DUBLIN--(BUSINESS WIRE)--The "Global Flexible AC Transmission System (FACTS) market Market Market- Technologies, Market share and Industry Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Rising demand for voltage and power control solutions from industries such as oil and gas, railways and electric utility; and smart grids emergence, boosting renewable energy market are some primary drivers of the global FACTS market.
Rising adoption of smart grids and growing renewable energy market is contributing major share in driving the global FACTS market. Government of different countries are taking several initiatives and are investing huge amount in replacing aged transmission infrastructure and installing new smart grids to increase the transmission efficiency and reduce the operation cost. In 2016, US Government announced to invest $220 million to upgrade the aged power grid over the period 2016-2019.
Further, as per Electric Power Research Institute (EPRI), the up-gradation of US aged transmission system to smarter grid will provide up to $2 trillion in customer benefits over the next 20 years. Also, increasing global population and industrialization is increasing the demand of energy across the world. As per OBRC, the world population is expected to reach 9.8 billion by 2050, resulting an increase of 30% in total consumption of energy from 2015.
Asia Pacific is expected to grow at highest rate over the forecast period owing to increasing renewable energy market in the region. China is developing renewable energy sources to reduce the dependency on non-renewable resources such as coal. According to IEA, in 2015, China energy market is highly dependent on non-renewable resource, majorly coal to generate 64% of the total energy and is trying to reduce it at 58% level by 2020.
ABB Ltd. (Switzerland), Adani Power Limited (India), Alstom (France), American Electric Power (U.S.), American Superconductor Corporation (U.S.), NR Electric Co. Ltd. (China) and Quanta Technology LLC ( U.S.), Siemens AG (Germany) are some of the major players operating in global FACTS market.
For instance: In 2015, as per company source, American Electric Power (U.S.) started working on transmission lines for increasing efficiency and power transport using new design BOLD (Breakthrough Overhead Line Design), which also helps in improving their visual appearance and minimizing their physical footprint.
Key Topics Covered:
2. Market Overview
3. Market Determinants
4. Global Flexible Ac Transmission System (Facts) Market By Compensation Type
5. Global Flexible Ac Transmission System (Facts) Market By Component Type
6. Global Flexible Ac Transmission System (Facts) Market By Application
7. Global Flexible Ac Transmission System (Facts) Market By Vertical
8. Competitive Landscape
9. Geographic Analysis
10. Company Profiles
- ABB Ltd. (Switzerland)
- Adani Power Limited (India)
- Alstom (France)
- American Superconductor Corporation (U.S.)
- American Electric Power (U.S.)
- Beta Engineering (California)
- CG Power And Industrial Solutions Limited
- Eaton Corporation Plc (Ireland)
- General Electric (U.S.)
- Hyosung Corporation (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Nampower (South Africa)
- NR Electric Co. Ltd. (China)
- Quanta Technology LLC (U.S.)
- Siemens AG (Germany)
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