“Flexible AC Transmission Systems (FACTS) Plays Important Role in Renewables”
Flexible AC transmission systems (FACTS) are used mainly in industries such as electric utilities, renewables, railways, industrial, and oil & gas. Electric utility and industrials are increasingly used among these industries.
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The flexible AC transmission systems (FACTS) market is dynamic and rapidly developing, and new applications are emerging continuously. The increase in the demand for electric utility, industrial, and renewables applications are also responsible for the growth of this market.
The factors such as increasing demand for voltage and power control solutions, advancement and restoration of existing power infrastructure are the major drivers of the flexible AC transmission systems (FACTS) market. However, the high installation cost of these solutions is one of the factors hindering the growth of the market. The evolution of smart grid offers the scope for opportunities in the flexible AC transmission systems (FACTS) market.
This report profiles the major companies involved in the flexible AC transmission systems (FACTS) market, such as ABB Ltd. (Switzerland), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), General Electric (U.S.), Eaton Corp PLC (Ireland), Alstom (France), American Electric Power (U.S.), Hyosung (South Korea), NR Electric Co. Ltd. (China) and, Adani Power (India) among others.