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High Growth of IGBT and Thyristor Market in FACTS Application
In developed economies like North America and Europe, the major driving factors which surge the demand of FACTS include upgrading and replacing of aging power infrastructure and integration of renewable sources in power grids. Also, stringent government and environmental regulations regarding clean energy generation and transmission play a crucial role in the adoption of FACTS equipment worldwide This is one of the reasons for high growth of IGBT and thyristor market in FACTS application.
For developed economies like Europe, the main focus is on upgrading and replacing the existing power infrastructure and to integrate the renewable energy sources, such as wind power and solar energy in the power grids clean environment. The biggest challenge in North America is its aging power infrastructure which needs to be replaced or upgraded but the cost of building new transmission lines is very high. The power failure resulting in blackouts in August 2003 motivated the power industry to develop efficient, reliable, and technically advanced transmission systems to avoid further incidences. Further, the power generation and transmission from renewable energy also support the demand of HVDC grid in the region. Interconnection among the neighboring grids and connection with offshore wind farms and solar plants will drive the American HVDC grid market.
The huge opportunities in the HVDC & FACTS project activities contentious to power generation and distribution is expected to drive the entire IGBT & Thyristor market to the highest summit. The companies in the field of power application are expected to gain significant market share in the coming future and the application would prove the focal tenacity to broaden the overall revenue of the whole IGBT & Thyristor market. The APAC countries such as Japan and China are the major countries in the market competition owing to significant spending on the power sector for IGBT & Thyristor.
IGBT and Thyristor Market by Application (Power, Renewable Energy, Motor Drives and Others) and by Geography (North America, Europe, APAC and ROW) - Analysis and Forecast 2013 - 2018
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