Overview and Scope
A flexible AC transmission system (FACTS) refers to a collection of tools that are used to get around certain restrictions on the electrical networks’ capability for static and dynamic transmission. They are used to regulate the voltage, oscillation damping, transient stability improvement, and power flow in transmission lines.
Sizing and Forecast
The flexible ac transmission system (facts) market size has grown strongly in recent years. It will grow from $1.39 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to grid reliability concerns, aging power infrastructure, electricity market deregulation, transmission line congestion, global expansion of high-voltage networks, environmental concerns.
The flexible ac transmission system (facts) market size is expected to see strong growth in the next few years. It will grow to $1.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increased penetration of electric vehicles, grid resilience against natural disasters, transition to renewable energy, cybersecurity concerns, decentralized energy generation. Major trends in the forecast period include multi-terminal hvdc systems, integration of energy storage, energy efficiency and conservation, voltage source converters (vsc) in facts, next-generation facts technologies, integration of advanced power electronics.
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Segmentation & Regional Insights
The flexible ac transmission system (facts) market covered in this report is segmented –
1) By Product: Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC)
2) By Compensation Type: Shunt Compensation, Series Compensation, Combined Series-Shunt Compensation
3) By Functionality: Voltage Control, Network Stabilization, Transmission Capacity
4) By Application: Utilities, Renewables, Industrial, Railways, Other Applications
North America was the largest region in the flexible AC transmission systems (FACTS) market in 2023. Europe is expected to be the fastest-growing region in the global flexible AC transmission systems market during the forecast period. The regions covered in the flexible ac transmission system (facts) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The expansion of grid infrastructure is expected to propel the growth of the flexible AC transmission systems market going forward. Grid infrastructure refers to a system of power plants, power lines, and power substations. Flexible AC Transmission Networks (FACTS) are used in grid infrastructure to increase transmission line capacity and enhance system stability by decreasing a power line’s transfer reactance. For instance, in September 2022, the International Energy Agency (IEA), a France-based intergovernmental agency, reported that the grid infrastructure between 2021 and 2030 would grow 44-fold to 680 GW. Increasing from 6 GW in 2021, about 140 GW of capacity will be created in 2030. Therefore, the expansion of the grid infrastructure is driving the growth of the flexible AC transmission systems market going forward.
Key Industry Players
Major companies operating in the flexible ac transmission system (facts) market report are ABB Ltd., Adani Power Limited, Alstom SA, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, General Electric Company, Siemens AG, Eaton Corporation PLC, NR Electric Co. Ltd., American Superconductor Corporation, Liaoning Rongxin Xingye Power Technology Co. Ltd., Toshiba Corporation, American Electric Power Company Inc., S&C Electric Company, Arteche Group, Rongxin Power Electronic Co. Ltd., Sieyuan Electric Co. Ltd., Fuji Electric Co. Ltd., LSIS Co. Ltd., Bharat Heavy Electricals Limited, Schneider Electric SE, Hyosung Heavy Industries Corporation, Infineon Technologies AG, Hitachi ABB Power Grids Ltd., RWE Renewables GmbH, Crompton Greaves Limited, Nordex SE, Goldwind Science & Technology Co. Ltd., Enel Green Power S.p.A., Lenze SE, Vestas Wind Systems A/S
The flexible ac transmission system (facts) market report table of contents includes:
1. Executive Summary
2. Flexible AC Transmission System (FACTS) Market Characteristics
3. Flexible AC Transmission System (FACTS) Market Trends And Strategies
4. Flexible AC Transmission System (FACTS) Market – Macro Economic Scenario
5. Global Flexible AC Transmission System (FACTS) Market Size and Growth
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31. Global Flexible AC Transmission System (FACTS) Market Competitive Benchmarking
32. Global Flexible AC Transmission System (FACTS) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Flexible AC Transmission System (FACTS) Market
34. Flexible AC Transmission System (FACTS) Market Future Outlook and Potential Analysis
35. Appendix
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