According to the report titled ‘Global Flexible AC Transmission Systems market Size study, by Compensation Type (Shunt Compensation, Series Compensation, Combined Compensation), by Application (Voltage Control, Power Control,), by Vertical (Utilities, Renewables, Industrial, Railways,), by Generation Type (First Generation, Second Generation,), and Regional Forecasts 2020-2027’, available with Market Study Report, global flexible AC transmission systems market was valued at USD 1.1 billion in 2019 and is expected to grow with a CAGR of 5.4% during 2020-2027.
 

Surging demand for STATCOM voltage control devices, increasing renewable energy usage in power grids, expanding transmission network, and other benefits provided by equipment are primarily driving global flexible AC transmission systems (FACTS) market growth. As reliable estimates, investments towards transmission infrastructure across the globe has witnessed an increase from USD 82 billion in the year 2016 to USD 87 billion in 2018, owing to largescale interconnection projects and heavy generation of renewable energy.
 

Notably, flexible AC transmission systems enhance system reliability, actual & reactive power control, as well as offer dynamic support for reactive power. It guarantees smooth machine operation and enhanced efficiency.
 

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However, the costs are high for initial installation of FACTS, so most utility players and other end-user are hesitant to adopt this technology, impeding worldwide flexible AC transmission systems industry remuneration.
 

From the regional perspective, worldwide flexible AC transmission market sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America presently holds a significant market share and is slated to grow modestly over estimated timeframe, owing to surging demand for STATCOM devices to control voltage, increasing usage of renewable energy in power grids, and amplifying transmission infrastructure.
 

Meanwhile, Asia Pacific flexible AC transmission systems industry size is slated to grow substantially through 2027, on account of rising ventures in generation of electricity via renewable energy resources and growing government expenditure on smart grid development. In addition, planned investments across developing economies in high-speed trains is anticipated to contribute to the regional market outlook.
 

Leading organizations influencing global flexible AC transmission systems market trends are Ingeteam Power Technology SA, Siemens AG, Hyosung Heavy Industries Corporation, NR Electric Co. Ltd., General Electric (GE), Infineon Technologies, American Superconductor Corporation, Mitsubishi Electric, RongXin Power Electronic Co. Ltd. (RXPE), and Hitachi ABB Power Grids.