- Growing use of flexible AC transmission system (FACT) devices in various applications in power systems generating lucrative opportunities to industry players
ALBANY, N.Y., April 26, 2022 (GLOBE NEWSWIRE) -- Grid operators are increasingly looking for AC transmission systems that allow them to improve transient & dynamic stability of power transmission networks, which has massively expanded profitable opportunities in the flexible alternating current transmission systems market. The global valuation of the flexible alternating current transmission systems market is projected to advance at CAGR of 5.83% during the forecast period of 2021–2031.
FACTs are garnering popularity among grid operators for balancing the reactive power compensation in power system transmission grid. The benefits include controllability, stability, and power transfer capabilities of the AC grids, underpinning growth prospects of the flexible alternating current transmission systems market. Various functionalities flexible AC transmission system (FACT) devices in AC grid infrastructure are offering catalyze the deployment of the system by utilities, industrial users, and the railways.
Over the years, solution providers are leaning on offering products that prevent transmission line overloading and promote stabilization of the AC power transmission networks. The deregulation of the energy markets along with the demand for large-scale distributed energy generation industrialized nations are catalyzing lucrative growth opportunities for firms, observed the study by TMR on the flexible alternating current transmission systems market.
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Key Findings of Flexible Alternating Current Transmission Systems Market Study
- Stability and Controllability Key Benefits Spurring Deployment: Steady focus of the governments in various countries improving the stability of power transmission systems has underpinned vast revenue possibilities. Grid operators are increasingly attracted toward the role of FACTs in smart grid infrastructure. The multiple benefits of increased power transfer capability of AC transmission systems underpin revenue potential of the flexible alternating current transmission systems market.
- Advancements in Systems to Make Them Resilient to Cyber-Attacks: The need for real-time power system awareness is one of the key stimulants for technological innovations in the flexible alternating current transmission systems market. The authors of the TMR study have found that cyber-resistant or resilient FACTs present an incredible avenue and will continue to attract R&D. The analysts assert that the massive avenue is pivoted on the need to reduce the vulnerabilities associated with insider attacks on FACTs. Thus, state-of-the art technologies are being explored for ensuring cyber security of energy delivery systems. Several FACT devices are offering reactive power control for AC grid infrastructure, found the analysts in an in-depth study on the dynamics of the flexible alternating current transmission systems market. Grid operators, utilities, and asset owners are keenly leveraging new-age products for improving the reliability and security of FACTs.
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Flexible Alternating Current Transmission Systems Market: Key Drivers
- Growing investments by industry players on building up resilient and flexible grid-friendly AC transmission systems, pivoted on the favorable outlook of governments, is a major value proposition being promoted by industry stakeholders in the flexible AC transmission system (FACT) devices market. Increasing deployment of smart grid technology is enriching avenues in the market landscape.
- Growing capacities of renewable power generation in various regions is a key accelerant for deployment of FACTs. Both developed and developing countries are expected to witness massive investments for supporting renewable power projects.
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Flexible Alternating Current Transmission Systems Market: Regional Growth Dynamics
- Asia Pacific held a major share of the global flexible alternating current transmission systems market in 2020. Ever-growing demand for electricity for industrial and commercial use in developing economies has fueled the revenue potential of the regional market over the years. China has offered abundant opportunities, given the massive progress made in power transmission systems to cater to the requirements of end-use industries.
- Europe has been projected as another lucrative flexible alternating current transmission systems market during the forecast period
Flexible Alternating Current Transmission Systems Market: Key Players
Some of the key players in the flexible alternating current transmission systems market are Ingeteam Power Technology, S.A., Infineon Technologies AG, NR Electric Co., Ltd., Hitachi ABB Power Grids, American Superconductor, Mitsubishi Electric Corporation, Toshiba International Corporation, GENERAL ELECTRIC, and Siemens AG.
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Global Flexible Alternating Current Transmission Systems Market: Segmentation
Flexible Alternating Current Transmission Systems Market, by Compensation Type
- Shunt Compensation
- Static VAR Compensation (SVC)
- Static Synchronous Compensator (STATCOM)
- Series Compensation
- Thyristor Series Capacitor
- Fixed Series Capacitor
- Combined Compensation
Flexible Alternating Current Transmission Systems Market, by Application
- Voltage Control
- Power Control
Flexible Alternating Current Transmission Systems Market, by End-user
- Utilities
- Industrial
- Others (including Railways)
Flexible Alternating Current Transmission Systems Market, by Region
- North America
- U.S.
- Canada
- Europe
- Italy
- U.K.
- France
- Germany
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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