With the rapid electrical line expansion and the rise in investment on renewable energy generation, which drive the adoption of flexible AC transmission system in the power system. Moreover, various benefits offered by flexible AC transmission system such as controllability, flexibility, and manageability drive the growth of the market.
According to a new report by Allied Market Research, titled, 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, the global Flexible AC transmission system market was valued at $508 million in 2016, and is projected to reach at $1,034 million by 2023, growing at a CAGR of 10.7% from 2017 to 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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Key Findings of the Flexible AC Transmission System Market:
- 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.
- The North American flexible AC transmission system market generated the highest revenue in 2016.
- The electric utility segment is expected to dominate the market, in terms of market share, during the forecast period.
- The 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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