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The Flexible AC Transmission Systems Market size was estimated at USD 1.67 billion in 2023, USD 1.77 billion in 2024, and is expected to grow at a CAGR of 5.90% to reach USD 2.50 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Flexible AC Transmission Systems (FACTS) refer to advanced technologies implemented within electric power transmission systems to enhance their controllability, flexibility, and efficiency. FACTS leverage high-speed switching and power electronics to regulate electrical parameters, including voltage, phase angle, and impedance of high-voltage AC lines. As a result, these systems can remarkably improve the power transfer capabilities of transmission networks, manage power flow, reduce losses, stabilize voltage under varying load conditions, and increase the power grid's reliability. By implementing FACTS, utilities can better accommodate dynamic and fluctuating energy demands, integrate renewable energy sources, and adapt to ever-evolving power system challenges. The Flexible AC Transmission Systems (FACTS) market comprises the sales, installation, maintenance, and innovation of technologies designed to enhance controllability, increase power transfer capability, and improve the stability of AC transmission networks. FACTS technologies find applications across various segments, including utility companies, renewable energy generation, industrial manufacturing, and infrastructure projects. Their primary end-use is ensuring reliable and efficient transport of electrical power within grid networks, mitigating the impacts of power fluctuations, improving system utilization, and promoting the incorporation of renewable energy sources. The growth of the FACTS market is influenced by several factors, including a continuous increase in demand for electricity and increasing overload issues, the growing integration of renewable energy sources worldwide, and rising government incentives and regulations promoting the usage of grid technologies. However, the FACTS market faces certain challenges, such as the high cost of developing flexible AC transmission systems and interoperability issues with flexible AC transmission systems. On the other hand, the growing introduction of novel flexible AC transmission systems and the rising transition toward smart grids and adaptive systems present significant opportunities for the FACTS market to grow in the coming years.
Regional Insights
In the Americas, the United States and Canada are prominent consumers of Flexible AC Transmission Systems (FACTS) due to aging power infrastructure and the need to optimize power networks. The US has been leading with several patents filed in the FACTS domain, signifying innovation and technological advancement. In South America, Argentina focuses on revitalizing its energy infrastructure to support its growing economy. Brazil has a vast power network and is investing heavily in renewable energies, necessitating FACTS to manage transmission stability. EU countries have been early adopters of FACTS technology, mainly due to the strong emphasis on renewable energy and energy efficiency. The EU's commitment to reducing carbon emissions has resulted in increased investments in cleaner and more efficient power transmission systems, including FACTS. In the Middle East, the rising demand for electricity and considerable investments in grid infrastructure are driving the FACTS market. One of the key initiatives is the Gulf Cooperation Council Interconnection Grid, which presents opportunities for FACTS integration. On the other hand, Africa presents a different landscape with a need for electrification and reliable power supply. However, due to financial constraints, the rate of FACTS implementation is slower despite the significant potential. The APAC region has witnessed a rise in demand for FACTS due to growing urbanization and industrialization, particularly in countries such as China, Japan, and India. The expanding focus on renewable energy integration and the need for efficient power transmission systems are key drivers for the FACTS market. In China, efforts to modernize the electricity grid and improve energy security have resulted in significant research and investment. Initiatives in India, including the Green Energy Corridor, aimed to enhance the transmission network for renewable energy, creating demand for FACTS.FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Flexible AC Transmission Systems Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Flexible AC Transmission Systems Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Key Company Profiles
The report delves into recent significant developments in the Flexible AC Transmission Systems Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Amazon Web Services, Inc., American Superconductor Corporation, Beijing Power Equipment Group Co. Limited, Bharat Heavy Electricals Limited, Clariant Power System Limited, Comsys Holdings Corporation, Freqcon GmbH, General Electric Company, Hyosung Heavy Industries, Infineon Technologies AG, Ingeteam Power Technology, S.A., JEMA Energy S.A., Merus Power Plc, Mitsubishi Electric Corporation, and NR Electric Co., Ltd.Market Segmentation & Coverage
This research report categorizes the Flexible AC Transmission Systems Market to forecast the revenues and analyze trends in each of the following sub-markets:- Component
- Phase shifting transformers
- Power electronics devices
- Protection and control systems
- Compensation Type
- Combined compensation
- Series compensation
- Shunt compensation
- Function
- Harmonic Suppression
- Network Stabilization
- Transmission Capacity
- Voltage Control
- Vertical
- Industrial
- Renewable
- Utilities
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Flexible AC Transmission Systems Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Flexible AC Transmission Systems Market?
- What are the technology trends and regulatory frameworks in the Flexible AC Transmission Systems Market?
- What is the market share of the leading vendors in the Flexible AC Transmission Systems Market?
- Which modes and strategic moves are suitable for entering the Flexible AC Transmission Systems Market?
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Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Flexible AC Transmission Systems Market, by Component
7. Flexible AC Transmission Systems Market, by Compensation Type
8. Flexible AC Transmission Systems Market, by Function
9. Flexible AC Transmission Systems Market, by Vertical
10. Americas Flexible AC Transmission Systems Market
11. Asia-Pacific Flexible AC Transmission Systems Market
12. Europe, Middle East & Africa Flexible AC Transmission Systems Market
13. Competitive Landscape
14. Competitive Portfolio
15. Appendix
List of Figures
List of Tables
Companies Mentioned
- ABB Ltd.
- Amazon Web Services, Inc.
- American Superconductor Corporation
- Beijing Power Equipment Group Co. Limited
- Bharat Heavy Electricals Limited
- Clariant Power System Limited
- Comsys Holdings Corporation
- Freqcon GmbH
- General Electric Company
- Hyosung Heavy Industries
- Infineon Technologies AG
- Ingeteam Power Technology, S.A.
- JEMA Energy S.A.
- Merus Power Plc
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 186 |
| Published | March 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 1.77 Billion |
| Forecasted Market Value ( USD | $ 2.5 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
