The global flexible AC transmission system market is expected to witness a CAGR of 5.6% during the forecast period. The global flexible AC transmission system (FACTS) market is growing significantly owing to the rise in transmission lines, increasing focus on energy generation using renewable sources, increase in demand for STATCOM devices for voltage control. Furthermore, the increased penetration of distributed generation technologies, smart grid networks have prompted installers to comply with high-efficiency power supply devices that promotes the development of a flexible AC transmission system market.
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Moreover, increasing investments in transmission networks, a rise in awareness regarding environmental hazards due to fossil fuels among people, and lucrative opportunities in APAC countries will provide opportunities for the growth of the FACTS market. However, massive investments in the installation of FACTS will be one of the challenges faced by the global flexible AC transmission system market.
The COVID-19 outbreak has negatively affected the global flexible AC transmission system market. Several countries have imposed a strict lockdown, as a result, all passenger transport facilities including rail across the globe have been put to a halt in order to curb virus transmission. However, in current times, the various governments are taking many initiatives to modernize the rail infrastructure and help companies during the pandemic time. For instance, the Switzerland government has released $830 million for the support plan to modernize transportation including rail and freight transportation, thus driving the market growth of the FACTS market in the pandemic times.
By vertical, Oil & Gas Segment to Display High Growth
The oil & gas segment to have rapid growth during the forecast period as it used to manage voltage during fluctuating load conditions. Furthermore, FACTS are time and cost-effective and maintain steady electricity in highly advanced systems. Thus, these factors are driving the integration of FACTS in the oil and gas industry for voltage stabilization.
Asia Pacific flexible AC transmission system market is expected to register the highest CAGR during the forecast period.
Geographically, Asia-Pacific is anticipated to have a high CAGR during the forecast period due to the rising government expenditure to make smart grids and the growing investment of electricity generation by renewable energy sources. Moreover, the increasing investments in high-speed trains from emerging economies such as China, Japan, and India will provide massive opportunities for FACTS market expansion.
Some of the major players in the global flexible AC transmission system market include Siemens, ABB, NR Electric Co., Ltd., General Electric, Mitsubishi Electric Corporation, HYOSUNG HEAVY INDUSTRIES, Adani Group, Alstom, CG Power and Industrial Solutions Limited, and Infineon Technologies AG.
Source: VynZ Research