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Flexible AC Transmission System (FACTS) Market Size Forecasted To Achieve $1.91 Billion By 2029 With Steady Growth
Flexible AC Transmission System (FACTS) Market Size
What Is the Flexible AC Transmission System (FACTS) Market Size and Projected Growth Rate?
The Flexible AC Transmission System (FACTS) Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Flexible AC Transmission System (FACTS) Market Size and Projected Growth Rate?
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What Are the Major Segments in the Flexible AC Transmission System (FACTS) Market?
The flexible AC transmission system (FACTS) ) market covered in this report is segmented -
1) By Product: Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC)
2) By Compensation Type: Shunt Compensation, Series Compensation, Combined Series-Shunt Compensation
3) By Functionality: Voltage Control, Network Stabilization, Transmission Capacity
4) By Application: Utilities, Renewables, Industrial, Railways, Other Applications
Subsegments:
1) By Static Synchronous Compensator (STATCOM): Voltage Source Converter (VSC) Based STATCOM, Current Source Converter (CSC) Based STATCOM
2) By Static Var Compensator (SVC): Thyristor Controlled Reactor (TCR), Thyristor Switched Capacitor (TSC)
3) By Unified Power Flow Controllers (UPFC): Series Compensator Component, Shunt Compensator Component
4) By Thyristor Controlled Series Compensator (TCSC): Fixed Series Capacitors with Thyristor Control, Thyristor Controlled Series Reactors
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What Are The Driving Flexible AC Transmission System (FACTS) Market Evolution?
The growth of the flexible AC transmission systems market is projected to be fueled by the expansion of grid infrastructure. This infrastructure encompasses a network of power plants, transmission lines, and power substations. Utilized as part of this infrastructure are Flexible AC Transmission Networks (FACTS), which improve transmission line capacity and boost system stability by reducing a power line's transfer reactance. To exemplify, the France-based intergovernmental body, International Energy Agency, stated in September 2024 that investment in electricity grids witnessed approximately an 8% rise in 2022. Furthermore, it underscored the need to more than double the investments in smart grids by 2030 to match up with the objective of obtaining Net Zero Emissions by 2050. Consequently, the flexible AC transmission systems market's growth trajectory is strengthened by the broadening grid infrastructure.
Which Firms Dominate The Flexible AC Transmission System (FACTS) Market Segments?
Major companies operating in the flexible AC transmission system (FACTS) market include 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 Trends Are Expected to Dominate the Flexible AC Transmission System (FACTS) Market in the Next 5 Years?
The emergence of technological advancements is a crucial trend shaping the flexible AC transmission systems market. Companies in this market are leveraging new technologies to maintain their market dominance. For instance, Siemens Energy AG, a German company specializing in the manufacture of gas turbines, steam turbines, generators, and transformers, introduced UPFC Plus (Unified Power Flow Controller). It is an amalgamation of STATCOM (Static Synchronous Compensator) and Static Synchronous Series Compensator (SSSC), leveraging VSC (Voltage Source Converter) technology. The UPFC PLUS will aid system operators in stabilizing the grid by dynamically managing load flow in AC grids. This further broadens the capability of grid operators to swiftly react to variable power demand for integrating renewable energy whilst maintaining grid robustness and stability.
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Which Is The Largest Region In The Flexible AC Transmission System (FACTS) Market?
North America was the largest region in the flexible AC transmission systems (FACTS) market in 2024. Europe is expected to be the fastest-growing region in the global flexible AC transmission systems market during the forecast period. The regions covered in the flexible ac transmission system (FACTS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Flexible AC Transmission System (FACTS) Market?
2. What is the CAGR expected in the Flexible AC Transmission System (FACTS) Market?
3. What Are the Key Innovations Transforming the Flexible AC Transmission System (FACTS) Industry?
4. Which Region Is Leading the Flexible AC Transmission System (FACTS) Market?
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