Press release
Projected Growth and Key Drivers in the Global Flexible AC Transmission System (FACTS) Market
"The Expansion and Future Outlook for the Global Flexible AC Transmission System (FACTS) Market
What Is The Projected Market Size Of The Global Flexible AC Transmission System (FACTS) Market And Its Growth Rate?
• The flexible AC transmission system (FACTS) market size has grown strongly in recent years.
• It will grow from $1.38 billion in 2024 to $1.46 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%.
• 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, and environmental concerns,
• 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, and decentralized energy generation.
• The market size is expected to see strong growth in the next few years to $1.91 billion in 2029 at a compound annual growth rate (CAGR) of 7.0%.
What Is Driving The Growth In The Flexible AC Transmission System (FACTS) Market?
The expansion of grid infrastructure is forecasted to propel the growth of the flexible AC transmission systems market going forward. Grid infrastructure, including power plants, power lines, and power substations are vital for the working of the Flexible AC Transmission Networks (FACTS). They help increase the transmission line capacity and enhance system stability by reducing a power line's transfer reactance, which is pivotal for market growth. In September 2024, the International Energy Agency reported that investment in electricity grids had increased by about 8% in 2022. The agency stressed the need for doubling the investment in smart grids by 2030 to achieve the goal of Net Zero Emissions by 2050. Therefore, the expansion of the grid infrastructure paves the way for the growth of the flexible AC transmission systems market in the future.
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Who Are the Key Players Driving Flexible AC Transmission System (FACTS) Market Growth?
• ABB Ltd.
• Alstom SA
• Mitsubishi Electric Corporation
• CG Power and Industrial Solutions Limited
• General Electric Company
• Siemens AG
• Eaton Corporation plc
• NR Electric Co. Ltd.
• 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.
• Crompton Greaves Limited
What Are The Key Trends In The Flexible AC Transmission System (FACTS) Market?
• 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.
What Are The Segments Of The Global Flexible AC Transmission System (FACTS) Market?
• By Product: Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC)
• By Compensation Type: Shunt Compensation, Series Compensation, Combined Series-Shunt Compensation
• By Functionality: Voltage Control, Network Stabilization, Transmission Capacity
• By Application: Utilities, Renewables, Industrial, Railways, Other Applications
Which Region Leads The Flexible AC Transmission System (FACTS) Market?
In 2024, North America emerged as the largest region in the flexible AC transmission systems (FACTS) market. The expectations of Europe becoming the fastest-growing region in the global flexible AC transmission systems market during the forecast period have been high. The market report provides insights covering regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Flexible AC Transmission System (FACTS) Market Global Market Report?
- Market Size Analysis: Analyze the Flexible AC Transmission System (FACTS) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Flexible AC Transmission System (FACTS) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Flexible AC Transmission System (FACTS) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Flexible AC Transmission System (FACTS) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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Learn More About The Business Research Company
Learn More About the Business Research Company. With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
Learn More About the Business Research Company. With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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