According to a new report, published by KBV research, The Global Flexible AC Transmission System Market size is expected to reach $1.8 billion by 2030, rising at a market growth of 6.2% CAGR during the forecast period.
The Static Synchronous Compensator (STATCOM) segment is anticipated to grow at a CAGR of 6% during (2023 - 2030). A STATCOM is a FACTS device used in electric power systems to control and stabilize voltage and reactive power. STATCOMs are solid-state devices that can quickly and precisely regulate the flow of reactive power on the grid to maintain voltage stability and improve the electrical system's overall performance. STATCOMs are valuable tools for utilities and grid operators to manage voltage and reactive power in modern power systems.
The Electric Utility segment is leading the Global Flexible AC Transmission System Market, by Vertical in 2022; thereby, achieving a market value of $658.9 Million by 2030. FACTS devices provide rapid and precise control of reactive power to ensure that voltage remains within acceptable limits, even during fluctuations in load or disturbances. FACTS devices enable utilities to increase the power transfer capability of existing transmission lines. This allows utilities to transport more electricity over the same infrastructure, reducing the need for costly grid expansions.
The Series Compensation segment is capturing a CAGR of 5.8% during (2023 - 2030). In electric power transmission systems, series compensation improves the grid's efficiency, voltage stability, and overall performance. It involves the installation of capacitors or other reactive components in series with a transmission line. This is done to counteract the inductive reactance of the line, which can cause voltage drop and power loss, especially in long-distance high-voltage transmission. The primary goal of series compensation is to increase the power transfer capacity and reduce voltage drop along a transmission line.
The North America region dominated the Global Flexible AC Transmission System Market, by region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $618 Million by 2030. The Europe region is poised to grow at a CAGR of 6% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 7.2% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/flexible-ac-transmission-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, Adani Power Limited, Alstom SA, CG Power and Industrial Solutions Limited, Eaton Corporation PLC, General Electric Company, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co., Ltd., Siemens AG.
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By Vertical
By Compensation Type
By Geography
Companies Profiled
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