Global Flexible AC Transmission Systems Market: Overview
A flexible AC transmission system or FACTS consists of static equipment. This system is utilized for the AC transmission of electrical energy. The system is designed for improving the controllability and enhance the capacity of power transfer of the network. This system is usually power-electronic based. Use of flexible AC transmission system helps in increasing the reliability of the AC grids. It also helps in cutting down the cost of delivery. Use of these systems of help in improving the quality of transmission and the overall efficacy of power transmission by providing reactive or inductive power to the grid.
Global Flexible AC Transmission Systems Market: Notable Developments
Some of the notable developments in the global flexible AC transmission systems market are given below:
- In January 2018, Mitsubishi Electric Power Products Inc. announced that the company has launched a 5kV Vacuum Circuit Breaker. This product is specifically designed to replace the traditional oil circuit breakers that are quickly going out of fashion.
- In July 2019, ABB Inc. announced the launch of innovative solutions that will ensure early compliance with the upcoming European guidelines and deliver more benefits. These solutions are also designed to cut down the risk in the grid network connections and supporting stable and reliable operations. The UNITROL® 1000 Series is the first global product that is completely compliant with the new European guidelines about grid systems.
- In March 2019, GE announced that its Energy Grid Solutions segment has been successful in securing the contract for modernization of Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPL). This technology-driven project is a part of a large-scale solution designed to propel the production of renewable energy and execute grid initiatives.
Is something restraining your company’s growth in the Flexible AC Transmission Systems Market? Ask for the report brochure here.
Global Flexible AC Transmission Systems Market: Drivers and Restraints
Some of the key driving factors for the global flexible AC transmission systems market are listed below:
- Increasing penetration of technology: In the past few years increasing penetration of the distributed generation technologies have helped in fueling the growth of the global market. More and more manufacturers are installing smart grid networks to have effective and efficient power generation. This is also helping to drive the global flexible AC transmission systems.
- Expanding of electric networks: In recent years, there has been a large scale expansion of electric networks across different sectors such as industrial, commercial, and residential among others. This modernization and expansion of electric grids are also helping to fuel the growth of the global flexible AC transmission systems market.
- Government backing: Growth of the global flexible AC transmission systems market has also been helped by the several initiatives and regulations implemented by the governments across the globe.
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Flexible AC Transmission Systems Market here
Global Flexible AC Transmission Systems Market: Geographical Outlook
The global flexible AC transmission systems market is primarily divided into key geographical regions such as North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these, the global flexible AC transmission systems market is expected to be dominated by North America, especially the US market. The US market is expected to witness a strong growth rate over the course of the given forecast period of 2019 to 2027. This high growth of the region is because of the growing investments in the development of advanced grid networks and smart grid networks. Additionally, refurbishment of old electric infrastructure is also fueling the development of the global market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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.