New York, USA, Oct. 06, 2020 (GLOBE NEWSWIRE) -- As per a Research Dive published report, the global flexible AC transmission systems market is expected to grow at a CAGR of 8.0% and is projected to generate a revenue of $1,229.6 million throughout the forecast period from 2020 to 2027. The global market is segmented based on compensation type, industrial vertical, controller, and region. The report provides in-depth insights on drivers, restraints, challenges, opportunities, and major players of the market. According to our analysts, the rising demand for advanced controllability of energy systems and the growing investments on the power transmission systems development are the significant factors expected to foster the growth of the global flexible AC transmission system market. Besides, the growing demand for renewable energy sources is likely to create enormous growth opportunities in the global market in the near future. However, high investment costs in the incorporation of flexible AC systems market is expected to impede the market growth in the coming years.
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Impact of COVID-19 on the Flexible AC Transmission Systems Market -
The COVID-19 pandemic is expected to adversely impact the global flexible AC transmission market majorly due to the continuous challenges faced by the railway sector such as the suspension of all passengers travelling through railways to stop the spread of the deadly coronavirus. However, several government bodies worldwide are taking initiatives in order to modernize the railway infrastructure.
Series Compensation Segment to Hold Largest Market Share -
Based on compensation type, the global flexible AC transmission system market is segmented into series compensation, stunt compensation, and combines series-stunt compensation. The series compensation segment is projected to hold the majority of share in the market mainly owing to the increasing utilization of series compensation type to improve power transfer capabilities of existed infrastructure and new transmission lines.
SVC Controller Segment to Witness a Lucrative Growth -
Based on controller, the global market is categorized into STATCOM, TCSC, UPFC, SVC, and others. The SVC controller segment is anticipated to witness a considerable growth in the forecast period owing to the rising trend for advancements in the transient stability of system coupled with the increasing power transmission & distribution capability of the power lines.
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Oil & Gas Industry to Grow at Significant Pace -
Based on industrial vertical, the global industry is categorized into oil & gas, railways, electric utility, and others. The oil & gas industry vertical is predicted to grow at a rapid rate in the forecast period due to the growing utilization of FACTS devices to maintain voltages during fluctuating load conditions.
North America Region to Dominate the Industry -
Based on region, the global flexible AC transmission systems industry is divided into North America, Asia Pacific, Europe, and LAMEA. The North America market for flexible AC transmission system is anticipated to dominate the industry during the forecast period due to the growing demand for grid modernization and continuous developments in energy utility in the region.
Prominent Players of the Industry -
The key players functioning in the global flexible AC transmission market are include -
- ABB
- Adani Group
- Alstom
- cgglobal.com
- Eaton
- General Electric
- HYOSUNG
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
- Siemens
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report