The global flexible AC transmission system (FACTS) market size reached US$ 1.4 billion in 2023. The market is projected to reach US$ 2.2 billion by 2032, exhibiting a growth rate (CAGR) of 5.04% during 2023-2032. The developing electric power transmission system, the increasing government expenditure to build smart grids, and the rising adoption of renewable energy sources represent some of the key factors driving the market.
A flexible AC transmission system (FACTS) is a technology used in power transmission systems to enhance their efficiency and control the flow of electricity. These devices are used to improve power transfer capability, reduce power losses, and improve the overall stability and reliability of the grid. It includes the use of power electronics and advanced control systems, which enable the real-time control of voltage, current, and reactive power on the transmission line. This helps to regulate power flow, stabilize the grid, and mitigate problems such as voltage instability and grid oscillations. They can also be applied in a variety of transmission systems, including high-voltage direct current (HVDC) systems, alternating current (AC) transmission lines, and power transformers. In addition, these devices can be used to integrate renewable energy sources such as wind and solar power into the grid. Besides this, FACTS technology offers various benefits such as improved power quality, increased power transfer capability, reduced transmission losses, and enhanced grid stability and reliability. As a result, it is increasingly adopted in the power and energy industry.
2. What is the expected growth rate of the global Flexible AC Transmission System (FACTS) market during 2024-2032?
3. What are the key factors driving the global Flexible AC Transmission System (FACTS) market?
4. What has been the impact of COVID-19 on the global Flexible AC Transmission System (FACTS) market?
5. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the compensation type?
6. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the controller?
7. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the industry vertical?
8. What are the key regions in the global Flexible AC Transmission System (FACTS) market?
9. Who are the key players/companies in the global Flexible AC Transmission System (FACTS) market?
A flexible AC transmission system (FACTS) is a technology used in power transmission systems to enhance their efficiency and control the flow of electricity. These devices are used to improve power transfer capability, reduce power losses, and improve the overall stability and reliability of the grid. It includes the use of power electronics and advanced control systems, which enable the real-time control of voltage, current, and reactive power on the transmission line. This helps to regulate power flow, stabilize the grid, and mitigate problems such as voltage instability and grid oscillations. They can also be applied in a variety of transmission systems, including high-voltage direct current (HVDC) systems, alternating current (AC) transmission lines, and power transformers. In addition, these devices can be used to integrate renewable energy sources such as wind and solar power into the grid. Besides this, FACTS technology offers various benefits such as improved power quality, increased power transfer capability, reduced transmission losses, and enhanced grid stability and reliability. As a result, it is increasingly adopted in the power and energy industry.
Flexible AC Transmission System (FACTS) Market Trends
The market is primarily driven by the increasing demand for electricity across the globe, which has resulted in the development of new power infrastructure and transmission lines. FACTS technology enables utilities to increase power transfer capacity and improve grid reliability, which makes it a suitable option for meeting the growing electricity demand. In addition, the increasing government expenditure to build smart grids due to the aging power grid infrastructure in many countries represents another major growth-inducing factor. FACTS systems can help upgrade the existing grid by improving its stability, reducing power losses, and enhancing the overall efficiency of the system. Besides this, the increasing adoption of renewable energy sources such as wind and solar power due to the growing environmental concerns has escalated the demand for FACTS technology that can help to mitigate the intermittent nature of renewable energy by regulating power flow and improving grid stability. This, coupled with the surging need for controllability of power systems in oil and gas, railways, and electric utility industries, is contributing to the market growth. Moreover, the growing mergers and acquisitions (M&As) and collaboration among the leading market players to strengthen their foothold is also creating a favorable market outlook across the globe.Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global flexible AC transmission system (FACTS) market, along with forecasts at the global, regional, and country levels from 2023-2032. The report has categorized the market based on compensation type, controller, and industry vertical.Compensation Type Insights:
- Series Compensation
- Shunt Compensation
- Combined Series-Shunt Compensation
Controller Insights:
- Static Synchronous Compensator (STATCOM)
- Static Var Compensator (SVC)
- Unified Power Flow Controllers (UPFC)
- Thyristor Controlled Series Compensator (TCSC)
- Others
Industry Vertical Insights:
- Utilities
- Renewables
- Railways
- Others
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global flexible AC transmission system (FACTS) market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Alstom, Eaton Corporation PLC, GE Grid Solutions (General Electric), Hitachi Energy Ltd., Mitsubishi Electric Corporation, NR Electric Co., Ltd. (Nari Technology Co., Ltd.), Siemens Energy, Toshiba Energy Systems & Solutions Corporation (Toshiba Corp.), etc.Key Questions Answered in This Report
1. How big is the global Flexible AC Transmission System (FACTS) market?2. What is the expected growth rate of the global Flexible AC Transmission System (FACTS) market during 2024-2032?
3. What are the key factors driving the global Flexible AC Transmission System (FACTS) market?
4. What has been the impact of COVID-19 on the global Flexible AC Transmission System (FACTS) market?
5. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the compensation type?
6. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the controller?
7. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the industry vertical?
8. What are the key regions in the global Flexible AC Transmission System (FACTS) market?
9. Who are the key players/companies in the global Flexible AC Transmission System (FACTS) market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Flexible AC Transmission System (FACTS) Market
6 Market Breakup by Compensation Type
7 Market Breakup by Controller
8 Market Breakup by Industry Vertical
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Alstom
- Eaton Corporation PLC
- GE Grid Solutions (General Electric)
- Hitachi Energy Ltd.
- Mitsubishi Electric Corporation
- NR Electric Co. Ltd. (Nari Technology Co. Ltd.)
- Siemens Energy
- Toshiba Energy Systems & Solutions Corporation (Toshiba Corp.)
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.4 Billion |
| Forecasted Market Value ( USD | $ 2.2 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
