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Flexible Alternating Current Transmission Systems (FACTS) Market to Soar to USD 9.04 Billion by 2032, Bolstered by Renewable Energy Integration and Power Industry Demand
In a recent report published by Dataintelo, findings show that the global Flexible Alternating Current Transmission Systems (FACTS) market, valued at USD 3.68 billion in 2023, is projected to reach USD 9.04 billion by 2032, reflecting a compound annual growth rate (CAGR) of 10.5% during the period of 2024 to 2032. This exponential growth can be attributed to the growing integration of renewable energy sources.These FACTS markets are currently experiencing dramatic expansion due to the escalating needs of the power industry. Notably, FACTS technology significantly bolsters power system management and provides numerous advantages such as heightened reliability, increased power transfer capacity, and improved system stability.
The ceaselessly evolving energy landscape, coupled with a soaring demand for high-quality power from various industrial sectors, are primary factors propelling this tremendous growth in the market. With many industries relying heavily on a consistent supply of power, the need for systems that enhance power transmission reliability and system stability, such as FACTS, is more apparent than ever.
FACTS technology has been recognized for its capability to improving the reliability of the power grid and enhancing the power transfer limit which is a significant success in the power industry. This technology is not only pivotal in meeting the escalating energy demands across the globe but is also critical in the successful integration of renewable energy into the power grid. As the world shifts towards more sustainable practices, the importance of FACTS technology in our global energy landscape becomes increasingly clear
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ @ https://dataintelo.com/request-sample/96332
๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐จ๐ง๐ ๐จ๐ ๐ญ๐ก๐ ๐ฆ๐จ๐ฌ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ง๐ ๐๐จ๐ฏ๐๐ซ ๐ญ๐ก๐ ๐๐จ๐ฅ๐ฅ๐จ๐ฐ๐ข๐ง๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ๐ฌ:
The flexible alternating current transmission systems (FACTS) market has been segmented on the basis of๐๐ฒ๐ฉ๐
โ Shunt Compensation
โ Series Compensation
โ Combined Compensation
โ Voltage Source Controllers
๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
โ Metal Industry
โ Railway
โ Mining
โ Utilities
โ Renewable Energy
โ Oil & Gas
โ Data Centers
๐๐จ๐ฆ๐ฉ๐จ๐ง๐๐ง๐ญ
โ Thyristors
โ Capacitors
โ Reactors
โ Insulators
โ Surge Arresters
โ Control Systems
๐๐จ๐ฅ๐ญ๐๐ ๐ ๐๐๐ฏ๐๐ฅ
โ High Voltage
โ Medium Voltage
๐๐๐ ๐ข๐จ๐ง
โ Asia Pacific
โ North America
โ Latin America
โ Europe
โ Middle East & Africa
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
โ ABB
โ AMSC
โ ๐๐ ๐๐๐ซ๐ง๐จ๐ฏ๐
โ Hyosung
โ ๐๐ข๐ญ๐ฌ๐ฎ๐๐ข๐ฌ๐ก๐ข ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
โ RXPE
โ Siemens
โ Sieyuan Electric
โ Toshiba
The flexible alternating current transmission systems (FACTS) market has various segments, and the diversification based on type, application, component, voltage level, and region contributes to the overall growth and expansion of the market. The types of FACTS are shunt compensation, series compensation, combined compensation, and voltage source controllers. Shunt and series compensations help in managing power flow and stabilizing the transmission system, while combined compensation use both series and shunt compensation to enhance the system stability. Voltage source controllers, on the other hand, help in controlling the output voltage and improving the efficiency of power transmission.
Different industrial sectors such as metal industry, railway, mining, utilities, renewable energy, oil & gas, and data centers deploy FACTS devices. The use varies from sector to sector. For instance, in the metal industry and data centers, these systems are used for improving the quality of power supply and maintaining a stable voltage. In railway and mining sectors, they are used for improving safety measures. The components of FACTS include thyristors, capacitors, reactors, insulators, surge arresters, and control systems, which vary in function and application. Moreover, FACTS can be classified under high voltage and medium voltage levels. The usage of either voltage depends on the power requirement of the systems.
From a global perspective, the regional segmentation of the FACTS market includes Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The Asia Pacific region is expected to dominate the market due to rapid industrialization and increased demand for power in countries like China and India. However, North America and Europe are also significant players due to advancements in technology and the presence of major market players. Major players contributing to the flexible alternating current transmission systems (FACTS) market are ABB, AMSC, GE Vernova, Hyosung, Mitsubishi Electric Corporation, RXPE, Siemens, Sieyuan Electric, and Toshiba. These players play a crucial role in the growth and development of the FACTS market by innovating and introducing new technologies and solutions to meet the increasing demand and requirements of the consumers
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ @ https://dataintelo.com/request-sample/96332
Market Drivers:
1. Rising Demand for Power: The growth in the industrial sectors, residential areas, and commercial spaces has significantly increased the demand for power globally, driving the need for effective power transmission systems such as FACTS.
2. Increase in Energy Efficiency Awareness: FACTS are energy-efficient and help in reducing the loss of energy during transmission. With the increasing awareness on energy efficiency and environment conservation, the demand for FACTS are expected to boost.
3. Need for Grid Stabilization: With the integration of renewable energy into power grids, there is an increased need for grid stabilization. FACTS devices help improve reliability and stability of the grid which drives its market.
4. Upgrade of Aging Power Infrastructure: Many countries are focusing on the upgrade of their aging power infrastructure. FACTS are critical technologies in grid modernization, hence, the need to upgrade aging power infrastructure is driving the growth of the FACTS market.
Opportunities:
1. Integration of Renewable Energy: As countries are moving towards renewable sources to generate energy, the pressure on the grid is increasing. FACTS can enhance the capacity of the grid and provide smooth integration of renewables, presenting a significant opportunity for growth in this market.
2. Smart Grid Development: With increasing efforts towards developing smart grids worldwide, the use of FACTS is likely to increase. These systems can improve the efficiency, reliability, and safety of electricity transmission in smart grids.
3. Emerging Economies: Emerging economies are investing in infrastructure development that includes power infrastructure. This offers significant opportunities for providers of FACTS to expand into these regions.
4. Technological Advancements: Continuous advancements in technology provide opportunities for the FACTS market to develop devices with improved features and capacities, that can be integrated into a wide range of applications
๐๐จ๐ฎ ๐๐๐ง ๐๐ข๐ซ๐๐๐ญ๐ฅ๐ฒ ๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ซ๐จ๐ฆ: https://dataintelo.com/checkout/96332
This report should be bought by CEOs, decision-makers, industry leaders, investors, research analysts, strategists, and anyone interested in gaining an in-depth and comprehensive understanding of the market scenario, business environment, competitive landscape, and industry trends. The report is also beneficial for academics and students who are researching the respective field.
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๐๐ฆ๐๐ข๐ฅ ๐ฎ๐ฌ ๐จ๐ง - ๐ฌ๐๐ฅ๐๐ฌ@๐๐๐ญ๐๐ข๐ง๐ญ๐๐ฅ๐จ.๐๐จ๐ฆ
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