Portland, OR -- (SBWire) -- 12/28/2017 --Flexible AC Transmission System Market was valued at $508 million in 2016, and is estimated to reach $1,034 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. Flexible AC transmission system provide dynamic reactive power support, increases system stability, and control real & reactive power. This ensures efficient machine operation and enhances system utilization. The global flexible AC transmission system market is expected to witness significant growth rate, due to the advancement of electric power transmission system across the developed and the developing regions, including North America, Europe, and Asia-Pacific.
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Flexible AC Transmission System Market by Compensation Type (Series Compensation, Shunt Compensation, and Combined Series-Shunt Compensation), Controller (Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC), and Others), and Industry Vertical (Oil & Gas, Electric Utility, Railways, and Others): Global Opportunity Analysis and Industry Forecast, 2017-2023.
Flexible AC transmission system is the power electronics based device to enhance power system stability, quality, voltage control, and balances reactive power flow. Advancement of electric power transmission system and increase in demand for controllability of power systems are the major factors that drive the growth of the flexible AC transmission system.
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Combined series-shunt compensation segment is expected to be the major revenue contributor to the global flexible AC transmission system market, due to the availability of flat voltage profile at all levels of power transmission and increased stability. Moreover, UPFC segment has witnessed significant growth, as it controls active and reactive power flows in the transmission line and improves transmission system voltage regulation.
North America was the highest revenue contributor to the global flexible AC transmission system market in 2016, accounting for around 56.09% share, owing to surge in demand for grid modernization. In addition, the market in Asia-Pacific is projected to grow at the highest CAGR of 14.4% during the forecast period, due to increase in investment on smart grids and significant economic growth. Furthermore, rise in demand across various industry verticals such as oil & gas, electric utility, railways, and others fuel the growth of flexible AC transmission system in other emerging markets such as Latin America and the Middle East & Africa.
The report features a competitive scenario of the flexible AC transmission system market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are ABB Ltd, Adani power, Alstom, Crompton & Greaves, Eaton PLC, General Electric, Hyosung, Mitsubishi Electric Corporation, NR Electric Co. Ltd, and Siemens AG. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the global market.
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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 combined series-shunt compensation segment accounted for the highest share of the global flexible AC transmission system market in 2016, growing at a CAGR of 10.7% from 2017 to 2023. U.S. was the market leader in 2016. In addition, China, Australia, India, and other emerging nations are projected to provide significant opportunities for the major players.
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