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North America Region to be the Biggest Contributor in FACTS (Flexible AC Transmission System) Market Growth By 2024
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Rising requirement of superior quality high power and high network consistency for applications such as steel industry, electric utilities and mining is expected to drive the FACTS market. The Northeast blackout incidence (2003) in North America offered the need for methods such as FACTS for power and voltage control in order to avoid power failures and blackouts. In addition, replacement and upgradation of power infrastructure in urbanized regions such as Europe and America and the power capacity addition in developing economies such as Asia Pacific is also expected to play a crucial role in the growth of this market. Furthermore, the growing combination of renewable energy sources such as wind power in power grids is expected to surge the Flexible alternating current transmission system demand over the forecast period.
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Europe and North America constitute the largest market share of global Flexible alternating current transmission system market. RoW and Asia-Pacific are expected to be the promising markets with a remarkable growth potential over the forecast period. Some of the key players of FACTS market include Alstom from France, Toshiba from Japan, Mitsubishi Electric from Japan, ABB from Switzerland, American Superconductor Corporation and General Electric from the U.S and Siemens from Germany among others.
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