Flexible AC transmission systems market worth $1.5 B by 2025
The flexible AC transmission systems market is estimated to grow from $1.2 B in 2020 to $1.5 B by 2025, at a CAGR of 5.4 % from 2020 to 2025.
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The flexible AC transmission systems market is estimated to grow from $1.2 B in 2020 to $1.5 B by 2025, at a CAGR of 5.4 % from 2020 to 2025.
According to the new market report issued by MarketsandMarketsTM, The UK is among the major consumers of flexible AC transmission systems (FACTS) devices in Europe. The rising demand for electricity, along with technological advancements, requires a robust electrical grid system, which, in turn, drives the growth of the FACTS market in the UK. Further, the second-generation device of FACTS, i.e., STATCOM, is mainly deployed in the UK by various companies owing to its benefits such as cost-effectiveness and voltage regulation.
Major players in the FACTS market include Hitachi ABB, Siemens AG ,General Electric Company, Mitsubishi Electric Corporation, Infineon Technologies AG, American Superconductor, NR Electric Co., Ltd., Hyosung Heavy Industries, and Rongxin Power Ltd.
Source: PR Newswire