With increasing income globally, living standards of people has improved drastically. Higher income increases the spending power of people and gives them feasibility to buy even high-end goods. One such necessity good is air conditioner, and its demand has grown significantly in the last couple of years. Its demand has increased considerably in developing economies as compared to developed economies. This increase in demand has further benefited growth in other supporting industries. Flexible AC transmission system is one such supporting industry that has grown rapidly with the growing demand for ACs.
Flexible alternating current transmission system is commonly known as FACTS, it comprises of static components that are used for the AC transmission of electrical energy. This system is used to increase the controllability, flexibility, and power transfer capacity of a power transmission network. To improve the efficiency of ACs and to with its growing demand, technology advancements are taking place that will enhance flexible AC transmission system.
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Market research report on the global flexible AC transmission system market published by Persistence Market Research will give the complete information and development taking place in this market. In-depth analysis related with the market, key developments, strategies adopted by players, and regional growth aspects are also thoroughly discussed in the upcoming report.
The global FACTS market can be broadly divided into three compensation types namely shunt connected, shunt, series and combined series. Shunt connected and combined series compensation consists of Interline Power Flow controller and Unified Power Flow Controller. Series compensation comprises of Thyristor Controlled Series Capacitor and Fixed Series Capacitor. The shunt compensation consists of two devices namely Static Synchronous Compensator and Static Var Compensator.
Ongoing Trends Supporting growth in the global FACTS Market
- High-powered electronics systems development is of the key factor augmenting growth in the global flexible AC transmission system market. The use of flexible AC transmission system technologies has a very little impact on the environment, which is also driving its growth across the globe.
- Another significant factor augmenting growth in this market is lesser implementation time involved in such advanced power infrastructure. Additionally, investment cost is also lesser as compared to building new power generation facilities or more transmission lines.
- With higher reliability and flexibility of the flexible AC transmission system also has features enhanced its demand for the existing power infrastructure systems.
- Increasing renewable energy policies that have been made mandatory for the energy retailers to give details of the portions of their source of energy to renewable energies. More and more countries are planning to introduce renewable polices, which are likely to challenge the growth in this market.
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Regional Growth Opportunities of FACTS
North America and Europe are projected to be the leading region for the global flexible AC transmission system market. Continuous developments and rising replacement of the existing power infrastructures, with high integration of renewable sources in the power grids, in developed countries are the key reason behind demand for FACTS. Asia Pacific on the other hand, is projected to contribute significantly in the growth of this market.