Global Flexible AC Transmission System Market Report By Compensation Type (Shunt Compensation, Series Compensation, Combined Compensation), By Generation Type (First generation, Second generation), By Function (Voltage Control, Network Stabilization, Transmission Capacity, Harmonic Suppression), By Components (Power Electronics Devices, Phase Shifting Transformers, Protection And Control Systems), By Application (Voltage Control, Power Control), By Vertical (Utilities, Renewables, Industrial, Reilways) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2023-2032

The global demand for Flexible AC Transmission System Market is presumed to reach the market size of nearly USD 4.01 BN by 2030 from USD 2.39 BN in 2022 with a CAGR of 6.7% under the study period 2023 - 2030.

A flexible AC transmission system is a power electronic-based system designed to enhance the control and transmission capabilities of an alternating current (AC) power network. It consists of various devices and technologies that can control the flow of power, regulate voltage, and improve system stability.

Market Dynamics

The increasing demand for reliable power transmission infrastructure fuels the adoption of flexible AC transmission systems. With the growing global electricity demand, utilities require enhanced control capabilities to manage power flow, voltage regulation, and system stability effectively. The incorporation of renewable energy sources into the power grid plays a vital role in shaping the energy sector. These technologies enable the seamless integration of intermittent renewables by providing dynamic control and compensation capabilities, ensuring grid stability and efficient utilization of renewable resources. Grid modernization and upgrades are also driving the market growth. Ageing power infrastructure requires modernization to meet the increasing electricity demand and address stability issues. Flexible AC transmission systems offer a cost-effective solution by providing real-time control and flexibility without extensive infrastructure changes. The need for improved power quality is another driver. These devices mitigate power quality issues, such as voltage fluctuations and harmonic distortions, through rapid reactive power compensation and voltage regulation. Transmission line congestion management is a significant factor as well. It also optimizes the utilization of existing transmission infrastructure by controlling line impedance and power flow, effectively managing congestion and avoiding costly line expansions. Government initiatives and support further drive the flexible AC transmission system market. Governments worldwide promote grid modernization, renewable energy integration, and advanced grid technologies through policies, incentives, and regulations.

The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of flexible ac transmission system. The growth and trends of flexible ac transmission system industry provide a holistic approach to this study. 

Market Segmentation

This section of the flexible ac transmission system market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities. 

By Compensation Type

• Shunt Compensation
• Series Compensation
• Combined Compensation

By Generation Type

• First Generation
• Second Generation

By Function

• Voltage Control
• Network Stabilization
• Transmission Capacity
• Harmonic Suppression

By Components

• Power Electronics Devices
• Phase Shifting Transformers
• Protection And Control Systems

By Application

• Voltage Control
• Power Control

By Vertical

• Utilities
• Renewables
• Industrial
• Reilways

Regional Analysis

This section covers the regional outlook, which accentuates current and future demand for the Flexible AC Transmission System market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.

Global Flexible AC Transmission System Market Share by Region (Representative Graph)

The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the flexible ac transmission system market include ABB (Hitachi) (ABB, Switzerland), Siemens AG (Siemens, Germany), Mitsubishi Electric Corporation (Mitsubishi Electric, Japan), Infineon Technologies AG (Infineon, Germany), NR Electric Co., Ltd. (NR Electric, China), Hyosung Heavy Industries (Hyosung, South Korea), and Rongxin Power Ltd. (RXPE, UK). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.