08 April 2021
The new report the Flexible AC Transmission Systems (FACTS) Market Report to 2031: Forecasts by Compensation Type (Shunt Compensation, Series Compensation, and Combined Compensation), Function (Voltage Control, Network Stabilization, Transmission Capacity, and Harmonic Suppression), Vertical (Utilities, Renewables, Industrial, and Railways), by Region, Country, and Profiles of Leading Companies indicates that the Global Flexible AC Transmission Systems (FACTS) Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The Flexible AC Transmission Systems (FACTS) Market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand of the flexible AC transmission systems (FACTS)."
Flexible AC transmission systems (FACTS) devices help reduce voltage drops on a transmission line through power electronic devices that manage voltage limits. FACTS improves quality and efficiency and reduces power delivery cost by supplying inductive and reactive power to the grid. With the increasing benefits of FACTS devices, they are widely adopted in verticals such as utilities, railways, renewable, and industrial.
High-powered electronics systems development is primarily augmenting the growth of the flexible AC transmission system market in the future. The usage of flexible AC transmission system technologies has minimal impact on the environment, driving its expansion worldwide. Another significant factor augmenting the market's growth is the lesser implementation time involved in such advanced power infrastructure. Additionally, the investment cost is also lesser than building new power generation facilities or more transmission lines. With higher reliability and flexibility, the flexible AC transmission system also has features that enhance its demand for the existing power infrastructure systems.
They are increasing renewable energy policies made mandatory for energy retailers to give details of their energy source portions to renewable energies. Many countries are planning to introduce renewable policies, which are likely to challenge the Flexible AC Transmission Systems (FACTS) market.
The COVID-19 pandemic outbreak has not only affected the people’s lives but also impacted the global economy in that way resulting in the global economic crisis. Most global manufacturing activities have been affected owing to shutdowns and lockdown caused by this pandemic. In addition, a large number of manufacturing companies have shut down their plants and are working on bare minimum capacities. The shortage of workforce, supply chain constraints, and delays in renewable construction projects are directly impacting the commissioning of and renewable projects.
The XX page report contains 114 tables and 236 graphs that add visual analysis to explain developing trends within the flexible AC transmission systems (FACTS) market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the flexible AC transmission systems (FACTS) submarkets, namely by function, i.e., voltage control, network stabilization, transmission capacity, and harmonic suppression.
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies' chapter covering more than 15 companies leading the field in the flexible AC transmission systems (FACTS).
The global flexible AC transmission systems (FACTS) market 2021-2031 report will be of value to anyone who wants to understand better the flexible AC transmission systems (FACTS) market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in or those wishing to enter or expand into a different regional or technical aspect of the flexible AC transmission systems (FACTS) industry.
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