Flexible AC Transmission System Market Overview:
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. Flexible AC transmission system provide dynamic reactive power support, increases system stability, and control real & reactive power. This ensures efficient machine operation and enhances system utilization. The global flexible AC transmission system market is expected to witness significant growth rate, due to the advancement of electric power transmission system across the developed and the developing regions, including North America, Europe, and Asia-Pacific.
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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.
Increase in demand for controllability of power system in the industries such as oil & gas, railways, and electric utility fuels the demand for flexible AC transmission system in the market. However, LAMEA is expected to account for the least share in the global market as compared to other regions, due to uniform smartphone penetration across Latin America. Furthermore, Middle East and Africa are expected to gain traction due to slow adoption of flexible AC transmission system across industry verticals such as manufacturing, railways, and renewable energy industries. However, high initial cost of installation is expected to restrain the market growth during the forecast period.
The global flexible AC transmission system market is segmented based on compensation type, controller, industry vertical, and region. The compensation type covered in the study includes series compensation, shunt compensation, and combined series-shunt compensation. By controller, the market is classified as STATCOM, SVC, UPFC, TCSC, and others. Based on industry vertical, it is categorized into oil & gas, electric utility, railways, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Impacting Factors:
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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