Flexible AC transmission systems (FACTS) refer to a set of power electronic devices and systems employed in electrical power transmission networks to enhance the control and flexibility of alternating current (AC) power flow. FACTS technologies are designed to optimize power transmission by regulating voltage, managing power flow, and improving system stability. These devices, strategically placed within the power grid, enable utilities to dynamically control parameters such as voltage, impedance, and phase angle, thereby mitigating issues like voltage fluctuations, line congestion, and power factor problems. By actively manipulating these parameters, FACTS devices enhance the overall performance and efficiency of power transmission systems, leading to improved grid reliability, Increased power transfer capability, and better utilization of existing infrastructure.
The flexible AC transmission systems (FACTS) market analysis is anticipated to expand significantly during the forecast period owing to the advancement of electric power transmission system, Increase in demand for controllability of power systems, and need of high reliability under contingencies across the globe. In addition, the flexible AC transmission systems (FACTS) market is anticipated to benefit from the emergence of smart grids and an Increase in dependency on renewable energy resources during the forecast period. On the contrary, high initial cost of installation is anticipated to limit the growth of the flexible AC transmission systems (FACTS) market during the forecast period.
The flexible AC transmission systems (FACTS) market is segmented on the basis of compensation type, controller, industry vertical and region. On the basis of compensation type, the market is divided into series compensation, shunt compensation, and combined series-shunt compensation. On the basis of controller, the market is segregated into static synchronous compensator (STATCOM), static VAR compensator (SVC), unified power flow controller (UPFC), thyristor controlled series compensator (TCSC), and Others. On the basis of industry vertical, the market is bifurcated into Oil and Gas, Electric Utility, Railways, and others. Region-wise, the flexible AC transmission systems (FACTS) market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the report Include ABB Ltd, Adani Power Ltd, ALSTOM SA, CG Power and Industrial Solutions Limited, Eaton Corporation, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co. Ltd, and Siemens AG. Market players have adopted various strategies such as product launch, product development, and acquisition to expand their foothold in the flexible AC transmission systems (FACTS) market.
The flexible AC transmission systems (FACTS) market analysis is anticipated to expand significantly during the forecast period owing to the advancement of electric power transmission system, Increase in demand for controllability of power systems, and need of high reliability under contingencies across the globe. In addition, the flexible AC transmission systems (FACTS) market is anticipated to benefit from the emergence of smart grids and an Increase in dependency on renewable energy resources during the forecast period. On the contrary, high initial cost of installation is anticipated to limit the growth of the flexible AC transmission systems (FACTS) market during the forecast period.
The flexible AC transmission systems (FACTS) market is segmented on the basis of compensation type, controller, industry vertical and region. On the basis of compensation type, the market is divided into series compensation, shunt compensation, and combined series-shunt compensation. On the basis of controller, the market is segregated into static synchronous compensator (STATCOM), static VAR compensator (SVC), unified power flow controller (UPFC), thyristor controlled series compensator (TCSC), and Others. On the basis of industry vertical, the market is bifurcated into Oil and Gas, Electric Utility, Railways, and others. Region-wise, the flexible AC transmission systems (FACTS) market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the report Include ABB Ltd, Adani Power Ltd, ALSTOM SA, CG Power and Industrial Solutions Limited, Eaton Corporation, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co. Ltd, and Siemens AG. Market players have adopted various strategies such as product launch, product development, and acquisition to expand their foothold in the flexible AC transmission systems (FACTS) market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flexible ac transmission system market analysis from 2022 to 2032 to identify the prevailing flexible ac transmission system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the flexible ac transmission system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global flexible ac transmission system market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Compensation Type
- Series compensation
- Shunt compensation
- Combined series-shunt compensation
By Controller
- Static Synchronous Compensator (STATCOM)
- Static VAR Compensator (SVC)
- Unified Power Flow Controller (UPFC)
- Thyristor Controlled Series Compensator (TCSC)
- Others
By Industry Vertical
- Oil and Gas
- Electric Utility
- Railways
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Alstom SA
- Hyosung Corporation.
- NR Electric Co., Ltd.
- Siemens
- Adani Power Ltd
- Eaton Corporation
- Mitsubishi Electric Corporation
- General Electric
- ABB Ltd.
- CG Power and Industrial Solutions Limited.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FLEXIBLE AC TRANSMISSION SYSTEM MARKET, BY COMPENSATION TYPE
CHAPTER 5: FLEXIBLE AC TRANSMISSION SYSTEM MARKET, BY CONTROLLER
CHAPTER 6: FLEXIBLE AC TRANSMISSION SYSTEM MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: FLEXIBLE AC TRANSMISSION SYSTEM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Flexible AC Transmission System Market,' The flexible ac transmission system market was valued at $1.2 billion in 2022, and is estimated to reach $2.3 billion by 2032, growing at a CAGR of 7% from 2023 to 2032.The Flexible AC Transmission Systems Market is likely to experience a significant growth rate of 7% from 2023-2032 owing to increasing demand for energy utilities and others industry vertical.
The flexible ac transmission systems market is expected to continue growing in the coming years, owing to increasing demand for electricity, grid modernization initiatives, integration of renewable energy sources, and focus on grid flexibility and reliability.
A Flexible AC Transmission System (FACTS) refers to a set of advanced power electronic devices and technologies that are employed in electrical power transmission systems. FACTS devices are designed to enhance the flexibility, control, and efficiency of alternating current (AC) power transmission and distribution networks. They enable the dynamic control of key parameters such as voltage, current, and impedance in real-time, allowing operators to optimize power flow, mitigate system instabilities, and improve grid reliability. FACTS technologies include devices like static var compensators (SVC), static synchronous compensators (STATCOM), thyristor-controlled series compensators (TCSC), and voltage-sourced converters (VSC). These devices provide a range of functions, such as reactive power compensation, voltage regulation, power factor correction, and damping of power oscillations. By employing FACTS devices, power system operators can enhance grid stability, maximize transmission capacity, reduce transmission losses, and facilitate the integration of renewable energy sources into the power grid.
Key factors driving the growth of the Flexible AC Transmission Systems Market include increasing demand for electricity and others. As the demand for electricity continues to rise globally, there is a growing need for reliable power transmission and distribution systems. FACTS technologies help improve grid stability, enhance power quality, and increase the overall reliability of the electrical infrastructure. This increasing demand for reliable power transmission solutions is driving the adoption of FACTS devices. The integration of renewable energy sources, such as wind and solar power, into the existing power grid presents challenges related to power fluctuations and grid stability. FACTS devices, with their ability to regulate voltage, control reactive power, and manage power flow, play a crucial role in facilitating the seamless integration of renewable energy sources. As countries worldwide focus on transitioning to cleaner energy systems, the demand for FACTS devices is expected to increase. Many countries are investing in the modernization and upgrade of their aging power infrastructure. FACTS technologies are an integral part of grid modernization efforts as they provide voltage and reactive power control, improve power flow, reduce transmission losses, and enhance system stability. The need for grid modernization is driving the adoption of FACTS devices.
The market also offers growth opportunities to the key players in the flexible AC transmission systems Market. The increasing integration of renewable energy sources into the power grid creates opportunities for FACTS technology providers. As renewable energy capacity grows, there is a need for advanced power electronic devices to enable smooth grid integration, address power fluctuations, and enhance grid stability. Key players in the FACTS market can capitalize on this opportunity by offering tailored solutions for renewable energy projects. Rapid industrialization, urbanization, and infrastructural development in emerging economies drive the demand for reliable and efficient power transmission systems. Key players in the FACTS market can target these regions by offering customized solutions that cater to the specific needs of emerging economies, such as improving grid stability, increasing transmission capacity, and reducing losses. Collaborations and partnerships with utilities, transmission system operators, and renewable energy developers can create growth opportunities for key players in the FACTS market. By working closely with these stakeholders, FACTS technology providers can understand their specific requirements and develop customized solutions. Strategic collaborations can also help in expanding market reach and accessing new customer segments.
The flexible AC transmission systems (FACTS) market is segmented on the basis of compensation type, controller, industry vertical and region. On the basis of compensation type, the flexible AC transmission system market outlook is divided into series compensation, shunt compensation, and combined series-shunt compensation. In 2022, the series compensation segment dominated the market, in terms of revenue, and combined series-shunt compensation segment is projected to acquire the highest CAGR from 2023 to 2032. On the basis of controller, the flexible AC transmission system market forecast is segregated into synchronous compensator (STATCOM), static VAR compensator (SVC), unified power flow controller (UPFC), thyristor controlled series compensator (TCSC), and others. The others segment acquired the largest share in 2022 and synchronous compensator (STATCOM) is expected to grow at a significant CAGR from 2023 to 2032. On the basis of industry vertical, the flexible AC transmission system market growth is bifurcated into oil and gas, electric utility, railways, and others. The otherssegment acquired the largest share in 2022 and the electric utility segment is expected to grow at a significant CAGR from 2023 to 2032.
- Region-wise, the Flexible AC Transmission Systems Market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Market Insights
The global flexible ac transmission system market was valued at $1,194.22 million in 2022, and is projected to reach $2,338.85 million by 2032, registering a CAGR of 6.99% from 2023 to 2032.The series compensation segment was the highest revenue contributor to the market, with $451.96 million in 2022, and is estimated to reach $853.95 million by 2032, with a CAGR of 6.61%. The combined series-shunt compensation segment is estimated to reach $912.94 million by 2032, at a significant CAGR of 7.5% during the forecast period.
The others segment was the highest revenue contributor to the market, with $420.67 million in 2022, and is estimated to reach $814.93 million by 2032, with a CAGR of 6.88%. The static var compensator (svc) segment is estimated to reach $551.55 million by 2032, at a significant CAGR of 6.63% during the forecast period.
The others segment was the highest revenue contributor to the market, with $698.97 million in 2022, and is estimated to reach $1,379.83 million by 2032, with a CAGR of 7.08%. The electric utility segment is estimated to reach $433.44 million by 2032, at a significant CAGR of 7.52% during the forecast period.
North America was the highest revenue contributor, accounting for $710.32 million in 2022, and is estimated to reach $1,403.08 million by 2032, with a CAGR of 7.08%.
Companies Mentioned
- Alstom SA
- Hyosung Corporation.
- NR Electric Co., Ltd.
- Siemens
- Adani Power Ltd
- Eaton Corporation
- Mitsubishi Electric Corporation
- General Electric
- ABB Ltd.
- CG Power and Industrial Solutions Limited.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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