Flexible AC Transmission System Market was valued at $508 million in 2016, and is estimated to reach $1,034 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023.
The Asia-Pacific flexible AC transmission system market is expected to register the highest CAGR during the forecast period, owing to increase in government expenditure to build smart grids and increase in investment on electricity generation by renewable energy resources. In addition, rise in investments in high speed trains from the developing countries such as China, India, and Japan is expected to offer lucrative opportunities for market expansion.
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Flexible AC Transmission System Market by Compensation Type (Series Compensation, Shunt Compensation, and Combined Series-Shunt Compensation), Controller (Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC), and Others), and Industry Vertical (Oil & Gas, Electric Utility, Railways, and Others) – Global Opportunity Analysis and Industry Forecast, 2017-2023
Increase in Demand for Controllability of Power System
The controlled, regulated, and uninterrupted power supply increases system efficiency and boost the production process. This results into lesser wear and tear to the equipment installed in the industrial plant.
Need of High Reliability Under Contingencies
The varying load and varying demand during running time, creates disturbance or power failure in the whole or some section of the network. Therefore, the need of reliable system support continuous operation.
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Key Benefits
- In-depth analysis and dynamics of the global flexible AC transmission system market is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on the prevailing market opportunities.
- Porter’s Five Forces analysis examines the competitive structure and provides a clear understanding of the factors that influence market entry and expansion.
- A detailed analysis of the geographical segments enables the identification of profitable segments for market players.
- Comprehensive analysis of the trends, subsegments, and key revenue pockets of flexible AC transmission system market is provided.
Flexible AC Transmission System Market Report Highlights
| Aspects | Details |
|---|---|
| By Compensation Type | SERIES COMPENSATIONSHUNT COMPENSATIONCOMBINED SERIES-SHUNT COMPENSATION |
| By Controller | STATIC SYNCHRONOUS COMPENSATOR (STATCOM)STATIC VAR COMPENSATOR (SVR)UNIFIED POWER FLOW CONTROLLER (UPFC)THYRISTOR CONTROLLED SERIES COMPENSATOR (TCSC)OTHERS |
| BY INDUSTRY VERTICAL | OIL & GASELECTRIC UTILITYRAILWAYSOTHERS |
| BY GEOGRAPHY | North AmericaU.S.CanadaMexicoEUROPEUKGermanyFranceItalyRest of EuropeAsia-PacificChinaJapanIndiaAustralia. Rest of Asia-PacificLAMEALatin AmericaMiddle EastAfrica |
| Key Market Players | ABB LTD., ADANI POWER LIMITED, ALSTOM SA, CG POWER AND INDUSTRIAL SOLUTIONS LIMITED, EATON CORPORATION PLC, GENERAL ELECTRIC, HYOSUNG CORPORATION, MITSUBISHI ELECTRIC CORPORATION, NR ELECTRIC CO., LTD., SIEMENS AG |
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