Flexible AC Transmission System Market Growth Insights with Leading Companies 2030 | Amazon Web Services, Inc., Cisco Systems, Citrix Systems, Inc.

The global flexible AC transmission system market size was US$ 1.22 billion in 2020. The global flexible AC transmission system market is forecast to reach the value of US$ 2.02 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2021-2030.

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Flexible AC Transmission Systems comprises static equipment that helps transmit AC power. The systems aim to enhance the capacity of power transmission and controllability throughout the network.

Factors Influencing

Growing investments pertaining to the production of advanced power transmission systems are forecast to drive the market growth.
The rising demand for advanced controllability may create favorable opportunities for the market players.
The advantages of the flexible AC transmission system over aging transmission and other power system networks may enhance the market growth in the coming years. The extra power loss has been witnessed in the traditional system. Moreover, other benefits like rapid voltage regulation, harmonic minimization, advanced energy supply, and short-term amortization are forecast to fuel the growth of the global flexible AC transmission system market.
The rising demand for electrification, majorly in emerging nations, propels the growth of the global flexible AC transmission system market.
The high initial investment associated with the incorporation and installation of a flexible AC transmission system may slow down the growth of the market in the coming years.

Geographic Analysis

Europe is forecast to hold the highest share in the global flexible AC transmission systems market. The region is also dominating the market because of the rising industrial production. With the increasing population, the demand for electricity is also increasing in the region. Apart from that, government regulations to enable carbon-free power transmission may fuel the growth of the market in the region.

North America will register a steady growth rate in terms of revenue generation, owing to the growing investment to launch innovations in the smart-grid networks. Apart from that, the Asia-Pacific region is forecast to witness strong growth in the global flexible AC transmission system because of the growing population in the region.

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COVID-19 Impact Analysis

The demand for flexible AC transmission systems rapidly decreased with the onset of the COVID-19 pandemic. As industries halted their activities and the obstacles began occurring in the import-export activities, the market witnessed an abrupt downfall. Moreover, travel and transport activities were all stopped to curb the virus spread. These restrictions hampered the growth of the global flexible AC transmission system market.

Market segmentation

By Industry Vertical

Oil & Gas
Electric Utility
Railways
Others

By Controller

Static Synchronous Compensator (Statcom)
Static Var Compensator (Svr)
Unified Power Flow Controller (Upfc)
Thyristor Controlled Series Compensator (Tcsc)
Others

By Compensation Type

Series Compensation
Shunt Compensation
Combined Series-Shunt Compensation

By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe

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Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Competitors in the Market

Amazon Web Services, Inc.
Cisco Systems
Citrix Systems, Inc.
Dell Inc.
HP Development Company, L.P.
IBM Corporation
Microsoft Corporation
NComputing Co. LTD
Rackspace, Inc.
VMware.
Other prominent players

What is the goal of the report?

-The market report presents the estimated size of the ICT market at the end of the forecast -period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.