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Flexible AC Transmission System (FACTS) Market Sales, Innovations And Trends Report 2024 To 2033
Flexible AC Transmission System (FACTS) Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Flexible AC Transmission System (FACTS) Market 2024 Key Insights:
• The flexible ac transmission system (facts) market will grow to $1.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• The Surge Of Flexible Ac Transmission Systems Market Fueled By Robust Growth In Grid Infrastructure
• Technological Advancements In Flexible Ac Transmission Systems
• North America was the largest region in the flexible AC transmission systems (FACTS) market in 2023
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