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Flexible AC Transmission Systems (FACTS) Market Segments, Trends Analysis
Flexible AC Transmission Systems (FACTS) Market
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There are several drivers, restraints and opportunities shaping the future of the FACTS market. The growing demand for power infrastructure and control is the primary factor driving the market. However, lack of awareness about the benefits of FACTS has restricted the growth of the market. Moreover, evolution of smart grid and increase use of renewable sources for power generation are anticipated to create greater opportunities.
The FACTS market is segmented based on compensation type, application, component, industry and geography. The compensation types covered in the market research report include series compensation, shunt compensation and combined series and shunt compensation. The components discussed in the report include control systems, surge arresters, power electronic devices, phase-shifting transformers, reactors, capacitor banks, and others. Industries served by FACTS are oil and gas, railways, electric utilities, and others. Applications studied during the research are steady state as well as dynamic state. The regions analyzed in the study include include North America, Europe, Asia-Pacific and LAMEA.
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Prominent market players are acquiring new companies or local market players to maintain their competitive edge and expand their geographic presence. Other business strategies favored by the companies include new product launch, joint ventures, and collaborations. Prominent market players discussed in the market research report are General Electric, Eaton Corp PLC., Siemens AG., Alstom, Adani Power and many others.
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