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The increasing demand for power control solution, along with the advancement and replacement of aging power infrastructure in the developed countries is driving the growth of the global flexible AC transmission systems market. The demand for efficient power transmission capacity, improved grid control, in addition with growing need for the minimization of power transmission loses are fueling the growth for global flexible AC transmission systems market.
The flexible AC transmission systems also facilitate solutions for power transmission bottleneck, and minimize the risk for complete blackouts. It also integrates renewal energy sources to main stream power grids. The increasing adoption of smart grid in developing countries of Asia-Pacific is laying the new market opportunity for the growth of the global flexible AC transmission systems market during the forecast period. However, the high initial installation cost of flexible AC transmission systems is the major factor, hindering the growth of the global market.
The flexible AC transmission works on the principal that electric power flow can be enforced along a precise contract path, if the deceptive impedance of transmission line is frequently changed. In flexible AC transmission systems, the power transmission can be kept constant that facilitate a planned response, in case any emergency related to power transmission arises. Parallel technology is used for the modern flexible AC transmission controllers. The advancement in the high power electronics is further expected to boost the control efficiency of FACTS controller in upcoming years.
Among the industry verticals, electric utilities accounted for the largest market segment in 2014. The industrial segment is expected to be the fastest growing industry vertical segment in the global flexible AC transmission market during the forecast period.
North America accounted for the largest share of the global market in 2014. The ongoing replacements of aging power transmission system, along with the development of smart power grid in the U.S. and Canada are the major growth drivers for the flexible AC transmission systems market in North America. Europe was the second largest market of the flexible AC transmission systems in 2014; which was led by Germany, the U.K., France, Russia, Italy and Spain. Asia-Pacific is expected to witness fastest growth during the forecast period, owing to the increasing government expenses in the development of energy and power sector. China, India, Japan are among the fastest growing flexible AC transmission systems market in Asia-Pacific. The flexible AC transmission systems market in Bangladesh, Pakistan, Indonesia, and Australia are also expected to grow with a significant pace, during the forecast period.
Some of the competitors in the global flexible AC transmission systems market are ABB Ltd., Mitsubishi Electric Corporation, Eaton Corporation PLC, American Electric Power, Adani Power, Siemens AG, Eaton Corporation PLC, American Electric Power, and NR Electric Co. Ltd.
Global Flexible AC Transmission Systems Market Segmentation
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