U.S. Flexible AC Transmission Systems Market to Hit $270 Million by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., August 22, 2019 (Newswire.com) - Rising disposable incomes, coupled with advancements in the industrial sector, are offering lucrative growth opportunities for the flexible AC transmission systems (FACTS) market. The manufacturing industry, in particular, has witnessed robust growth over the years. In emerging economies like India, several government initiatives have taken place to enhance the sector, such as the ‘Make in India’ program. According to records, between April to September 2018, the Gross Value Added (GVA) from manufacturing grew to USD $198.05 billion.
In terms of end-use, the flexible AC transmission systems market will depict substantial gains from the utilities sector. Lately, utility-based electricity grid infrastructure has been highly encouraged by the government and other regulatory authorities. Governments have approved several projects supporting the expansion of the electricity network. For instance, the Department of Energy in the U.S. aims to develop a commercial-scale microgrid system with a capacity of more than 10 MW that is capable of reducing the growing cases of outages by 98% at a considerably lower cost, along with reducing carbon emissions.
The global flexible AC transmission systems market is set to exceed USD $2.5 billion by 2025, as reported in the latest study by Global Market Insights, Inc.
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The National Smart Grid Mission, established under the Ministry of Power by the Government of India, plans on establishing over 4000 MV of rooftop PV by the year 2022. Thus, the flexible AC transmission systems market share is depicting immense traction, majorly due to the increasing demand for electricity globally.
Additionally, rising awareness towards controlling carbon emissions and adopting sustainable methods of power consumption are outlining flexible AC transmission systems industry trends. Reportedly, in 2018, electricity saw the global demand rise by 900 TWT, further leading to a 2.5% increase in CO2 emissions. Therefore, with a view to reduce electricity costs, coupled with providing sustainable power solutions, there has been a considerable shift towards flexible AC transmission systems.
Based on the configuration, combined controller units are one of the significant contributors towards increasing the flexible AC transmission systems market size. These systems are basically the combination of separate series and shunt controllers that work in a coordinated manner. Once unified, these can ensure real power exchange between the shunt and series controllers through a common DC power link.
In terms of the application spectrum, the flexible AC transmission systems industry is segmented into steady-state and dynamic. Steady-state is one of the lucrative application segments of the flexible AC transmission systems market. Various steady-state applications of FACTS includes voltage control, loading margin improvement, ATC improvement and congestion management.
Browse key industry insights spread across 650 pages with 1,296 market data tables and 25 figures and charts from the report, “Flexible AC Transmission Systems Market,” in detail, along with the table of contents:
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One of the main operational aims of FACTS is to ensure enhanced power transmission capabilities, coupled with voltage control during the connection with a power network. Heavily loaded and faulted power systems are prone to voltage collapse. The rising complexities in the power systems across the globe and the increase in the demand for stable, secured, economical and controlled power grids are intensifying the demand for these systems in steady-state application, thereby augmenting the flexible AC transmission systems market outlook over the forecast period.
Europe is expected to evolve as one of the most significant regional grounds for the flexible AC transmission systems market. 2017 recorded a 0.7% increase in electricity consumption by all European countries. The rising industrial production in the region, along with the magnifying population, is pushing the demand for electricity among the member countries.
New emerging industrial sectors are creating additional demand for power across the continent. Europe has witnessed a rise in the electric vehicle market with over 800,000 vehicles produced in the year 2017. The rising demand for electricity, along with technological advancements, requires a robust electrical grid system, thereby positively influencing the regional flexible AC transmission systems industry trends.
The burgeoning power systems in Europe requires a techno-economic and environmental solution. Adoption of flexible AC transmission systems will result in the improved transient and dynamic stability of power transmission networks, thereby driving the system’s demand in the region.
What does this report offer?
The flexible AC transmission systems industry report offers a brief synopsis of industry segments like configuration, product, application, end-use and region. The research study summarizes numerous industry parameters like growth drivers, market segmentation, business outlook and growth trends in the global industry.
The study cities that the configuration segment is subdivided into series, shunt and combined, of which the combined segment has gained substantial traction lately, owing to offered benefits like steady power yields and cost-efficiency.
A detailed analysis of the application segment of flexible AC transmission systems industry is entailed in the research report. The application segment is divided into steady-state and dynamic. The application spectrum is further bifurcated into ATC improvement, loading margin improvement, SSR Elimination, power system interconnection, congestion management, reactive power and voltage control, transient stability enhancement, power flow balancing and control, and dynamic voltage control.
The market has witnessed commendable growth from steady state sector on account of large number of government-backed electricity enhancement projects launched recently.
With respect to end-use spectrum, the FACTS market is widely used in renewables and utilities. Additionally, metals and mining industries, railways, smart grids, and oil and gas are other pivotal consumers of the product.
In terms of regional analysis, the flexible AC transmission systems market is segmented into Mexico, Indonesia, Ireland, U.S., Germany, Canada, U.K., Spain, Norway, France, China, Sweden, India, South Korea, Japan, Vietnam, Qatar, Malaysia, Saudi Arabia, South Africa, Brazil, UAE, and Argentina.
The study projects that the FACTS market is likely to experience commendable growth across Europe and the U.S. Furthermore, the flexible AC transmission systems market study report encompasses a collection of vital information that will assist the stakeholders to easily undertake the required decisions. The research report further includes information related to driving factors, SWOT analysis, etc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.
