New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global flexible AC transmission system market is expected to generate a revenue of 1,229.6 million by 2027, growing expeditiously at a CAGR of 8.0% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
- Drivers: Development of advanced energy systems with better controllability is expected to increase the demand for flexible AC transmission systems. In addition, rapid voltage regulation, augmented energy supply, and short amortization are further expected to drive the growth of the market during the forecast period.
- Opportunities: Increasing prevalence of generation of electricity from renewable sources are expected to create immense opportunities for the growth of the market during the analysis period.
- Restraints: Extortionate investments for the deployment of flexible AC transmission system is expected to impede the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on compensation type, controller, industry vertical, and region.
Compensation Type: Series Compensation Type Sub-segment to be Most Profitable
The series compensation type sub-segment is expected to generate a revenue of $454.8 million during the forecast period, owing to its utilization to accelerate power transfer capabilities for new and existing infrastructure. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Controller: SVC Controller Sub-segment to be Most Beneficial
The SVC controller sub-segment is expected to generate a revenue of $283.9 million during the forecast period. Extensive application of SVC controllers in the industries due to its fine-tuning reactive power over a wide range is expected to drive the growth of the sub-segment during the forecast period.
Industry Verticals: Oil & Gas Industry Vertical Sub-segment to be Most Lucrative
The oil & gas industry vertical is expected to grow exponentially with a CAGR of 10.5% during the forecast period. Increasing application of FACTS devices to stabilize voltages during fluctuating load conditions is expected to accelerate the growth of the sub-segment during the forecast period.
Region: North America Expected to Dominate the Market
The North America flexible AC transmission system market is expected to generate a revenue of $715.5 million during the forecast period. Rising demand for grid modernization and increasing investments on renewable sources for power generation are expected to bolster the growth of the flexible AC transmission system market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of coronavirus has had an adverse impact on the global flexible AC transmission system market in a negative way, owing to the prevalence of lockdowns in various countries across the globe. Railway is the major end use sector for the FACTS market, and hence redundant travel restrictions imposed by the government during lockdowns in order to curb the spread of the virus, terribly impacted growth of the flexible AC transmission system market.
The Major Players of the Flexible AC Transmission System Market Include -
- Adani Group
- Siemens
- General Electric
- Eaton
- NR Electric Co. Ltd.
- HYOSUNG
- Alstom
- Mitsubishi Electric Corporation
- ABB
- cgglobal.com
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in July 2020, Hitachi, Japanese multinational engineering and electronics conglomerate company, acquired ABB Power Grids, a Swiss Swedish pioneering technology and engineering giant, in order to refocus on clean energy integration and distributed energy digitization.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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