Flexible AC Transmission System Market Share and Analysis

The Flexible AC Transmission System (FACTS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Flexible AC Transmission System (FACTS) Global Market Report 2024, 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.

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.

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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

Technological innovations are a key trend gaining popularity in the flexible AC transmission systems market. Companies operating in the flexible AC transmission systems market are adopting new technologies to sustain their position in the market. For instance, Siemens Energy AG, a German-based manufacturer of gas turbines, steam turbines, generators, and transformers, launched UPFC Plus (Unified Power Flow Controller), which is a combination of STATCOM (Static Synchronous Compensator) and Static Synchronous Series Compensator (SSSC) based on VSC (Voltage Source Converter) technology. The UPFC PLUS would assist system operators in grid stabilization by dynamically managing load flow in alternating-current grids. This also expands grid operators’ ability to respond quickly to shifting power demand to enable renewable energy integration while also ensuring grid resilience and stability.

The flexible ac transmission system (facts) market report table of contents includes:

Executive Summary
Flexible AC Transmission System (FACTS) Market Characteristics
Flexible AC Transmission System (FACTS) Market Trends And Strategies
Flexible AC Transmission System (FACTS) Market – Macro Economic Scenario
Global Flexible AC Transmission System (FACTS) Market Size and Growth

Global Flexible AC Transmission System (FACTS) Market Competitive Benchmarking
Global Flexible AC Transmission System (FACTS) Market Competitive Dashboard
Key Mergers And Acquisitions In The Flexible AC Transmission System (FACTS) Market
Flexible AC Transmission System (FACTS) Market Future Outlook and Potential Analysis
Appendix

Top Major Players: