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SE_17810
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Pages: 181
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Dec 2017 | 2717 Views
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Author's :
Rahul Kumar & Sonia Mutreja
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Tables: 62
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Charts: 57
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Flexible AC Transmission System Market was valued at $508 million in 2016, and is estimated to reach $1,034 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. Flexible AC transmission system provide dynamic reactive power support, increases system stability, and control real & reactive power. This ensures efficient machine operation and enhances system utilization. The global flexible AC transmission system market is expected to witness significant growth rate, due to the advancement of electric power transmission system across the developed and the developing regions, including North America, Europe, and Asia-Pacific.
The Asia-Pacific flexible AC transmission system market is expected to register the highest CAGR during the forecast period, owing to increase in government expenditure to build smart grids and increase in investment on electricity generation by renewable energy resources. In addition, rise in investments in high speed trains from the developing countries such as China, India, and Japan is expected to offer lucrative opportunities for market expansion.
Increase in demand for controllability of power system in the industries such as oil & gas, railways, and electric utility fuels the demand for flexible AC transmission system in the market. However, LAMEA is expected to account for the least share in the global market as compared to other regions, due to uniform smartphone penetration across Latin America. Furthermore, Middle East and Africa are expected to gain traction due to slow adoption of flexible AC transmission system across industry verticals such as manufacturing, railways, and renewable energy industries. However, high initial cost of installation is expected to restrain the market growth during the forecast period.
The global flexible AC transmission system market is segmented based on compensation type, controller, industry vertical, and region. The compensation type covered in the study includes series compensation, shunt compensation, and combined series-shunt compensation. By controller, the market is classified as STATCOM, SVC, UPFC, TCSC, and others. Based on industry vertical, it is categorized into oil & gas, electric utility, railways, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the report are 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., and VMware. The report includes the key strategies adopted by these players and the detailed analysis of the current trends, upcoming opportunities, and restraints of the global flexible AC transmission system market in addition to their impacts.
Top Impacting Factors
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Advancement of Electric Power Transmission System
The aging transmission and other power system networks result into lots of power losses and lesser system usability. The rise in demand for electrification across developed and developing nations, drives the demand for the flexible AC transmission system market.
Increase in Demand for Controllability of Power System
The controlled, regulated, and uninterrupted power supply increases system efficiency and boost the production process. This results into lesser wear and tear to the equipment installed in the industrial plant.
Need of High Reliability Under Contingencies
The varying load and varying demand during running time, creates disturbance or power failure in the whole or some section of the network. Therefore, the need of reliable system support continuous operation.
Key Benefits
Flexible AC transmission system is the power electronics based devices used to enhance controllability and stability of the AC system. This is due to the increase in demand for controllability of power systems, advancement of electric power transmission system, and need of high reliability under contingencies. However, high initial cost of installation is expected to hamper the flexible AC transmission system market growth.
Need for effective equipment operation, consistent power supply, and improved power factor are the necessary requirement by the various small & medium enterprise and as well as large enterprise, drives the demand of flexible AC transmission system. This enables the industry vertical to perform the tasks and maintain the production at required level during any contingencies and peak demand.
In 2016, the series was the highest contributor, in terms of revenue, in the global flexible AC transmission system market. In addition, static var compensator (SVC) contributed significant revenue to the market, majorly from North America. Furthermore, the electric utility segment is anticipated to witness the highest growth rate during the forecast period, due to a huge investment in rural electrification and smart grid development by the government.
Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances to create more awareness about flexible AC transmission system and increase its adoption across various industries.
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