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Flexible AC Transmission Systems (FACTS) Market - Size, Share, Trends, Demand and Growth Forecast to 2023

The increasing demand for power control solution, along with the advancement and replacement of aging power infrastructure in the developed countries is driving the growth of the global flexible AC transmission systems market. The demand for efficient power transmission capacity, improved grid control, in addition with growing need for the minimization of power transmission loses are fueling the growth for global flexible AC transmission systems market.
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The flexible AC transmission systems also facilitate solutions for power transmission bottleneck, and minimize the risk for complete blackouts. It also integrates renewal energy sources to main stream power grids. The increasing adoption of smart grid in developing countries of Asia-Pacific is laying the new market opportunity for the growth of the global flexible AC transmission systems market during the forecast period. However, the high initial installation cost of flexible AC transmission systems is the major factor, hindering the growth of the global market.
North America accounted for the largest share of the global market in 2014. The ongoing replacements of aging power transmission system, along with the development of smart power grid in the U.S. and Canada are the major growth drivers for the flexible AC transmission systems market in North America.
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Europe was the second largest market of the flexible AC transmission systems in 2014; which was led by Germany, the U.K., France, Russia, Italy and Spain. Asia-Pacific is expected to witness fastest growth during the forecast period, owing to the increasing government expenses in the development of energy and power sector. China, India, Japan are among the fastest growing flexible AC transmission systems market in Asia-Pacific. The flexible AC transmission systems market in Bangladesh, Pakistan, Indonesia, and Australia are also expected to grow with a significant pace, during the forecast period.
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Some of the competitors in the global flexible AC transmission systems market are ABB Ltd., Mitsubishi Electric Corporation, Eaton Corporation PLC, American Electric Power, Adani Power, Siemens AG, Eaton Corporation PLC, American Electric Power, and NR Electric Co. Ltd.

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