In conventional AC transmission system, the ability to transfer AC power is limited by several factors like thermal limits, transient stability limit, voltage limit, short circuit current limit etc. These limits define the maximum electric power which can be efficiently transmitted through the transmission line without causing any damage to the electrical equipment and the transmission lines. Flexible AC Transmission Systems (FACTS) increase the reliability of AC grids. They improve power quality and transmission efficiency from generation through transmission down to the private and industrial consumers: Better utilization of the network, increased availability and reliability as well as improved network stability are achieved along with higher supply quality.
Growing digitalization of infrastructures mainly driven by smart city implementations are positively impacting the flexible AC transmission systems market in the recent times. Higher initial investments associated with the setting up of digital technologies in the utilities sector coupled with period maintenance poses certain challenges on the smooth growth of flexible AC transmission systems market. Further, rising emphasis laid down by the environmental bodies on renewable energy projects are anticipated to provide good opportunity platforms to the players operating in the flexible AC transmission systems market.
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The key players profiled in the report are ABB Ltd., Alstom SA, American Superconductor Corporation, General Electric Company, Hyosung Corporation, Infineon Technologies, Mitsubishi Electric, Siemens AG, Sieyuan Electric, Toshiba Corporation The report includes the key strategies adopted by these players and the detailed analysis of the current trends, upcoming opportunities, and restraints of the global flexible AC transmission system market in addition to their impacts.
The global flexible AC transmission systems market is segmented on the basis of compensation type, controller, and industry vertical. On the basis of compensation type, the flexible AC transmission systems market is segmented into series compensation, shunt compensation, and combined series-shunt compensation. The flexible AC transmission systems market on the basis of the controller is classified into STATCOM, SVC, UPFC, TCSC, and Others. Based on industry vertical, the flexible AC transmission systems market is segmented into oil & gas, industrial, railways, electric utilities, and renewables.
Increase in demand for controllability of power system in the industries such as oil & gas, railways, and electric utility fuels the demand for flexible AC transmission system in the market. However, LAMEA is expected to account for the least share in the global market as compared to other regions, due to uniform smartphone penetration across Latin America. Furthermore, Middle East and Africa are expected to gain traction due to slow adoption of flexible AC transmission system across industry verticals such as manufacturing, railways, and renewable energy industries. However, high initial cost of installation is expected to restrain the market growth during the forecast period.
Top Impacting Factors
Advancement of Electric Power Transmission System
The aging transmission and other power system networks result into lots of power losses and lesser system usability. The rise in demand for electrification across developed and developing nations, drives the demand for the flexible AC transmission system market.
Increase in Demand for Controllability of Power System
The controlled, regulated, and uninterrupted power supply increases system efficiency and boost the production process. This results into lesser wear and tear to the equipment installed in the industrial plant.
Need of High Reliability Under Contingencies
The varying load and varying demand during running time, creates disturbance or power failure in the whole or some section of the network. Therefore, the need of reliable system support continuous operation.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global flexible AC transmission systems market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The flexible AC transmission systems market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.