Press release
Flexible AC Transmission Systems (FACTS) Market 2023-2030: Compensation Type, Controller, Industry Vertical, Region and Competitive Analysis
Flexible AC Transmission Systems (FACTS) Market
In this era of globalization, many businesses greatly request for such international market research report to support decision making. According to this Flexible AC Transmission Systems (FACTS) Market report, the global market is expected to witness a relatively higher growth rate during the forecast period. Moreover, the report consists of all the detailed profiles for the Flexible AC Transmission Systems (FACTS) Market's major manufacturers and importers who are influencing the market. The report also estimates the market size, the revenue generated from the sales and technologies by various application segments. Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out in this global Flexible AC Transmission Systems (FACTS) Market report.
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The global Flexible AC Transmission Systems (FACTS) Market size is projected to reach a CAGR of 8.5% from 2023-2030.
Flexible AC Transmission Systems (FACTS) Market Competitive Landscape:
ABB Ltd.
Siemens AG
General Electric Company
Mitsubishi Electric Corporation
Eaton Corporation
Hyosung Corporation
NR Electric Co., Ltd.
American Superconductor Corporation
Toshiba Corporation
Alstom SA
In May 2020, GE Renewable Energy's Grid Solutions business energized the DRC (Dynamic Reactive Compensator) project for National Grid in the UK. This project is a part of the largest utility-grade STATCOM scheme in Europe.
The flexible AC Transmission Systems (FACTS) Market is segmented into various segments vertical, generation type, application, functionality, components, compensation type, and region.
A flexible AC transmission system or FACTS consists of static equipment. This system is utilized for the AC transmission of electrical energy. The system is designed for improving controllability and enhances the capacity of power transfer of the network. This system is usually power-electronic based. The use of a flexible AC transmission system helps in increasing the reliability of the AC grids. It also helps in cutting down the cost of delivery. The use of these systems helps in improving the quality of transmission and the overall efficacy of power transmission by providing reactive or inductive power to the grid.
The aging transmission and other power system networks result in lots of power losses and lesser system usability. The rise in demand for electrification across developed and developing nations drives the demand for the flexible AC transmission system market. The controlled, regulated, and uninterrupted power supply increases system efficiency and boosts the production process. This results in lesser wear and tear to the equipment installed in the industrial plant.
On the other hand, the high initial cost of FACTS is one of the most significant factors acting as a restraint to its market growth.
The covid pandemic hit industries and businesses globally, and the FACTS industry is no exception. The manufacturers suffered a huge setback in dispatches and order bookings. The restrictions in international markets and stringent travel curtailments resulted in considerable loss of order bookings and aftersales services.
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Flexible AC Transmission Systems (FACTS) Market Key Findings
The compensation type segment is further fragmented into Shunt compensation, Series compensation, and Combined compensation. Shunt compensation segment to dominate FACTS market. In shunt compensation, FACTS are connected in parallel with the power system transmission line. Shunt compensation is actively used in power transmission and distribution networks to reduce power losses and voltage drops.
The generation type segment is further bifurcated into the First generation and Second generation. A second-generation segment to capture a larger market share during the forecast period. Static synchronous compensator (STATCOM) belongs to the second generation of the FACTS family. STATCOM is based on power electronics voltage source converters (VSC). Second-generation devices of FACTS exchange active and reactive power as well as are capable of absorbing or generating these automatically.
The vertical segment is further fragmented into Utilities, Renewables, Industrial, and Railways. The utility vertical held the largest market share and is anticipated to maintain its dominance during the forecast period. The applications of FACTS in electrical utilities include voltage control, network stabilization, increased transmission capacity, power oscillation damping, and power flow control. FACTS devices also provide an economical and efficient solution to ease the pressure on existing transmission lines and save the high investment cost that is required for building new network extensions. This is expected to increase the demand for FACTS in utilities.
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe accounted for the largest share of the FACTS market and is anticipated to maintain its dominance during the forecast period. The rising industrial production, along with the expanding population, is increasing the demand for electricity across European countries. This is resulting in the growth of FACTS in this region. Further, government regulations regarding carbon-free power transmission and grid codes in Europe are expected to drive the FACTS market in this region.
Regional Analysis
Europe to Dominate the Market
Europe accounted for the largest share of the FACTS market and is anticipated to maintain its dominance during the forecast period.
The rising industrial production, along with the expanding population, is increasing the demand for electricity across European countries. This is resulting in the growth of FACTS in this region. Further, government regulations regarding carbon-free power transmission and grid codes in Europe are expected to drive the FACTS market in this region.
Table of Contents
The flexible AC Transmission Systems (FACTS) Market is segmented into various segments vertical, generation type, application, functionality, components, compensation type, and region:
On the basis of vertical
Utilities
Renewables
Industrial
Railways
On the basis of generation type
First generation
Second generation
On the basis of the application
Voltage control
Power control
On the basis of functionality
Voltage control
Network stabilization
Transmission capacity
Harmonic suppression
On the basis of components
Power electronics devices
Phase shifting transformers
Protection and control systems
On the basis of compensation type
Shunt compensation
Series Compensation
Combined compensation
On the basis of region
Asia Pacific
North America
Europe
South America
Middle East & Africa
The prominent players in Flexible AC Transmission Systems (FACTS) Market are
ABB Ltd.
Siemens AG
General Electric Company
Mitsubishi Electric Corporation
Eaton Corporation
Hyosung Corporation
NR Electric Co., Ltd.
American Superconductor Corporation
Toshiba Corporation
Alstom SA
Delvens Industry Expert's Standpoint
The market for Flexible AC Transmission networks (FACTS) is a developing sector that provides goods and technology intended to increase the reliability, flexibility, and efficiency of electric power transmission networks. Growing renewable energy installations, the necessity for dependable and efficient power transmission, and the requirement for grid modernization and expansion are some of the reasons that are driving the market. ABB Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, and Eaton Corporation are important market participants. Players are focused on innovation, product development, and strategic alliances to maintain their market share and competitive position in this highly competitive industry. The FACTS market is anticipated to expand over the next several years because of the rising use of renewable energy sources and the demand for more dependable and efficient transmission networks.
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