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Flexible AC Transmission System Market Outlook and Industry Analysis - Comprehensive Analysis of Leading Players
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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.
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.
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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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