Flexible AC Transmission Systems Market 2021 | General Electric, ABB, Mitsubishi, Siemens, BHEL, NR Electric, Rongxin

There has been a significant growth in the power transmission industry owing to the increased need for effective transmission & distribution control systems. In addition, the development of such effective grid networks is boosted by increased financial assistance. Also, there is a surging demand for the re-establishment of traditional electrical networks. Such implementations have increased the reliability of electrical networks whilst maintaining the overall costs required.

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Owing to such initiatives, the flexible AC transmission systems market size is likely to surpass a value of USD 2.5 billion by the end of 2025, as per a recent report by Global Market Insights Inc.

Over the years, the integration of secure, energy efficient, reliable and advanced fire-resistant electric equipment has witnessed a rise in demand. Flexible AC transmission systems can limit unbalanced loads, have resonance across active and variable reactive loads along with power oscillations. These benefits will play a key role in fueling the product demand in the near future.

Following are some trends that have majorly contributed to the market growth.
Increased consumer interest for series configuration to spur the usage of FACTS
Series flexible AC transmission systems improve the system stability, require less time for installation and increases the transmission capacity. In addition, this configuration also improves the longevity of the network which has let consumers be increasingly interested in installing these units. These reasons play a crucial role in the proliferation of the series configuration segment.

Growing commercial and residential infrastructure to boost the FACT market growth
Residential and commercial constructions require electrical transmission systems ranging from 132kV to 220kV. With increased preference towards infrastructural development, the demand for the 132kV to 220kV voltage segment will surge sizably. The flexibility of product configurations along with aesthetic proximities has increased the penetration of these products. Also, growing integration of sustainable energy networks has further bolstered the segment growth.

Heavy investments from government authorities in Middle Ease & Africa and Asia Pacific
There is a surging demand for revamping existing electrical networks and replacing them with efficient transmission and distribution technologies, especially in the Middle East & Africa and the Asia Pacific regions. In fact, government bodies are heavily investing in such infrastructural developments. To support this statement with an instance, the government of Saudi Arabia, in 2018, declared financial assistance of over USD 130 billion for their water and energy projects. Such financial initiatives will propel market growth in the region.

Implementation of renewable energy demands for effective electrical infrastructure
The usage of renewable energy is at an all-time high owing to current environmental conditions. Local regulatory bodies are shifting their focus on adopting renewable energy infrastructure for which they are providing strong financial assistance. Governments have directed regulations for implementing utility grid networks in emerging economies, thus expanding the industrial landscape significantly.

Industry players are also implementing strategies like collaborations, mergers along with frequent product launch for establishing their position in the market.

Some of the major players associated with the flexible AC transmission systems market are Rongxin, GE, Infineon, NR Electric, ABB, Siemens, Hyosung, BHEL, Mitsubishi Electric. American Superconductor and Ingeteam.

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