Market Research Future published a research report on “Series Compensation System Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The series compensation system market 2020 is poised to grow at a CAGR of 5% during the forecast period, according to MRFR.
The Global Series Compensation System Market is driven by a increasing need for reliable electrical supply & corresponding investment in transmission & distribution network, grid expansion, and safe electrical infrastructure growth. Series Compensation Schemes are commonly recognized worldwide as a reliable & safety scheme in the industrial & commercial sectors. Series compensation system increases transmission efficiency, improves network stability, regulates voltage regulation and ensures proper division of load between parallel feeders, improves voltage at the load end, reduces losses by minimizing transmission expenditure. The series compensation system’s mounting application is becoming popular due to its low cost, improved system stability, high operating efficiency, easy and fast installation, proper load distribution between circuits, and convenient virtual series compensation deployment in the power network. Furthermore, the growing need for reliable electrical supply & subsequent investment in transmission & distribution networks, the advancement of secure electrical infrastructure and the expansion of the grid has driven the growth of the global market for series compensation systems.
In addition , the increasing need for energy and the rapid growth of grid infrastructure have opportunities over the forecast period to assist in the growth of the global series compensation system industry. Compact design and low manufacturing costs also enable them to be used in various utilities and in the industrial sector. Over the forecast period, the constant need for electricity and the global growth in grid infrastructure will help in the development of the global series compensation system market. However, fluctuating material costs and coronavirus spread can limit the global market for compensation systems in the series.
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Top Market Players
The top players of the global series compensation system market are listed as L&T Electrical & Automation (India), Energy Capacitors Pvt. Ltd. (India), Siemens AG (Germany), General Electric Company (U.S.), Adani Transmission Limited (India), Mitsubishi Electric Corporation (Japan), ABB Ltd. (Switzerland), Hyosung Corporation (South Korea), NR Electric Co. (China), and Eaton Corporation Plc (Ireland).
The global level segmental analysis of the series compensation system market is done among the segments of material type, product, and application.
Based on the the segmentation of type, the market comprises thyristor-controlled series compensation and static series compensation.
Based on the the segmentation of voltage, the market has included medium voltage types, high voltage, and low voltage.
Based on the the segmentation of end-user, the market included utilities, industries, and others.
The Covid 19 Analysis on Series Compensation System Market is geographically studied across main regions such as Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The series compensation system market is projected to garner decent growth over the assessment period in the Asia Pacific region. A significant portion of the market growth in the region holds the leading position in the global landscape with the highest share percentage. The regional market is further anticipated to inflate during the forecast period and maintain its position atop of the global standings. The escalation of the regional market can be attributed to fast-paced industrialization and urbanization. Adding to this, the rapid economic growth in major developing countries such as India and China is also sustaining the growth of the Asia Pacific market.
On the other line stands the market in North America that has gained the second-highest share percentage. The established and well-developed landscape in North America is one of the crucial drivers of the region.
Europe is also another significant market in the global standings as it holds the third-largest position. Lastly, the Rest of the World regional segment is projected to garner the least share percentage over the estimated period.
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Following are major Table of Series Compensation System Market:
- Major points covered in this research are:-
- Series Compensation System Market Overview, Segment by Type (Product Category), by Application, by Region, Competition by Manufacturers
- Global Market Size (Value) of Series Compensation SystemGlobal Series Compensation System Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region
- Global Series Compensation System Production, Revenue (Value), Price Trend by Type
- Global Series Compensation System Market Analysis by Application
- Global Series Compensation System Manufacturers Profiles/Analysis
- Series Compensation System Manufacturing Cost Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Market Effect Factors Analysis
- Global Series Compensation System Market Forecast
- Competitive Landscape
- Research Findings and Conclusion
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