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.
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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.
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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.
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