Dublin, March 29, 2021 (GLOBE NEWSWIRE) -- The "Flexible AC Transmission (FACT) Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Flexible AC Transmission (FACT) Systems is projected to reach US$ 1.9 billion by 2024, driven by new approaches to electricity transmission; migration towards bulk power transmission over long distances; growing adoption of renewable energy sources like hydro power which are located far away from consumption centers; stringent climate change regulations and the resulting focus on lossless electricity transmission.
A key factor driving the popularity of FACTS as an attractive electricity transmission technology is its ability to meet the demand for reliable supply of power; support environmental sustainability goals and bring about cost and financial benefits. The advantage of FACTS in transmission can be put to perspective by the fact that they can enhance power transfer capability by as much as 50% or even higher. The technology also helps meet increased demand for energy while simultaneously minimizing the need to build more transmission networks.
Other major factors also poised to drive growth in the growth include liberalization of the electricity market in several countries across the globe; growing government policy led support for smart grids; and rise in energy trading, among others. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 7.7 % over the analysis period.
The growth in the region is driven by factors such as growing population and parallel increase in electricity demanded; strong focus on energy infrastructure expansion and upgrades; stable growth of heavy industries such as mining, construction, manufacturing, oil & gas and the resulting increase in non-utility energy generation.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
- Electric Power Transmission and Distribution (T&D) Equipment: A Prelude
- Flexible Alternating Current Transmission (FACT) Systems: An Introduction
- Evolutionary Scan of FACTS Technology
- Generations of FACTS
- Types of FACTS Devices
- Based on Compensation Type
- Based on Voltage Type
- Based on Connection Mode
- Methods to Connect FACTS with Power System
- Series Compensation
- Shunt Compensation
- Major Benefits of FACTS
- Key Applications of FACTS
- FACTS Emerges as a Vital Technology for Efficient Bulk Power Transmission
- Global Market Prospects & Outlook
- Shunt Controller: The Dominant Compensation Type
- Voltage Control Applications Lead Global Market
- Utilities Emerges as the Largest End-Use Market
- Developing Regions to Spearhead Future Growth
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 25 Featured):
- Hitachi ABB Power Grids Ltd
- American Superconductor
- GE Grid Solutions
- Hyosung Power & Industrial Systems Performance Group
- LS ELECTRIC Co., Ltd
- Mitsubishi Electric Corporation
- Rongxin Power Engineering
- S&C Electric Company
- Siemens Energy Global GmbH & Co. KG
- Sieyuan Electric Co., Ltd.
- Toshiba Energy Systems & Solutions Corporation
3. MARKET TRENDS & DRIVERS
- Growing Pressure on Power Transmission Grids and Rising Investments in Power Transmission Infrastructure to Benefit FACTS Market
- Surging Energy Consumption and the Resulting Rise in Power Production, Transmission and Distribution: Foundation for Market Growth
- Growing Focus on Renewable Energy-Based Power Projects Augurs Well for Market
- Trend towards Distributed Power Generation Powers Demand for FACT Devices
- With Smart Grid Implementations Gaining Traction, Opportunities in Store for the FACTS Market
- Aging Power T&D Infrastructure and Need to Replacement & Upgrade of Obsolete Power Systems to Spur Demand for FACT Equipment
- Imperative Need to Prevent Large-Scale Blackouts & Outages Drives Importance of FACT Equipment
- As Governments Focus on Development of High-Speed Trains and Bullet Trains, FACTS Market Poised to Grow
- Growing Importance of Variable Compensation Technologies
- Shift towards Variable Shunt Compensation Equipment
- Technology Advancements & Product Developments to Boost Market Prospects
- Customer Loyalty Building: Imperative for Sustenance
- Challenges Facing FACT Systems Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- UNITED STATES
- Transmission & Distribution Market in the US: An Overview
- Factors Impacting T&D Market in the US
- Focus on Renewable Energy Generation to Drive Demand for FACTS Equipment
- Shift towards Variable Shunt Compensation Equipment
- Expanding Smart Grid Infrastructure Boosts Demand Augurs Well for the Market
- Market Analytics
- CANADA
- JAPAN
- CHINA
- Market Overview
- Expansion of High-Speed Railway Network: Opportunity for FACTS Deployment
- Market Analytics
- EUROPE
- Market Overview
- Market Analytics
- FRANCE
- GERMANY
- Grid Infrastructure Development Creates Opportunities for FACTS suppliers
- Market Analytics
- ITALY
- UNITED KINGDOM
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA-PACIFIC
- Market Overview
- Railway Electrification and High Speed Rail Projects Benefit Market Growth
- Market Analytics
- AUSTRALIA
- INDIA
- Overview of India's Power Distribution Sector
- FACTS Gains Momentum in India
- Market Analytics
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LATIN AMERICA
- ARGENTINA
- BRAZIL
- MEXICO
- REST OF LATIN AMERICA
- MIDDLE EAST
- IRAN
- ISRAEL
- SAUDI ARABIA
- UNITED ARAB EMIRATES
- REST OF MIDDLE EAST
- AFRICA
IV. COMPETITION
- Total Companies Profiled: 78
For more information about this report visit https://www.researchandmarkets.com/r/h1nars