Fixed Series Compensation Market size is expected to cross USD 493 Million by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of fixed series compensation was over USD 275 Million. As power grids expand and face increasing demands, especially in urban areas and developing regions, there’s a need for technologies like Fixed series compensati0n to enhance grid stability and reliability. The US electric load is growing significantly, as estimated by the Federal Energy Regulatory Commission, grid planners expect nationwide electricity demand to grow 4.7% over the next 5 years. This provided for prospective opportunities for the market’s growth.
Additionally, as analyzed by Research Nester analysts, the global energy demand is expected to reach about 660 quadrillions Btu in 2050, growing energy consumption worldwide necessitates efficient power generation technologies & transmission. FSC systems optimize power flow, reducing transmission losses and ensuring smooth energy delivery over long distances.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 5% |
|
Base Year Market Size (2023) |
~ USD 275 Million |
|
Forecast Year Market Size (2036) |
~ USD 493 Million |
|
Regional Scope |
|
Type (Low Voltage, Medium Voltage, High Voltage)
The low voltage segment is estimated to hold 44% share of the global fixed series compensation market by 2036. The demand for low-voltage fixed series compensation will witness substantial growth by the end of 2036, due to the need to reduce voltage instability and improve the power factor of connected devices. Residential or utility and small commercial customers primarily require low voltages, i.e., less than 1,000 V of voltage.
Application (Utilities, Oil & gas, steel, and Mining)
The utilities segment in the fixed series compensation market is expected to garner significant revenue share during the forecast period. The surging demand for electricity in developed and emerging nations has put an excessive burden on the existing electricity grid network infrastructure. Fixed series compensation finds usage in utilities for managing and maintaining grid efficiency & reliability at its full capacity, which will propel product uptake for these purposes.
Our in-depth analysis of the global fixed series compensation market includes the following segments:
|
Type |
|
|
Application |
|
North American Market Forecast
North America fixed series compensation market is poised to garner 46% of the revenue share by the end of 2036. The increasing electricity demand and new energy mix made North America a major demand center for series compensation. As per statistics in 2022, the main energy consumption in North America is estimated to be approximately 118.78 exajoules. Also, 2022 saw a 3.2% increase in the overall end-use consumption of energy in the United States over 2021. Retail electricity sales to the commercial sector increased by around 4.7% in 2022 compared to 2021, while sales to the residential sector increased by approximately 2.6% in 2022. the presence of prominent market players in the region is propelling the market’s growth in the region. In the upcoming years, the companies are to modify their transmission incentives according to the changing transmission demand to ensure safety and more transmission lines will be backed up by series compensated systems. As transmission systems increase in complexity, companies look at cost-effective solutions to increase power transfer with installing fixed-series compensation systems. With many projects slated for the near future, companies that offer these options are sure to gain, thus propelling the fixed series compensation market growth.
European Market Statistics
The European fixed series compensation market is expected to hold a significant revenue share owing to the region’s progressive energy policies and a commitment to grid modernization. The European power industry calls for increasing investments in aging network infrastructure by 84 %t a year until 2050. With Europe’s emphasis on renewable energy integration and the expansion of cross-border electricity networks, FSC technology plays a pivotal role. The region's diverse topography and interconnected grids create challenges in maintaining grid stability and managing power flow. FSC systems offer solutions by bolstering transmission capacity, reducing losses, and facilitating the integration of intermittent renewable sources. However, stringent regulatory frameworks, varying grid infrastructure among European countries, and the need for significant investments hinder widespread adoption. Collaborations between transmission system operators, technology innovators, and policymakers drive research and pilot projects. As Europe continues its transition toward sustainable energy, FSC emerges as a critical tool in fortifying grid infrastructure, enabling efficient power transmission, and supporting the continent’s ambitious renewable energy goals.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?