Flexible AC Transmission System Market projected to surge to USD 2.30 Billion by 2030

The Flexible AC Transmission System Market size is expected to grow from USD 1.45 billion in 2023 to USD 2.30 billion in 2030, at a Compound Annual Growth Rate (CAGR) of 6.83% during the forecast period.

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Various factors here are driving this growth:

Technological Progress: Ongoing advancements in power electronics have improved FACTS device efficiency and reliability, resulting in more adaptability to power grids of the future.

The world is moving towards renewable sources of energy and there is a growing need for sophisticated grid management services. The use of FACTS devices has a significant impact on voltage stabilization and power flow control, which enables the integration of renewables into the existing grid in a smooth manner.

Upgrading tools: Due to the fact of the vintage age of the strength infrastructures, particularly in developed economies, modernisation is necessary to hold up with today's energy requirements. A cost effective solution to the problem of stability and capacity upgrades without major renovations are FACTS devices.

MARKET TRENDS & INVESTMENTS

There were some key highlights in the U.S. FACTS market in 2024:

Grid Modernization Efforts: The U.S. government has spent billions of dollars on grid modernization and recognized that integration of new grids with technologies such as FACTS is needed for grid reliability and renewable energy adaptation.

Private Sector Involvement: Major corporates declared substantial investments in the FACTS technology with a view to mitigate the issue of grid congestion, while boosting power transmission throughput.

Policy Assistance: Regulators came up with incentives for utility companies deploying FACTS solutions, for their significant contribution towards energy efficiency and sustainability goals.

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Market Segmentation and Segment with Dominance

Based on compensation type, controller type, and industry vertical, the FACTS market is segmented into

By Compensation Type:

Shunt Compensation: Static Var Compensator (SVC), and Static Synchronous Compensator (STATCOM) are leading in this segment, since they are more applicable for providing voltage stabilization and reactive power compensation.

By Controller Type:

SVC controllers accounted for the largest share of the overall market due to their quick response and economical utilization for maintaining grid stability.

By Industry Vertical:

Electric Utilities: This segment is expected to lead the market owing to the growing adoption of FACTS solutions by utilities for enhancing transmission efficiency coupled with increased integration of renewable energy sources.

Competitive Analysis

The market for FACTS is segmented among various players across the globe. Top 5 Companies by Market Share:

ABB Ltd:

Recent Developments: ABB has digitalized its FACTS by incorporating state-of-the-art monitoring and controlling systems to ensure reliability of grids.

Siemens AG:

Breakthrough products: Siemens launched a new series of compact FACTS devices that decrease space and expense, making them viable for in-city uses.

General Electric (GE) Grid solutions:

Modular FACTS Capabilities: GE has been investing in modular FACTS solutions that can be implemented on a scalable basis for specific grid applications.

Mitsubishi Electric Corporation,

Innovation in Technology: Mitsubishi has also been in the forefront of introduction of advanced material to FACTS devices for increasing efficiency and work life.

Eaton Corporation:

Market Increase: With the acquisition of Cooper Industries, Eaton has added power infrastructure solutions in its portfolio to deliver integrated FACTS solutions.

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Regional Analysis

FACTS market dynamics across the key regions are explained in this section:

United States:

Market Share: Large share of the FACTS market held by U.S. due to large capital investments in modernization of grid and integration of renewable energy

Government Initiatives: Various initiatives promoting smart grids and sustainable energy have enhanced the use of FACTS technologies.

United Kingdom:

Market Dynamics: The United Kingdom aims to decarbonise its economy, and renewable energy deployment has increased the use of FACTS devices, which will increase the demand for FACTS devices.

POLICY SUPPORT In addition green technologies receive a positive boost from various government policies.

Germany:

Sector Trends: Germany being a leading nation in the renewable energy sector employs FACTS to control the fluctuations of wind and solar energy for grid stability enhance in renewables.

Regulatory environment: Favorable policies and investments in smart grid technologies have enabled the market.

France:

Main Market Attributes: FACTS utilized for flexibility from France's nuclear energy base while integrating additional renewables

Government Initiatives: Energy diversification policies promoting FACTS are deployed.

Japan:

Technological Adoption- An advanced technological infrastructure in Japan embraced FACTS for efficient power distribution and disaster resilience.

Policy Framework: Market growth supported by government energy efficiency programs

China:

Market Leadership: Driven by billions of dollars spent on power infrastructure to cater to rapid industrialization and urbanisation, China is the biggest market for FACTS installations.

Government Initiatives: FACTS adoption has accelerated due to ambitious renewable energy targets and plans for grid modernization.

Conclusion

The Flexible AC Transmission System market is booming with the upsurge in the technological advancements, renewable energy integration and investments from various industry players. With the increasing need for reliable and efficient power transmission solutions, FACTS devices are expected to be a key technology in modernizing power grids in the future. There are plenty of these opportunities to innovate and collaborate across all stakeholders and ensure the future energy landscape meets the needs of generations to come.

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