Flexible Alternating Current Transmission Systems Market: Introduction
Transparency Market Research delivers key insights on the global flexible alternating current transmission systems market. In terms of revenue, the global flexible alternating current transmission systems market is estimated to expand at a CAGR of 5.83% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global flexible alternating current transmission systems market.
The global flexible alternating current transmission systems market has been positively impacted by the increase in global renewable energy capacity and rise in demand for electricity.
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Flexible Alternating Current Transmission Systems Market: Dynamics
Of late, industrialization and urbanization have increased significantly across the globe. This has boosted the demand for electricity in the world. More than 40,443 billion kWh of electricity was consumed across the globe in 2020.
Asia Pacific held major share of 80% in terms of consumption of energy in 2020; of this, nearly 60% of energy was consumed by China. Demand for electricity has increased in China owing to the steady economic growth and industrial demand. Demand for electricity has also risen in countries such as India, South Korea, Japan, and Indonesia in Asia Pacific. However, more than 1.4 billion people do not have access to electricity; 85% of these belong to rural areas. More than 1 billion people have no reliable power supply, due to unplanned power outages and power quality issues. Most of these people are poor and live in rural and remote areas in developing countries. For instance, about 70% of the population in Sub-Saharan Africa lacks access to electricity and 85% of them live in rural areas. About 50% of the people in South Asia have no access to electricity.
Cumulative global power sector investments worth US$ 13.7 Trn are needed between 2008 and 2030 to meet the expected growth in demand for electricity and replacement of obsolete infrastructure. Energy costs in rural and underdeveloped areas are significantly higher per connected consumer than that in urbanized areas.
The demand for electricity is expected to continue to rise across the globe during the forecast period. The world is focusing on providing electricity to everyone. Rise in demand for electricity is anticipated to boost the demand for power transmission and distribution projects across the globe. Thus, increase in demand for electricity is estimated to drive the global flexible alternating current transmission systems market during the forecast period.
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Flexible Alternating Current Transmission Systems Market: Prominent Regions
In terms of value, Asia Pacific dominated the global flexible alternating current transmission systems market in 2020. The region is likely to remain highly lucrative during the forecast period, owing to the presence of high demand for electricity in countries such as China, India, and Japan. Governments of countries in Asia Pacific are investing significantly in power transmission and distribution systems. This is projected to boost the demand for flexible alternating current transmission systems in the near future. Furthermore, steady economic growth, rapid urbanization, and improvement in standard of living are key factors driving the demand for electricity in Asia Pacific. This, in turn, is augmenting the flexible alternating current transmission systems market in the region.
Europe was another lucrative region of the global flexible alternating current transmission systems market in 2020. Supportive government policies toward business sustainability programs, aging grid network, and increase in usage of renewable energy are some of the major factors boosting the demand for flexible alternating current transmission systems in the region. Germany is the leading country of the flexible alternating current transmission systems market in Europe. It accounted for about 7.6% (53.6 GW) share of the cumulative PV capacity installed worldwide in 2020. The newly installed capacity of solar energy in Germany stood at about 5 GW in 2020. It stood at 4 GW in 2019.
North America also accounts for key share of the global flexible alternating current transmission systems market. The U.S. was the leading country of the flexible alternating current transmission systems market in North America in 2020. The market in the U.S. is expected to expand significantly due to the increase in renewable energy activities in the country. The U.S. has the largest solar energy production capacity in the region. Furthermore, investments in solar energy projects by private players have been rising in the country due to government initiatives and increase in awareness about solar energy. This is likely to propel the flexible alternating current transmission systems market in North America.
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Flexible Alternating Current Transmission Systems Market: Key Players
Key players operating in the global flexible alternating current transmission systems market are Siemens AG, GENERAL ELECTRIC, Toshiba International Corporation, Mitsubishi Electric Corporation, American Superconductor, Hitachi ABB Power Grids, NR Electric Co., Ltd., Infineon Technologies AG, and Ingeteam Power Technology, S.A.
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