Global Flexible AC Transmission Systems (FACTS) Market: Key Highlights
Global Flexible AC Transmission Systems (FACTS) Market: Key Market Dynamics
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Global Flexible AC Transmission Systems (FACTS) Market: Regional Overview
The North America is witness to be one of the major player for the adoption of advance technologies. Whereas, the region is anticipated to witness significant growth in the global Flexible AC Transmission Systems (FACTS) Market during the projected period. Also, with the growing adoption of new technologies and the advance features is expected to boost the consistent growth of the region Flexible AC Transmission Systems (FACTS) Market.
Hence, growing replacement and developments of the existing power architectures, with the integrating renewable sources in the power grids, in the region will flexible AC transmission market in the forecast period.
The region is witness to increase significant market growth during the anticipated period. Whereas, the region is projected to lead the flexible transmission system market with the growing demand for voltage and power platform and power transmission solution in countries such as China and India will increase the market adoption in the region. However, with the growing investments of the high speed trains from the countries such as China, India, and Japan is expected to offer significance growth opportunities for market expansion.
Global Flexible AC Transmission Systems (FACTS) Market: Key Players Overview
The General Electric is an American technology company, which operate in aviation, healthcare, power, manufacturing and renewable energy. Also, GE Power is one of the global energy leader for providing equipment, solutions and services into the energy value chain from generation to consumption. However, the company helps to provide various solution which offers grid the ability to reactive power support as well as enhance the stability and controllability of the AC transmission system.
Hence in 2020, the company renewable energy’s grid solutions business energized the Dynamic Reactive Compensator (DRC) project for National Grid in the UK. Also, the project is a part of the largest utility grade STATCOM scheme in Europe by delivering 975 Mvar power range.
The ABB is the global leader technology company which helps to energize the transformation of industry as well as the society to get enhance productive, sustainable growth. The company has signed an agreement to divest 80.1% of its Power Grids business to the Hitachi in 2018. However, this power grid business also contain real estate properties that has reported before within the corporate and others. In 2020, the company has also completes divestment of Power Grids to Hitachi, this divestment which permit to focus on the growing market trend as well as the user need which includes electrification of transport, automated manufacturing, digital solutions and improve the sustainable productivity.
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