Global Market for Flexible AC Transmission System is Predicted to Upsurge i.e., USD 1.22 Billion during the Forecast Period 2021-2027

Published Date: Jul, 2021

The global flexible AC transmission system market is expected to witness a CAGR of 5.6% during the forecast period. The global flexible AC transmission system (FACTS) market is growing significantly owing to the rise in transmission lines, increasing focus on energy generation using renewable sources, increase in demand for STATCOM devices for voltage control. Furthermore, the increased penetration of distributed generation technologies, smart grid networks have prompted installers to comply with high-efficiency power supply devices that promotes the development of a flexible AC transmission system market.

 Moreover, increasing investments in transmission networks, a rise in awareness regarding environmental hazards due to fossil fuels among people, and lucrative opportunities in APAC countries will provide opportunities for the growth of the FACTS market. However, massive investments in the installation of FACTS will be one of the challenges faced by the global flexible AC transmission system market.

The COVID-19 outbreak has negatively affected the global flexible AC transmission system market. Several countries have imposed a strict lockdown, as a result, all passenger transport facilities including rail across the globe have been put to a halt in order to curb virus transmission. However, in current times, the various governments are taking many initiatives to modernize the rail infrastructure and help companies during the pandemic time. For instance, the Switzerland government has released $830 million for the support plan to modernize transportation including rail and freight transportation, thus driving the market growth of the FACTS market in the pandemic times.

Browse 73 market data Tables and 47 Figures spread through 200 Pages and in-depth TOC on " Flexible AC Transmission System Market by Compensation type (Shunt Compensation, Series Compensation, and Combines Series-Shunt Compensation), by Controller (STATCOM, SVC, UPFC, TCSC, and Others), by Application (Voltage Control and Power Control), by Voltage (132kV to 220kV, More Than 220kV to 660kV, and More Than 660kV), by Vertical (Oil & Gas, Utilities, Renewables, Railways, and Industrial), and Region - Global Forecast to 2027"

By vertical, Oil & Gas Segment to Display High Growth

The oil & gas segment to have rapid growth during the forecast period as it used to manage voltage during fluctuating load conditions. Furthermore, FACTS are time and cost-effective and maintain steady electricity in highly advanced systems. Thus, these factors are driving the integration of FACTS in the oil and gas industry for voltage stabilization.

Global Flexible AC Transmission System Market Segmentation Analysis

Segment

Categorization

Leading Category

Compensation Type

Shunt Compensation, Series Compensation, and Combined Series-Shunt Compensation

Series Compensation (Largest)

Controller

STATCOM, SVC, UPFC, TCSC, and Others

SVC (Fastest)

Application

Voltage Control and Power Control

Voltage Control (Largest)

Voltage

132kV to 220kV, More Than 220kV to 660kV, and More Than 660kV

More Than 220kV to 660kV (Significant Growth)

Vertical

Oil & Gas, Utilities, Renewables, Railways, and Industrial

Utilities (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Europe (Largest)

Asia-Pacific (Fastest)

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Asia Pacific flexible AC transmission system market is expected to register the highest CAGR during the forecast period.

Geographically, Asia-Pacific is anticipated to have a high CAGR during the forecast period due to the rising government expenditure to make smart grids and the growing investment of electricity generation by renewable energy sources. Moreover, the increasing investments in high-speed trains from emerging economies such as China, Japan, and India will provide massive opportunities for FACTS market expansion.

Some of the major players in the global flexible AC transmission system market include Siemens, ABB, NR Electric Co., Ltd., General Electric, Mitsubishi Electric Corporation, HYOSUNG HEAVY INDUSTRIES, Adani Group, Alstom, CG Power and Industrial Solutions Limited, and Infineon Technologies AG.

Scope of the Report

 

Report Metric

Details

Market Size Available for the Years in the Study

2019–2027

Historical Period

2019–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Compensation Type, Controller, Application, Voltage, Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E)

Companies Covered in the Study

Siemens, ABB, NR Electric Co., Ltd., General Electric, Mitsubishi Electric Corporation, HYOSUNG HEAVY INDUSTRIES, Adani Group, Alstom, CG Power and Industrial Solutions Limited, and Infineon Technologies AG

Global Flexible AC Transmission System Market Coverage

Compensation Type Insight and Forecast 2020-2027

  • Shunt Compensation
  • Series Compensation
  • Combined Series-Shunt Compensation

Controller Insight and Forecast 2020-2027

  • STATCOM
  • SVC
  • UPFC
  • TCSC
  • Others

Application Insight and Forecast 2020-2027

  • Voltage Control
  • Power Control

Voltage Insight and Forecast 2020-2027

  • 132kV to 220kV
  • More Than 220kV to 660kV
  • More Than 660kV

Vertical Insight and Forecast 2020-2027

  • Oil & Gas
  • Utilities
  • Renewables
  • Railways
  • Industrial

Geographical Segmentation

Flexible AC Transmission System Market by Region

North America

  • By Compensation
  • By Controller
  • By Application
  • By Voltage
  • By Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Compensation
  • By Controller
  • By Application
  • By Voltage
  • By Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Compensation
  • By Controller
  • By Application
  • By Voltage
  • By Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Compensation
  • By Controller
  • By Application
  • By Voltage
  • By Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Flexible AC Transmission System is Predicted to Upsurge i.e., USD 1.22 Billion during the Forecast Period 2021-2027