New York, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global flexible AC transmission system market is anticipated to garner a revenue of $1,229.6 million and rise at a CAGR of 8.0% over the analysis timeframe from 2020 to 2027.
As per our analysts, with the demand for advanced controllability of energy systems and growing investments in the development of power transmission systems, the global flexible AC transmission system market is predicted to experience progressive growth over the estimated period. Besides, the quick voltage regulation, enhanced energy supply, minimization in harmonics, and short amortization are further expected to bolster the growth of the market during the analysis period. However, the high initial investments for the incorporation of flexible AC transmission systems may impede the growth of the market throughout the forecast timeframe.
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Segments of the Flexible AC Transmission System Market
The report has divided the flexible AC transmission system market into segments based on compensation type, controller, industrial vertical, and region.
Compensation Type: Series Compensation Sub-Segment to be Most Productive
The series compensation type sub-segment is predicted to generate a revenue of $454.8 million over the analysis period. This is mainly due to the wide utilization of series compensation types to enhance the power transfer capabilities of new transmission lines along with the existing infrastructures. Moreover, the major role of innovative series compensation systems in improving the quality and stability of energy transmission lines is expected to fortify the growth of the market sub-segment during the forecast period.
Controller: SVC Controller Sub-Segment to be Most Profitable
The SVC controller sub-segment is projected to generate a revenue of $283.9 million throughout the analysis timeframe. The increasing trend for advancements in the transient stability of the system and rising power transmission & distribution capability of the power lines are the factors expected to uplift the growth of the market sub-segment during the forecast period.
Industrial Vertical: Oil and gas Industry Vertical to be Most Beneficial
The oil and gas industry vertical sub-segment is expected to rise at a CAGR of 10.5% during the estimated period. The rising utilization of FACTS devices in the oil and gas industry to maintain voltages during fluctuating load conditions is the major factor expected to propel the growth of the market sub-segment during the analysis timeframe.
Region: North America Region to Have Extensive Growth Opportunities
The North America region of the flexible AC transmission system market of the flexible AC transmission systems market is predicted to generate a revenue of $715.5 million throughout the forecast period. This is mainly due to the increasing demand for grid modernization due to continuous developments in energy utility in this region. In addition, the growing investments in the replacement of existing energy transmission & distribution infrastructures with superior quality integration of renewable sources in the power grids are expected to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Flexible AC Transmission System Market
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the flexible AC transmission system market. This is mainly due to the new challenges faced by the railway sector as all the railway operations were halted during the pandemic period. This has affected the railway FACTS market as the railway is the major end-use sector. However, various initiatives taken by the government bodies to modernize the railway infrastructure is expected to create growth opportunities for the market during the analysis period.
Key Players of the Flexible AC Transmission System Market
The major players of the flexible AC transmission system market include
General Electric
Eaton
HYOSUNG
cgglobal.com
Mitsubishi Electric Corporation
Alstom
Adani Group
NR Electric Co., Ltd.
ABB
Siemens, and many more.
These players are broadly working on the development of new business tactics such as mergers and collaborations, product development, partnerships, and collaborations to obtain a leading position in the global industry. – Inquire Here to Buy the Full Report
For instance, in March 2021, Adani Group, an Indian multinational conglomerate, announced the acquisition of Warora-Kurnool Transmission Ltd (WKTL) to operate and maintain transmission lines aggregating to approx 1,750 ckt km. The 765-kV inter-state transmission line is designed to link Warora Warangal and Chilakaluripeta-Hyderabad-Kurnool with a 765/400- kV new substation at Warangal.
In addition, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product development, and the latest strategic development.
More about Flexible AC Transmission System Market:
- Global Flexible AC Transmission Systems Market to Witness Robust Growth in the Forecast Period
- The Complete Picture of the Flexible AC Transmission System
