The global flexible AC transmission system market is predicted to witness a strong growth in forecast period owing to the increasing development in power transmission systems and power system controllability.
NEW YORK, Oct. 26, 2020 /PRNewswire/ -- According to a latest report published by Research Dive, the Global Flexible AC Transmission System Market valued for US$ 641.3 million in 2019 and is expected to surpass US$ 1,229.6 million by 2027, exhibiting a CAGR of 8.0% from 2020 to 2027.
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A surge in number of investments in the development of power transmission systems and the growing demand for most advanced controllability of energy systems are the major factors predicted to boost the growth of the global flexible AC transmission system (FACTS) market. Moreover, the increasing demand for renewable energy resources owing to government regulations and the growing awareness regarding environmental pollution are likely to create lucrative growth opportunities in the global market in the estimated timeframe. Conversely, the high costs associated with the incorporation of flexible AC transmission systems is predicted to hinder the market growth in the near future.
COVID-19 Impact on the Industry
The COVID-19 pandemic has negatively impacted the global flexible AC transmission system industry majorly because the railway sector is constantly experiencing new challenges in the global pandemic as all passengers travelling through railways are suspended to avert the spread of corona virus. However, many government bodies across the globe are taking initiatives during the pandemic to modernize the railway infrastructure. For instance, in July 2020, the Indian government started about 200 railway maintenance projects to enhance rail safety and improve train speeds through modernizing existed railway infrastructure.
Get Quick Access to COVID-19 Impact Analysis on FACTS Market Report
Key Segment Findings of the Market:
The report segments the global flexible AC transmission system market by Compensation Type, Controller, Industrial Vertical, and Region.
- Among compensation type, the series compensation segment is predicted to hold the largest share in the market by 2027 due to the increasing utilization of series compensation type in enhancing the power transfer capabilities of novel transmission lines.
- Among controller, the SVC controller segment is projected to witness a lucrative growth owing to its wide usage in industries because of its ability to fine-tune the reactive power over an infinite range.
- Among industrial vertical, the oil & gas industry is expected to account for a significant share in the global market by 2027 owing to the increasing utilization of FACTS devices in order to maintain voltages when fluctuating load conditions.
- Geographically, the North America region is estimated to dominate the global market in the forecast period owing to the continuous developments in energy utility industry and the growing demand for grid modernization in the region.
Top 10 Prominent Players in FACTS Market
The major players operating in the global FACTS market include
2. Adani Group
6. General Electric
8. Mitsubishi Electric Corporation
9. NR Electric Co., Ltd.
Further, the report sketches various aspects of all these market players such as product portfolio, SWOT analysis, financial performance, and recent strategic moves & developments. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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SOURCE Research Dive