Projection of Revenue Growth:
The Flexible AC Transmission System Market was valued US$ 1.45 Bn in 2023 and is expected to reach US$ 2.30 Bn by 2030 at a CAGR of 6.83 % during the forecast period.
Flexible AC Transmission System Market Overview
The report on Flexible AC Transmission System Market provides a comprehensive overview, encompassing market segmentation based on Segmentation and region. It estimates the market's value for the forecasted period, highlighting major opportunities, CAGR, and annual growth rate.
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Flexible AC Transmission System Market Report Scope and Research Methodology
The research for this report incorporates a comprehensive market segmentation, covering type, application, form, and region of the Flexible AC Transmission System Market. It estimates the market in terms of USD value for the forecasted period, providing major opportunities, Compound Annual Growth Rate (CAGR), and annual growth rate. The report adopts a bottom-up approach to accurately estimate the Flexible AC Transmission System Market size. Data from both international and domestic markets are analysed, including landscape analysis, trade insights, and key regions of development, ensuring a thorough market analysis. Additionally, the report includes product development details, such as current technologies, new product launches, and research and development activities, all of which contribute to market growth. For a deeper understanding of market strategies, business segmentation, and the geographic region of major players, the report offers an in-depth analysis.
Flexible AC Transmission System Market Regional Insights
North America dominated the largest market share in 2022 and is expected to significantly grow during the forecast period. Asia Pacific is a fast-growing region in a Flexible AC Transmission System market. Europe expected a sustainable growth during the forecast period.
Flexible AC Transmission System Market Segmentation
by Compensation Type
Series Compensation,
Shunt Compensation
Combined Series-Shunt Compensation
by Controller
Static Synchronous Compensator (STATCOM)
Static Var Compensator (SVC)
Unified Power Flow Controllers (UPFC)
Thyristor Controlled Series Compensator (TCSC)
Others
by Industry Vertical
Oil & Gas
Electric Utility
Railways
Others
Flexible AC Transmission System Market Key Players
1. ABB Ltd
2. Mitsubishi Electric Corporation
3. Eaton Corporation PLC
4. American Electric Power
5. Adani Power
6. Siemens AG
7. Eaton Corporation PLC
8. American Electric Power
9. NR Electric Co. Ltd.
10. Alstom
11. Xian Electric Engineering Co. Ltd.
12. Toshiba Corp.
13. HP Development Company
14. Amazon Web Services, Inc.
15. CISCO
16. Dell, Inc.
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Conclusion:
The Flexible AC Transmission System (FACTS) market is poised for substantial growth, projected to expand from USD 1.45 billion in 2023 to USD 2.30 billion by 2030, driven by a CAGR of 6.83%. This growth is fueled by the increasing demand for advanced power transmission solutions and the need for enhanced system reliability. Despite high initial installation costs posing a challenge, advancements in smart grid technologies and a rising focus on renewable energy sources offer significant opportunities for market expansion. The Asia Pacific region is expected to lead in market share due to its burgeoning power infrastructure needs, while North America and Europe will continue to drive developments through infrastructure upgrades and renewable integrations. Key players in the market are actively pursuing strategic initiatives such as mergers, acquisitions, and technological innovations to strengthen their positions and capture emerging opportunities in the FACTS sector.
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