Global Flexible AC Transmission System Market Projected to Garner $1,229.6 Million from 2020 to 2027 - Exclusive Report [209 pages] by Research Dive

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.

To Explore More Details, Download the Sample Report of Flexible AC Transmission System Market

Market Dynamics

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

1.  ABB

2.  Adani Group

3.  Alstom

4.  cgglobal.com

5.  Eaton

6.  General Electric

7.  HYOSUNG

8.  Mitsubishi Electric Corporation

9.  NR Electric Co., Ltd.

10.  Siemens.

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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Global Flexible AC Transmission Systems Market to Witness Robust Growth in the Forecast Period

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