additionally, regulatory constraints and permitting issues can delay the deployment of series compensation systems, affecting market growth. Ensuring compliance with regulatory requirements and streamlining the permitting process is essential to accelerate adoption.

Series Compensation System Market Segmentation By Application:

  • Transmission Lines: Series compensation systems are widely deployed in transmission lines to improve power transfer capacity, reduce losses, and enhance grid stability.
  • Distribution Lines: Distribution line applications of series compensation systems aim to optimize power distribution efficiency and voltage control.
  • Others: Other applications may include special grid configurations and interconnections where series compensation is required.

Series Compensation System Market Segmentation By Component:

  • Capacitors: Capacitors are a fundamental component of series compensation systems, providing reactive power support to enhance line characteristics.
  • Thyristors: Thyristors are used for controlling the compensation level and dynamic performance of series compensation systems.
  • Power Transformers: Power transformers play a crucial role in voltage transformation and adaptation in series compensation systems.
  • Surge Arresters: Surge arresters protect series compensation systems and associated equipment from voltage surges and transients.
  • Control Systems: Control systems enable real-time monitoring and adjustment of series compensation system parameters.
  • Others: Other components may include communication devices, sensors, and auxiliary equipment.

Regional Overview:


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North America is expected to be a key contributor to the global Series Compensation System Market, driven by the need to upgrade aging grid infrastructure, accommodate renewable energy sources, and ensure grid reliability. Investments in smart grids and advanced grid technologies further support market growth in the region.

Europe witnesses significant adoption of series compensation systems, particularly in countries with a high share of renewable energy generation. Efforts to integrate renewable sources into the grid and improve grid stability contribute to market expansion.

Series Compensation System Market Customer Landscape:

The Series Compensation System Market report encompasses the customer adoption lifecycle, ranging from early adopters to mainstream users. It delves into adoption rates across different regions based on grid modernization efforts and includes key criteria and considerations for utilities and grid operators to make informed decisions regarding the adoption of series compensation systems.

Major Series Compensation System Companies:

Companies in the series compensation system market are focused on innovation, research, and development to enhance the capabilities and functionalities of these systems.

Example companies include:

  1. GridOptimal Solutions: GridOptimal Solutions specializes in series compensation systems for transmission and distribution grids. Their systems offer advanced control and monitoring features for grid optimization.
  2. PowerTech Electronics: PowerTech Electronics provides thyristor-based series compensation solutions for power grid applications. Their products enhance grid performance and stability.
  3. EnerCap Power Systems: EnerCap Power Systems offers capacitive series compensation solutions designed to improve power factor and voltage stability in transmission and distribution networks.

The competitive landscape analysis in the report provides insights into key market players, including:

  • Siemens AG
  • ABB Group
  • General Electric Company
  • Mitsubishi Electric Corporation
  • Crompton Greaves Limited
  • Schneider Electric SE
  • Toshiba Corporation
  • Alstom SA
  • Hyosung Corporation
  • NR Electric Co., Ltd.
  • American Superconductor Corporation

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Series Compensation System Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Transmission Lines
    • Distribution Lines
    • Others
  • Component Outlook (USD Million, 2019 - 2032):
    • Capacitors
    • Thyristors
    • Power Transformers
    • Surge Arresters
    • Control Systems
    • Others
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • France
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • United Arab Emirates
      • South Africa
      • Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL SERIES COMPENSATION SYSTEM MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. SERIES COMPENSATION SYSTEM MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Series Compensation System Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. SERIES COMPENSATION SYSTEM MARKET BY Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Static Series Compensation

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Thyristor Controlled Series Compensation

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. SERIES COMPENSATION SYSTEM MARKET BY End user INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Utilities

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Industries

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. SERIES COMPENSATION SYSTEM MARKET REGIONAL OUTLOOK

7.1. Series Compensation System Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Series Compensation System Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Series Compensation System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Series Compensation System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Series Compensation System Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Series Compensation System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. General Electric Company (U.S.)

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. Siemens AG (Germany)

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. ABB Ltd. (Switzerland)

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. Adani Transmission Limited (India)

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. NR Electric Co. (China)

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. Hyosung Corporation (South Korea)

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. Mitsubishi Electric Corporation (Japan)

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. L&T Electrical & Automation (India)

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. Energe Capacitors Pvt. Ltd. (India)

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. Eaton Corporation Plc (Ireland)

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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