New York, USA, June 07, 2021 (GLOBE NEWSWIRE) -- According to a new report examined by Research Dive, the global flexible AC transmission system (FACTS) market is predicted to generate a revenue of $1,229.6 million by the end of 2027, rising from a market size of $641.3 million in 2019, at a growth rate of 8.0% from 2020 to 2027 timeframe. The market report describes various segments dominating the market in detail. Further, a glimpse of coronavirus emergency impact on the market is included as well. Apart from this, SWOT scrutiny, business expansion strategies, major players, research methodology for reference, and recent developments account for a complete market report.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/405
Covid-19 Impact on the Market
The global FACTS market is projected to experience a negative impact during the coronavirus mayhem due to challenges faced by the railway industry. During the lockdown, all railway transport was put to a halt across the globe to restrict movement and curb the infection rate of the Covid-19 disease. This aspect is expected to hamper the market during the pandemic phase. However, government bodies are taking up initiatives to ramp up the railway sectors. This factor is likely to boost the market growth during the pandemic.
Aspects Affecting the Market
The global FACTS market is anticipated to enhance during the 2020-2027 timeframe due to the rise in the demand for modern energy systems and surge in the investments of energy transmission systems. Also, FACTS aids to support the reactive power and stabilizing systems. Furthermore, FACTS is capable to accommodate, transfer, and carry energy systems in bulk. These facets are speculated to drive the global market during the forecasted period. However, heavy investments involved in the installation of FACTS are considered to be the biggest restraint of the market. Nevertheless, an increase in the awareness about environmental hazards due to fossils fuels amongst people is projected to open up tremendous opportunities for the market.
Series Compensation Sub-Segment to be the Most Profitable
Among the compensation type sub-segment, the series compensation sub-segment is anticipated to experience tremendous growth during the forecasted timeframe and gain $454.8 million by the end of 2027 timeframe. The sub-segment market is due to the emergence of unique series systems that aids to augment the stability and quality of the energy transmissions.
SVC Controller Sub-Segment to Gain Maximum Revenue
Among the controller segment, the SVC controller sub-segment is projected to register a notable revenue of $283.9 million by the end of 2027, rising from a market share of $165.9 million in the year 2019. Industries use a large amount of SVCs as they can finely tune the reactive power for an infinite field. Also, power lines have enhanced their distribution capabilities and transmissions along with advances in transient stability. These factors are projected to fuel the growth of the sub-segment market during the analyzed time.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/405
Oil & Gas Sub-Segment to Display High Growth
Among the industry vertical segment, the oil & gas sub-segment is anticipated to surge rapidly during the estimated timeframe, at a healthy growth rate of 10.5% from 2020 to 2027. FACTS are immensely useful to manage voltage during fluctuations of load. Also, FACTS offer effective cost and time management and help to maintain steady electricity. These facets are estimated to propel the sub-segment growth during the forecasted years.
Regional Outlook
The North American region is projected to grab the biggest market share during the analyzed timeframe. The regional market was accounted for massive market size in 2019 and is expected to register a revenue of $715.5 million by the end of 2027 timeframe. An upsurge in the grid modernization demand due to developments in the energy units is anticipated to surge the market growth in the region.
Major Market Players
The well-established participants of the global flexible AC transmission system market are -
- Siemens
- ABB
- NR Electric Co., Ltd.
- Eaton
- Adani Group
- General Electric
- Alstom
- cgglobal.com
- Mitsubishi Electric Corporation
- HYOSUNG
These leading players are planning several strategies such as product developments, research & development, acquisitions of companies, tie-ups & collaborations for maximizing profits, and organizational development to gain an upper edge in the market worldwide.
Top Trending Reports -
- Collaborative Robot Market - https://www.researchdive.com/182/collaborative-robot-market
- Humanoid Robot Market - https://www.researchdive.com/110/humanoid-robot-market
- Lithium Niobate Modulator Market - https://www.researchdive.com/42/lithium-niobate-modulator-market