Global flexible AC current transmission system demand is estimated to total US$ 1.3 Bn by the end of 2022. The sales in the market are expected to surpass US$ 1.9 Bn by 2032, exhibiting growth at a CAGR of 8.5% over the forecast period 2022-2032. The growth in the market is driven by increasing demand for high-performance devices for voltage control such as static synchronous compensators across diverse industries.
Flexible AC current transmission systems are power electronic-based systems, composed of static equipment used for the alternating current (AC) transmission of electrical energy. These systems offer collective controllability, fast reactive voltage support, and power transfer ability of the network, resulting in declining power supply costs. Complexity in networks has increased the issues in grid stability, power supply reliability, flexibility, and quality, as flexible AC current transmission systems assist in improving grid stability and reducing disturbance in flow of electricity they are increasingly being used across the power generation industry.
Rising adoption of smart grid networks and distributed generation technologies have impelled installers to abide by effective power supply units, which is in turn, propelling the demand for flexible AC transmission systems in the market. Also, increasing adoption of large-scale motor control operations and heavy-duty industrial machineries will further augment the demand in the market.
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Which are Some Prominent Drivers Spearheading Flexible AC Current Transmission System Market Growth?
With growing trend of urbanization and industrialization, a significant rise in demand for electricity has been witnessed across the world. Thus, governments worldwide are increasingly focusing on undertaking initiatives for increasing the rate of electrification and strengthening power transmission, & distribution to meet the growing power demand.
For instance, according to the Ministry of Power, the Government of India has launched a Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) scheme to enhance electrification, strengthen sub-transmission & distribution infrastructure, and improve the quality and reliability of power supply in rural areas.
Flexible AC current transmission systems are extensively used in numerous applications across cross power generation and distribution sectors, owing to its benefit such as faster control actions, enhanced power loading capability, and better power system security. Thus, a multiplicity of such initiatives is expected to create lucrative growth opportunities for the flexible AC current transmission system market.
What are the Challenges Faced by the Flexible AC Current Transmission System Industry?
Due to the complexities of flexible AC current transmission systems, the initial cost involved in the installation of these systems is relatively high, which is in turn, restraining the adoption of these technologies by utility and industries players.
In addition to this, increasing availability of low-cost alternatives such as phase-shifting transformers, switches, and others with similar functionality is hindering the sales of flexible AC current transmission systems.
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Although, flexible AC current transmission systems offer numerous benefits, there are several complications and issues that are needed to be addressed for the successful installation of these systems on large scale such as exact fitting size and setting. This is further hampering the growth in the global market.
Why is Asia Pacific Emerging as an Opportunistic Flexible AC Current Transmission System Market?
Future Market Insights states that the Asia Pacific is projected to emerge as the most remunerative market for flexible AC current transmission systems between 2022 and 2032.
Rising concerns regarding environmental sustainability and growing petroleum-based fuel prices have resulted in a rapid shift towards the production of green energy using renewable sources, especially across China and India. Hence, governments in these countries are undertaking numerous programs and initiatives to increase the production of renewable energy.
For instance, according to the India Brand Equity Foundation (IBEF), the Indian Government announced sanctioning US$ 616.76 Mn to the Indian Renewable Energy Development Agency Ltd. under the Production Linked Incentive (PLI) scheme for the development of solar energy production units.
In addition, the launch of massive green energy generation plants is expected to bolster the demand for electrical devices such as flexible AC current transmission systems across the Asia Pacific market.
How is North America Contributing to Growth of the Flexible AC Current Transmission System Market?
As per FMI, North America is projected to account for a significant share in the global flexible AC current transmission system market over the forecast period 2022-2032.
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Increasing number of railway line extension projects across the U.S. and Canada is a primary factor fueling the demand for flexible AC current transmission systems. For instance, the U.S. has announced its plan allocated US$ 53.8 Bn under the Sound Transit 3 (ST3) Construction Project for expanding the country’s existing link light railway system starting from the suburbs of Tacoma to West Seattle.
As flexible AC current transmission systems are increasingly used in railway infrastructures for controlling voltage fluctuations, providing fast reactive voltage support, and enhancing power supply ability, such projects are estimated to spur the sales in the North America market.
Market Competition
Some of the leading players in the global flexible AC current transmission systems market are ABB, Alstom, Eaton and Xian Electric Engineering, General Electric, Mitsubishi Electric, Toshiba, Siemens, America Superconductor Corporation, and others
Attributed to the presence of such high number of participants and increasing high performance product launches, the market is highly competitive.
Key Segments Profiled in the Flexible AC Current Transmission System Industry Survey
By Compensation Type
- Static Var Compensator (SVC)
- Static Synchronous Compensator (STATCOM)
- Thyristor Controlled Breaking Reactor (TCSC)
- Thyristor Controlled Series Capacitor (TSC)
- Thyristor Switched Series Reactor (TSR)
- Static Synchronous Series Compensator (SSSC)
By Component
- Series Controller
- Shunt Controller
- Combined Series-Series Controller
- Combined Series-Shunt Controllers
By Application
- Renewable Energy Industry
- Metal & Mining Industry
- Oil & Gas Industry
- Railway Industry
- Electric Utilities Industry
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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