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Key Trends Influencing the Growth of the Flexible AC Transmission System (FACTS) Market in 2025: Technological Advancements In Flexible Ac Transmission Systems
Flexible AC Transmission System (FACTS)
What Is the Expected CAGR for the Flexible AC Transmission System (FACTS) Market Through 2025?
The market for the flexible AC transmission system (FACTS) has witnessed considerable expansion in the past years. Expectations are that it will rise from a valuation of $1.38 billion in 2024 to a valuation of $1.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this substantial growth in the past years have been issues related to grid reliability, decaying power infrastructure, deregulation of the electricity market, congestion in transmission lines, global development of high-voltage networks, and concerns regarding the environment.
What's the Projected Size of the Global Flexible AC Transmission System (FACTS) Market by 2029?
In the coming years, the flexible AC transmission system (FACTS) market is set to experience remarkable growth, with an expected market value of $1.91 billion by 2029, reflecting a CAGR of 7.0%. Reasons contributing to this growth in the concerning period include the increasing use of electric vehicles, enhanced grid resilience in face of natural calamities, a shift toward renewable energy, rising cybersecurity threats, and a shift towards decentralized energy production. The prediction period will experience significant trends like the incorporation of multi-terminal HVDC systems, the integration of energy storage, strides towards energy efficiency and preservation, the application of voltage source converters (VSC) in FACTS, advancements in FACTS technologies, and the inclusion of progressive power electronics.
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Top Growth Drivers in the Flexible AC Transmission System (FACTS) Industry: What's Accelerating the Market?
The anticipated enlargement of the grid infrastructure is set to bolster the flexible AC transmission systems market's growth. Grid infrastructure comprises power substations, power lines, and power plants, all of which uses Flexible AC Transmission Networks (FACTS) to boost transmission line capacity and improve system stability by reducing a power line's transfer reactance. For instance, The International Energy Agency, an intergovernmental organization based in France, shared in September 2024 that investments in electricity grids witnessed around 8% increase in 2022. It further stressed the need for doubling the investments in smart grids by 2030 to coincide with the target of reaching Net Zero Emissions by 2050. Hence, the development of grid infrastructure is stimulating the expansion of the flexible AC transmission systems market.
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What Trends Will Shape the Flexible AC Transmission System (FACTS) Market Through 2029 and Beyond?
Technological innovations are shaping the flexible AC transmission systems market. Siemens Energy AG launched UPFC Plus, combining STATCOM and SSSC with VSC technology, to help grid operators stabilize AC grids, adapt to changing demands, and integrate renewable energy more effectively.
What Are the Main 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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Which Top Companies are Driving Growth in the Flexible AC Transmission System (FACTS) Market?
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
Which Regions Will Dominate the Flexible AC Transmission System (FACTS) Market Through 2029?
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
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