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Flexible AC Transmission System Market Expected to reach $ 1,034 Million by 2023 at CAGR 10.7%

02-20-2019 07:01 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Flexible AC Transmission System Market

Flexible AC Transmission System Market

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. 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.

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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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