Flexible AC Transmission System Market Overview:

Flexible AC Transmission System Market was valued at $508 million in 2016, and is estimated to reach $1,034 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. Flexible AC transmission system provide dynamic reactive power support, increases system stability, and control real & reactive power. This ensures efficient machine operation and enhances system utilization. The global flexible AC transmission system market is expected to witness significant growth rate, due to the advancement of electric power transmission system across the developed and the developing regions, including North America, Europe, and Asia-Pacific.

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The Asia-Pacific flexible AC transmission system market is expected to register the highest CAGR during the forecast period, owing to increase in government expenditure to build smart grids and increase in investment on electricity generation by renewable energy resources. In addition, rise in investments in high speed trains from the developing countries such as China, India, and Japan is expected to offer lucrative opportunities for market expansion.

The global flexible AC transmission system market is segmented based on compensation type, controller, industry vertical, and region. The compensation type covered in the study includes series compensation, shunt compensation, and combined series-shunt compensation. By controller, the market is classified as STATCOM, SVC, UPFC, TCSC, and others. Based on industry vertical, it is categorized into oil & gas, electric utility, railways, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global flexible AC transmission system market is segmented based on compensation type, controller, industry vertical, and region. The compensation type covered in the study includes series compensation, shunt compensation, and combined series-shunt compensation. By controller, the market is classified as STATCOM, SVC, UPFC, TCSC, and others. Based on industry vertical, it is categorized into oil & gas, electric utility, railways, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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