Global Flexible AC Transmission System Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Flexible AC Transmission System market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global flexible AC transmission system market size was US$ 1.22 billion in 2020. The global flexible AC transmission system market is forecast to reach the value of US$ 2.02 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2021-2030.
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Flexible AC Transmission Systems comprises static equipment that helps transmit AC power. The systems aim to enhance the capacity of power transmission and controllability throughout the network.
Factors Influencing
- Growing investments pertaining to the production of advanced power transmission systems are forecast to drive the market growth.
- The rising demand for advanced controllability may create favorable opportunities for the market players.
- The advantages of the flexible AC transmission system over aging transmission and other power system networks may enhance the market growth in the coming years. The extra power loss has been witnessed in the traditional system. Moreover, other benefits like rapid voltage regulation, harmonic minimization, advanced energy supply, and short-term amortization are forecast to fuel the growth of the global flexible AC transmission system market.
- The rising demand for electrification, majorly in emerging nations, propels the growth of the global flexible AC transmission system market.
- The high initial investment associated with the incorporation and installation of a flexible AC transmission system may slow down the growth of the market in the coming years.
Geographic Analysis
Europe is forecast to hold the highest share in the global flexible AC transmission systems market. The region is also dominating the market because of the rising industrial production. With the increasing population, the demand for electricity is also increasing in the region. Apart from that, government regulations to enable carbon-free power transmission may fuel the growth of the market in the region.
North America will register a steady growth rate in terms of revenue generation, owing to the growing investment to launch innovations in the smart-grid networks. Apart from that, the Asia-Pacific region is forecast to witness strong growth in the global flexible AC transmission system because of the growing population in the region.
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COVID-19 Impact Analysis
The demand for flexible AC transmission systems rapidly decreased with the onset of the COVID-19 pandemic. As industries halted their activities and the obstacles began occurring in the import-export activities, the market witnessed an abrupt downfall. Moreover, travel and transport activities were all stopped to curb the virus spread. These restrictions hampered the growth of the global flexible AC transmission system market.
Market segmentation
By Industry Vertical
- Oil & Gas
- Electric Utility
- Railways
- Others
By Controller
- Static Synchronous Compensator (Statcom)
- Static Var Compensator (Svr)
- Unified Power Flow Controller (Upfc)
- Thyristor Controlled Series Compensator (Tcsc)
- Others
By Compensation Type
- Series Compensation
- Shunt Compensation
- Combined Series-Shunt Compensation
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- 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.
- VMware.
- Other prominent players
Key questions answered in the global Flexible AC Transmission System market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Flexible AC Transmission System market over the forecast period?
- What are the factors driving and restraining the market for Flexible AC Transmission System?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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