Flexible AC Transmission Systems (FACTS) Market, by Compensation Type (Series Compensation, Shunt Compensation, and Combined Series-Shunt Compensation), Controller (Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC), and Others), and Industry Vertical (Oil & Gas, Electric Utility, Railways, and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Flexible AC Transmission Systems (FACTS) Market Overview
The global Flexible AC Transmission Systems (FACTS) Market size is projected to reach a CAGR of 8.5% from 2023-2030.
A flexible AC transmission system or FACTS consists of static equipment. This system is utilized for the AC transmission of electrical energy. The system is designed for improving controllability and enhances the capacity of power transfer of the network. This system is usually power-electronic based. The use of a flexible AC transmission system helps in increasing the reliability of the AC grids. It also helps in cutting down the cost of delivery. The use of these systems helps in improving the quality of transmission and the overall efficacy of power transmission by providing reactive or inductive power to the grid.
The aging transmission and other power system networks result in lots of power losses and lesser system usability. The rise in demand for electrification across developed and developing nations drives the demand for the flexible AC transmission system market. The controlled, regulated, and uninterrupted power supply increases system efficiency and boosts the production process. This results in lesser wear and tear to the equipment installed in the industrial plant.
On the other hand, the high initial cost of FACTS is one of the most significant factors acting as a restraint to its market growth.
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The covid pandemic hit industries and businesses globally, and the FACTS industry is no exception. The manufacturers suffered a huge setback in dispatches and order bookings. The restrictions in international markets and stringent travel curtailments resulted in considerable loss of order bookings and aftersales services.
Delvens Industry Expert's Standpoint
The market for Flexible AC Transmission networks (FACTS) is a developing sector that provides goods and technology intended to increase the reliability, flexibility, and efficiency of electric power transmission networks. Growing renewable energy installations, the necessity for dependable and efficient power transmission, and the requirement for grid modernization and expansion are some of the reasons that are driving the market. ABB Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, and Eaton Corporation are important market participants. Players are focused on innovation, product development, and strategic alliances to maintain their market share and competitive position in this highly competitive industry. The FACTS market is anticipated to expand over the next several years because of the rising use of renewable energy sources and the demand for more dependable and efficient transmission networks.
Key Findings
• The compensation type segment is further fragmented into Shunt compensation, Series compensation, and Combined compensation. Shunt compensation segment to dominate FACTS market. In shunt compensation, FACTS are connected in parallel with the power system transmission line. Shunt compensation is actively used in power transmission and distribution networks to reduce power losses and voltage drops.
• The generation type segment is further bifurcated into the First generation and Second generation. A second-generation segment to capture a larger market share during the forecast period. Static synchronous compensator (STATCOM) belongs to the second generation of the FACTS family. STATCOM is based on power electronics voltage source converters (VSC). Second-generation devices of FACTS exchange active and reactive power as well as are capable of absorbing or generating these automatically.
• The vertical segment is further fragmented into Utilities, Renewables, Industrial, and Railways. The utility vertical held the largest market share and is anticipated to maintain its dominance during the forecast period. The applications of FACTS in electrical utilities include voltage control, network stabilization, increased transmission capacity, power oscillation damping, and power flow control. FACTS devices also provide an economical and efficient solution to ease the pressure on existing transmission lines and save the high investment cost that is required for building new network extensions. This is expected to increase the demand for FACTS in utilities.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe accounted for the largest share of the FACTS market and is anticipated to maintain its dominance during the forecast period. The rising industrial production, along with the expanding population, is increasing the demand for electricity across European countries. This is resulting in the growth of FACTS in this region. Further, government regulations regarding carbon-free power transmission and grid codes in Europe are expected to drive the FACTS market in this region.
Flexible AC Transmission Systems (FACTS) Market Regional Analysis
Europe to Dominate the Market
• Europe accounted for the largest share of the FACTS market and is anticipated to maintain its dominance during the forecast period.
• The rising industrial production, along with the expanding population, is increasing the demand for electricity across European countries. This is resulting in the growth of FACTS in this region. Further, government regulations regarding carbon-free power transmission and grid codes in Europe are expected to drive the FACTS market in this region.
Flexible AC Transmission Systems (FACTS) Market Competitive Landscape
• ABB Ltd.
• Siemens AG
• General Electric Company
• Mitsubishi Electric Corporation
• Eaton Corporation
• Hyosung Corporation
• NR Electric Co., Ltd.
• American Superconductor Corporation
• Toshiba Corporation
• Alstom SA
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Flexible AC Transmission Systems (FACTS) Market Recent Developments
• In May 2020, GE Renewable Energy’s Grid Solutions business energized the DRC (Dynamic Reactive Compensator) project for National Grid in the UK. This project is a part of the largest utility-grade STATCOM scheme in Europe.
• The flexible AC Transmission Systems (FACTS) Market is segmented into various segments vertical, generation type, application, functionality, components, compensation type, and region.
Reasons to Acquire in the Flexible AC Transmission Systems (FACTS) Market
• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
• Gain authentic and granular data access for Flexible AC Transmission Systems (FACTS) Market so as to understand the trends and the factors involved in changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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