Flexible AC Transmission Equipment Market: Overview
The growing need to address problems related to electricity transmissions such as voltage fluctuation and transmission loss is expected to drive the flexible AC transmission equipment market. Technical advancements in this industry has resulted in reduced failure rates and superior network reliability, which are further helping the FACTS market to grow.
FACTS have many advantages over conventional grid transmission systems. The low maintenance cost has made FACTS the preferred choice over fixed compensation equipment. Moreover, conventional grid transmission systems result in slow response and thus, lowers the performance of the grid. Hence, flexible AC transmission equipment are expected to witness a higher demand. The high demand from industrial sectors, electric utilities, railways, renewables, and oil and gas industries will drive the global flexible ac transmission equipment market in the coming years. In addition to this, players in the market are continuously developing new applications, which will further the demand for FACTS.
The report gives a detailed description of the industry, including the value chain analysis, market drivers and restraints, current trends, and promising opportunities. The report segments the global flexible AC transmission equipment market on the basis of components, compensation type, end user, and geography. By compensation type, the market is segmented into fixed compensation and variable compensation. On the basis of components, the FACTS market is segmented into GIS switch gears, reactors, and phase shifting transformers.
Flexible AC Transmission Equipment Market: Trends and Opportunities
A major concern which is expected to impact the industry is the negative impact of increased power consumption on the environment and public health. This is because, high power consumption results in constriction of newer transmission lines, which in turn impacts the environment. The rise in power outages causes transmission congestion, which in turn is creating a need for congestion management in the grid system. Thus, flexible AC transmission equipment is being deployed in grid transmission systems to reduce losses during transmission and at the same time boost the grid power output.
One of the factors deterring the growth of the market is the high cost associated with flexible AC transmission equipment is deterring the growth of the market. The impact of this restraint will reduce in the future as manufacturers are striving to develop low cost equipment by undertaking research and development activities. A lack of awareness regarding the benefits and capabilities of FACTS in the developing economies is another factor hampering the growth of the market. However, growing government support for using renewable energy sources is estimated to offer a good opportunity for the flexible AC transmission equipment market.
Flexible AC Transmission Equipment Market: Region-wise Outlook
The report segments the global flexible AC transmission equipment market on the basis of geography into North America, Asia Pacific, Europe, and the Rest of the World. While at present, North America is the leading regional market for FACTS, it is expected that Asia Pacific will be the region growing at a rapid CAGR over the forecast period. Europe market for FACTS is also expected to grow significantly, driven by growing support from government.
Key Players Mentioned in the Report
Some of the key players profiled in the report include VA Tech T&D, Mitsubishi Electric Power Products, GE Energy, Transmission and Distribution Group, AREVA T&D SA, ABB Ltd, American Superconductor Corporation, Eaton Corporation, Siemens Power, S&C Electric Company, Square D, and Trench Group.
Global flexible ac transmission equipment market: By geography
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.