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

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

The fixed series compensation market is expected to depict sizable expansion through 2030 owing to soaring need to minimize power losses at high-voltage transmission lines. In addition, growing emphasis on improving the existing grid network and burgeoning electricity demand across the world are likely to further augment market growth over the forecast period.

The COVID-19 pandemic impacted the market positively primarily due to an increase in electricity demand across residential areas and government initiatives to improve the existing electricity grid. This led to the huge uptake of fixed series compensation devices to balance the electricity flow in the network grids. For instance, in April 2022, the U.S. Department of Energy (DOE) launched a $2.3 billion program to improve and innovate America’s existing power grid. This was set to create significant opportunities for firms to grow their business.

Moreover, major players in the fixed series compensation market have been focusing on strategic partnerships and mergers, along with expanding their production capacity, to strengthen their business standing, thereby impelling industry progress. To cite an instance, in August 2022, General Electric Grid Solution, an energy grid solution firm, partnered with Sandia National Laboratories to upgrade the Department of Energy’s Solar Technology Office in a project worth $1.75 million and test a battery energy storage system known as BESS.

In another notable instance, in March 2021, Siemens Energy, an energy company, announced its plans to aid the Los Angeles Department of Water and Power’s (LADWP) renewable energy transmission facility in California, which was based on Siemens’ SVC PLUS technology that merges the advantages of STATCOM (static synchronous compensation) and MMC (multi converter) technology.

The fixed series compensation market has been divided in terms of type, application, and region.

Based on type, the industry has been bifurcated into low voltage, medium voltage, and high voltage. The high voltage segment is slated to garner significant traction over the review timeline as a result of the escalating demand for improved power factor and real power drown from the system to connect capacitors with transmission lines for the smooth working of electricity along the grid.

With respect to application, the fixed series compensation industry has been categorized into oil & gas, utilities, and others. The others application segment is primed to grow at a solid CAGR from 2022 to 2030. The growth is attributed to the mounting requirement to maintain and manage electricity flow in mining, metal, and other industrial facilities to enhance their functionality.

In the regional context, the Asia Pacific fixed series compensation market is anticipated to expand remarkably through the study timeframe. Increased government investments in advanced grid systems and rising expenditure on renewable energy generation are set to bolster APAC market growth.