Press release
Flexible AC Transmission System (FACTS) Global Market Report 2024 - By Growth, Size, Share, Demand, Forecast To 2033
Flexible AC Transmission System (FACTS) Market
The flexible ac transmission system (facts) market size is expected to see strong growth in the next few years. It will grow to $1.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increased penetration of electric vehicles, grid resilience against natural disasters, transition to renewable energy, cybersecurity concerns, decentralized energy generation. Major trends in the forecast period include multi-terminal hvdc systems, integration of energy storage, energy efficiency and conservation, voltage source converters (vsc) in facts, next-generation facts technologies, integration of advanced power electronics.
Market Overview -
A flexible AC transmission system (FACTS) refers to a collection of tools that are used to get around certain restrictions on the electrical networks' capability for static and dynamic transmission. They are used to regulate the voltage, oscillation damping, transient stability improvement, and power flow in transmission lines.
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The Surge Of Flexible Ac Transmission Systems Market Fueled By Robust Growth In Grid Infrastructure
The expansion of grid infrastructure is expected to propel the growth of the flexible AC transmission systems market going forward. Grid infrastructure refers to a system of power plants, power lines, and power substations. Flexible AC Transmission Networks (FACTS) are used in grid infrastructure to increase transmission line capacity and enhance system stability by decreasing a power line's transfer reactance. For instance, in September 2022, the International Energy Agency (IEA), a France-based intergovernmental agency, reported that the grid infrastructure between 2021 and 2030 would grow 44-fold to 680 GW. Increasing from 6 GW in 2021, about 140 GW of capacity will be created in 2030. Therefore, the expansion of the grid infrastructure is driving the growth of the flexible AC transmission systems market going forward.
Competitive Landscape -
Major companies operating in the flexible ac transmission system (facts) market report are ABB Ltd., Adani Power Limited, Alstom SA, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, General Electric Company, Siemens AG, Eaton Corporation plc, NR Electric Co. Ltd., American Superconductor Corporation, 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., RWE Renewables GmbH, Crompton Greaves Limited, Nordex SE, Goldwind Science & Technology Co. Ltd., Enel Green Power S.p.A., Lenze SE, Vestas Wind Systems A/S
Technological Advancements In Flexible Ac Transmission Systems
Technological innovations are a key trend gaining popularity in the flexible AC transmission systems market. Companies operating in the flexible AC transmission systems market are adopting new technologies to sustain their position in the market. For instance, Siemens Energy AG, a German-based manufacturer of gas turbines, steam turbines, generators, and transformers, launched UPFC Plus (Unified Power Flow Controller), which is a combination of STATCOM (Static Synchronous Compensator) and Static Synchronous Series Compensator (SSSC) based on VSC (Voltage Source Converter) technology. The UPFC PLUS would assist system operators in grid stabilization by dynamically managing load flow in alternating-current grids. This also expands grid operators' ability to respond quickly to shifting power demand to enable renewable energy integration while also ensuring grid resilience and stability.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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