Market Research Future published a research report on “Covid-19 Impact on Series Compensation System Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The spread of coronavirus has impacted the global series compensation system market 2020, but in the latest study of Market Research Future reveals that the global market would expand at a pace of 5% (growth rate). With this, the market might create new ventures and opportunities, which can be predicted until the year-end of 2023.
Top Impacting Factors
The Covid-19 Impact on Series Compensation System Market is motivated by factors such as maximum safety in transmission & distribution network, need for reliable electric supply, and investments for replacement of matured electric grid structures with modern the upgraded ones. Asia-Pacific region recorded as the leading market for series compensations attributing to factors of fast economic growth, rapid industrialization, and urbanization in countries such as India and China.
The mounting application of the series compensation system is becoming popular owing to its low cost, improved system stability, high operational efficiency, easy and quick installation, proper load distribution between circuits, and convenient virtual deployment of series compensation in the power network. Also, the rising need for reliable electric supply & subsequent investment in transmission & distribution network, developing safe electrical infrastructure and grid expansion has influenced the growth of the global series compensation system market.
Furthermore, the constant need for electricity and the worldwide growth in grid infrastructure has chances to aid in the growth of the global series compensation system market over the forecast period. Despite these factors, some other factors, such as fluctuating material costs, might restrain the Global Series Compensation System Market growth in the coming years.
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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.
- By the segmentation of type, the market includes thyristor-controlled series compensation and static series compensation.
- By the segmentation of voltage, the market has included high voltage, medium voltage types, and low voltage.
- By the segmentation of end-user, the market included industries, utilities, and others.
Detailed Regional Analysis
The global 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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