Flexible AC Transmission Systems Market worth $2.50 billion by 2030, growing at a CAGR of 5.90% - Exclusive Report by 360iResearch

The "Flexible AC Transmission Systems Market by Component (Phase shifting transformers, Power electronics devices, Protection and control systems), Compensation Type (Combined compensation, Series compensation, Shunt compensation), Function, Vertical - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Flexible AC Transmission Systems Market to grow from USD 1.67 billion in 2023 to USD 2.50 billion by 2030, at a CAGR of 5.90%.

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Flexible AC Transmission Systems (FACTS) refer to advanced technologies implemented within electric power transmission systems to enhance their controllability, flexibility, and efficiency. FACTS leverage high-speed switching and power electronics to regulate electrical parameters, including voltage, phase angle, and impedance of high-voltage AC lines. As a result, these systems can remarkably improve the power transfer capabilities of transmission networks, manage power flow, reduce losses, stabilize voltage under varying load conditions, and increase the power grid's reliability. By implementing FACTS, utilities can better accommodate dynamic and fluctuating energy demands, integrate renewable energy sources, and adapt to ever-evolving power system challenges. The Flexible AC Transmission Systems (FACTS) market comprises the sales, installation, maintenance, and innovation of technologies designed to enhance controllability, increase power transfer capability, and improve the stability of AC transmission networks. FACTS technologies find applications across various segments, including utility companies, renewable energy generation, industrial manufacturing, and infrastructure projects. Their primary end-use is ensuring reliable and efficient transport of electrical power within grid networks, mitigating the impacts of power fluctuations, improving system utilization, and promoting the incorporation of renewable energy sources. The growth of the FACTS market is influenced by several factors, including a continuous increase in demand for electricity and increasing overload issues, the growing integration of renewable energy sources worldwide, and rising government incentives and regulations promoting the usage of grid technologies. However, the FACTS market faces certain challenges, such as the high cost of developing flexible AC transmission systems and interoperability issues with flexible AC transmission systems. On the other hand, the growing introduction of novel flexible AC transmission systems and the rising transition toward smart grids and adaptive systems present significant opportunities for the FACTS market to grow in the coming years.

In the Americas, the United States and Canada are prominent consumers of Flexible AC Transmission Systems (FACTS) due to aging power infrastructure and the need to optimize power networks. The US has been leading with several patents filed in the FACTS domain, signifying innovation and technological advancement. In South America, Argentina focuses on revitalizing its energy infrastructure to support its growing economy. Brazil has a vast power network and is investing heavily in renewable energies, necessitating FACTS to manage transmission stability. EU countries have been early adopters of FACTS technology, mainly due to the strong emphasis on renewable energy and energy efficiency. The EU's commitment to reducing carbon emissions has resulted in increased investments in cleaner and more efficient power transmission systems, including FACTS. In the Middle East, the rising demand for electricity and considerable investments in grid infrastructure are driving the FACTS market. One of the key initiatives is the Gulf Cooperation Council Interconnection Grid, which presents opportunities for FACTS integration. On the other hand, Africa presents a different landscape with a need for electrification and reliable power supply. However, due to financial constraints, the rate of FACTS implementation is slower despite the significant potential. The APAC region has witnessed a rise in demand for FACTS due to growing urbanization and industrialization, particularly in countries such as China, Japan, and India. The expanding focus on renewable energy integration and the need for efficient power transmission systems are key drivers for the FACTS market. In China, efforts to modernize the electricity grid and improve energy security have resulted in significant research and investment. Initiatives in India, including the Green Energy Corridor, aimed to enhance the transmission network for renewable energy, creating demand for FACTS.

Market Segmentation & Coverage:

This research report categorizes the Flexible AC Transmission Systems Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Component, market is studied across Phase shifting transformers, Power electronics devices, and Protection and control systems. The Power electronics devices is projected to witness significant market share during forecast period.

Based on Compensation Type, market is studied across Combined compensation, Series compensation, and Shunt compensation. The Combined compensation is projected to witness significant market share during forecast period.

Based on Function, market is studied across Harmonic Suppression, Network Stabilization, Transmission Capacity, and Voltage Control. The Transmission Capacity is projected to witness significant market share during forecast period.

Based on Vertical, market is studied across Industrial, Renewable, and Utilities. The Utilities is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 38.11% in 2023, followed by Asia-Pacific.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Flexible AC Transmission Systems Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Flexible AC Transmission Systems Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Flexible AC Transmission Systems Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Amazon Web Services, Inc., American Superconductor Corporation, Beijing Power Equipment Group Co. Limited, Bharat Heavy Electricals Limited, Clariant Power System Limited, Comsys Holdings Corporation, Freqcon GmbH, General Electric Company, Hyosung Heavy Industries, Infineon Technologies AG, Ingeteam Power Technology, S.A., JEMA Energy S.A., Merus Power Plc, Mitsubishi Electric Corporation, and NR Electric Co., Ltd..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Flexible AC Transmission Systems Market, by Component
7. Flexible AC Transmission Systems Market, by Compensation Type
8. Flexible AC Transmission Systems Market, by Function
9. Flexible AC Transmission Systems Market, by Vertical
10. Americas Flexible AC Transmission Systems Market
11. Asia-Pacific Flexible AC Transmission Systems Market
12. Europe, Middle East & Africa Flexible AC Transmission Systems Market
13. Competitive Landscape
14. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Flexible AC Transmission Systems Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Flexible AC Transmission Systems Market?
3. What is the competitive strategic window for opportunities in the Flexible AC Transmission Systems Market?
4. What are the technology trends and regulatory frameworks in the Flexible AC Transmission Systems Market?
5. What is the market share of the leading vendors in the Flexible AC Transmission Systems Market?
6. What modes and strategic moves are considered suitable for entering the Flexible AC Transmission Systems Market?

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