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Flexible AC Transmission Systems Market to Hit US$ 2.2 Billion by 2033, Reports Persistence Market Research

Flexible AC Transmission Systems Market to Hit US$ 2.2 Billion

The global Flexible AC Transmission Systems (FACTS) market has been steadily growing, driven by increasing demand for more reliable and efficient electrical power transmission systems. In 2022, the market was valued at approximately US$ 1.2 billion and is projected to expand significantly, reaching US$ 2.2 billion by 2033. This growth represents a compound annual growth rate (CAGR) of 5.6% from 2023 to 2033.

FACTS are advanced systems that utilize static devices to manage and control the flow of electrical power across transmission lines. By providing reactive power compensation, voltage control, and other functionalities, FACTS enhance grid stability, improve the quality of power transmission, and ensure greater energy efficiency. This is particularly important as the world moves toward renewable energy sources like wind and solar, which are variable and unpredictable.

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Key Growth Drivers and Leading Segments

The primary drivers of FACTS market growth include the growing need for grid stability, increased power demand, and the global push toward integrating renewable energy sources. These systems offer advantages such as faster response times, lower maintenance costs, and greater scalability compared to traditional power transmission methods. The demand for FACTS is particularly high in industries like utilities, railways, renewable energy, and oil & gas.

The leading segment in the FACTS market is likely to be the "Shunt Compensation" category, as it provides critical benefits such as reactive power compensation, improved grid reliability, and energy efficiency. The Asia-Pacific region, particularly China and India, is expected to dominate the market due to rapid industrialization, growing energy needs, and significant investments in power infrastructure.

Key Highlights from the Report

The global market size of FACTS is projected to reach US$ 2.2 billion by 2033, growing at a CAGR of 5.6% from 2023 to 2033.

The market witnessed a 6.9% CAGR between 2018 and 2022, demonstrating robust historical growth.

Shunt compensation is expected to be the dominant compensation type in the market.

The integration of renewable energy is a significant driver for FACTS adoption.

The United States and China are key regions expected to witness strong market growth.

FACTS technology improves power transmission efficiency, reduces energy losses, and stabilizes voltage.

Market Segmentation

Product Type Segmentation

The market for FACTS can be segmented based on compensation type into three main categories: shunt, series, and combined compensation. Among these, shunt compensation is expected to maintain its dominance through 2033, driven by its ability to provide reactive power compensation and support voltage regulation. Shunt devices can stabilize the grid by adjusting the reactive power, making them particularly effective in environments with high renewable energy integration.

End-User Segmentation

The end-user segments of the FACTS market include utilities, industrial sectors, railways, and renewable energy providers. Among these, utilities are expected to be the largest consumers of FACTS, as the technology helps improve grid stability and transmission efficiency. The rapid industrialization in emerging economies, particularly in the Asia-Pacific region, will also contribute to the increased adoption of FACTS in industrial applications.

Regional Insights

North America and Europe

In North America, particularly the United States, the demand for FACTS is being driven by the aging power grid infrastructure and the increasing penetration of renewable energy sources. The U.S. government is offering incentives for clean energy adoption, which is facilitating the growth of FACTS systems in grid modernization projects. Similarly, Europe's commitment to achieving net-zero carbon emissions by 2033 has made FACTS an essential technology for integrating renewable energy and improving grid reliability.

Asia-Pacific and Emerging Markets

Asia-Pacific, especially China and India, is poised to lead the global FACTS market. China's heavy investment in power grid infrastructure, coupled with its growing renewable energy sector, presents a lucrative opportunity for FACTS technology. India's ongoing power grid expansion and modernization efforts also create significant demand for flexible AC transmission systems, making the region a hotspot for market growth.

Market Drivers

Several factors are driving the demand for Flexible AC Transmission Systems (FACTS). Firstly, the increasing reliance on renewable energy sources like wind and solar requires grid systems to be more flexible and stable. FACTS technology enables better voltage regulation and reactive power compensation, essential for the integration of intermittent renewable energy.

Secondly, the growing power demand in emerging economies and the aging power grids in developed nations are leading to the adoption of advanced transmission technologies like FACTS. These systems improve grid reliability, reduce energy losses, and enhance overall transmission efficiency, which is crucial for meeting the needs of both residential and industrial consumers.

Market Restraints

Despite its benefits, the FACTS market faces several challenges. One of the primary constraints is the high initial installation and maintenance costs associated with FACTS systems. These costs can deter smaller utilities and developing countries from adopting the technology. Additionally, the complexity of integrating FACTS into existing power grid infrastructure poses a technical challenge, particularly in regions where power grids are not standardized or modernized.

Market Opportunities

There are ample opportunities in the FACTS market, particularly in the integration of renewable energy systems. As countries worldwide seek to transition to cleaner energy sources, the demand for grid stability and efficiency will grow, creating opportunities for FACTS deployment. Additionally, the increasing electrification of industries and transportation networks, especially in emerging markets, will drive further demand for flexible AC transmission systems.

The rapid development of advanced power electronics and control algorithms is also expected to reduce the cost of FACTS systems, making them more accessible to a broader range of industries and regions.

Reasons to Buy the Report

✔ Gain insights into the projected growth of the FACTS market from 2023 to 2033.

✔ Understand key market drivers, restraints, and opportunities impacting the adoption of FACTS technology.

✔ Identify the leading market segments and geographical regions for FACTS systems.

✔ Access detailed market segmentation based on product type, end-users, and geographical regions.

✔ Explore recent technological innovations and developments in the FACTS industry.

Company Insights

Several key players are contributing to the development and growth of the FACTS market. These companies are investing heavily in research and development to create more efficient, durable, and cost-effective solutions.

Some of the leading companies in the market include:

Hitachi Energy Ltd.

Siemens AG

Bharat Heavy Electricals Ltd.

S&C Electric Company

American Superconductor Corporation

GE Grid Solutions

NR Electric Co., Ltd.

Recent Developments:

In 2021, Hitachi Energy Ltd. secured a contract with Swiss Federal Railways to integrate FACTS into the Geneva rail network, aiming to enhance grid stability across the region.

GE Renewable Energies completed the Dynamic Reactive Compensator project for the United Kingdom National Grid in May 2020, a significant advancement in the region's power grid management.

Conclusion

The flexible AC transmission systems market is set for significant growth over the next decade. As the demand for stable and efficient power grids increases globally, especially with the rise of renewable energy integration, the adoption of FACTS technology will become increasingly crucial. With its potential to reduce transmission losses, improve grid reliability, and facilitate the smooth integration of renewable energy, FACTS is poised to play a vital role in shaping the future of global power transmission networks.

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

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