Press release
Flexible Shunt Compensation Market Enhancing Power Grid Stability and Reliability 2023-2030 | ABB, Siemens, RXPE
At a CAGR of 6.2% during the projection period of 2023-2030, the global Flexible Shunt Compensation market is expected to increase from USD 2.7 billion in 2023 to USD 4.7 billion by 2030. The need to enhance power quality, the expanding emphasis on renewable energy sources, and the rising need for power transmission and distribution all contribute to the market's growth. Modern power electronics systems called flexible shunt compensation systems are intended to increase the effectiveness, stability, and dependability of electric grids. In transmission and distribution networks, these devices are used to regulate and control voltage and reactive power, which helps to improve power quality and manage grid congestion.
Due to a number of causes, the flexible shunt compensation market has significantly expanded recently. The rising demand for electricity and the incorporation of renewable energy sources into the power system are two major factors. System operators struggle to maintain system stability and power quality as the demand for electricity rises and the capacity for producing renewable energy rises. Flexible shunt compensation systems provide efficient ways to control voltage variations and reactive power needs brought on by intermittent renewable energy sources.
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Top key players:
ABB, Siemens, RXPE, Sieyuan Electric, Mitsubishi Electric, GE, Toshiba, AMSC, Hyosung
Global Flexible Shunt Compensation market Split by Product Type and Applications
This report segments the Flexible Shunt Compensation Market on the basis of Types:
Shunt Capacitive Compensation
Shunt Inductive Compensation
On the basis of Application, the Flexible Shunt Compensation Market is segmented into:
Metal Industry
Railway
Utilities
Others
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Regional differences in the flexible shunt compensation market can be attributed to the deployment of renewable energy sources, energy legislation, and grid modernization initiatives. Flexible shunt compensation systems have major markets in North America and Europe because of their developed power infrastructure and aggressive clean energy goals. Flexible shunt compensation systems can be adopted as a result of the region's focus on grid modernisation and the incorporation of renewable energy sources. The recent fast industrialization, rising power demand, and government efforts to increase grid stability have all contributed to the Asia-Pacific region's significant rise. The growth of the market is facilitated by important players in this region including China and India.
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Market Segmentation:
Flexible Shunt Compensation market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
A strong and varied research technique was used to give thorough insights into the flexible shunt compensation market. To acquire trustworthy data and information, a variety of primary and secondary research methodologies were used during the study process. Interviews with specialists in power systems, grid operators, business people, and power electronics makers were part of the primary research. Understanding current market trends, demand patterns, difficulties, and expansion prospects in the flexible shunt compensation industry were aided by these encounters. In-depth secondary research was done to gather information from reliable sources, including market research databases, corporate websites, industry studies, and energy journals. In order to guarantee the authenticity and quality of the study, market data and statistics were also gathered from reliable databases.
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FAQs:
1. What is the study period of this Flexible Shunt Compensation Market?
2. What is the growth rate of this Market?
3. Which region has the highest growth rate in this Market?
4. Which region has the largest share in this Market?
5. What are the key contributing factors to the market growth?
Table of Contents:
1 Flexible Shunt Compensation market Overview
2 Company Profiles
3 Flexible Shunt Compensation market Competition, by Players
4 Flexible Shunt Compensation market Size Segment by Type
5 Flexible Shunt Compensation market Size Segment by Application
6 North America by Country, by Type, and by Application
7 Europe by Country, by Type, and by Application
8 Asia-Pacific by Region, by Type, and by Application
9 South America by Country, by Type, and by Application
10 Middle East & Africa by Country, by Type, and by Application
11 Research Findings and Conclusion
12 Appendix...
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Infinity Business Insights is a market research company that offers market and business research intelligence all around the world. We are specialized in offering the services in various industry verticals to recognize their highest-value chance, address their most analytical challenges, and alter their work.
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