April 08, 2020
According to the research report titled ‘Flexible AC Transmission Systems Market Size By Configuration, By Product, By Voltage By Application, By End Use, Industry Analysis Report, Regional Analysis, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global flexible AC transmission system market is expected to be worth USD 2.5 billion by the year 2025.
Growing demand for efficient transmission and distribution systems has enhanced the growth of power transmission industry which in turn is a major factor driving the growth of flexible AC transmission systems (FACTS) industry. The product offers benefits such as safe operations, cost-efficiency and network reliability. Moreover, there has been an upsurge in refurbishment activities of existing conventional electrical network. This factor along with surging investments towards development of efficient grid network are further aiding the market expansion.
Factors such as less installation time, improved system stability and increased transmission capacity are fostering the demand for flexible AC transmission systems across the globe. Rising adoption of FACTS in order to safeguard the system peripherals and to enhance the life cycle of the electrical network are stimulating the industry outlook. Increasing integration of reliable, fire-resistant, secure and energy efficient electric equipment is facilitating the business scenario.
As per voltage type, the report states that 132kV to 220kV flexible AC transmissions systems market segment is expected to register substantial growth during the forecast period. Increasing integration of sustainable energy technologies has compelled various entities to focus on refurbishing the traditional electrical network. Rising development of electric transmission infrastructure in commercial and residential sectors is fueling the segmental growth.
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Citing the end-use landscape, FACTS market share from utilities is presumed to expand significantly during the projected timeframe. Prompt development of electric infrastructure and rising incorporation of sustainable energy technologies are favoring the market outlook. Favorable government initiatives such as electrification of rural areas are boosting the growth of the segment.
Considering the geographical landscape, the report cites that flexible AC transmission systems industry in Middle East & Africa and Asia-Pacific regions will witness lucrative growth in the subsequent years. Surging investments towards electrical infrastructural development along with growing demand for efficient transmission technologies are augmenting the regional outlook.
The prominent companies operating in flexible AC transmission systems industry are America Superconductor, Ingeteam, Hyosung, NR Electric, Rongxin Power Ltd., Infenion, BHEL, Mitsubishi Electric, General Electric, Siemens and ABB.
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