LONDON, March 07, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Flexible AC Transmission System Global Market Report 2024, the flexible AC transmission system (FACTS) market has witnessed robust growth, with the market size projected to increase from $1.39 billion in 2023 to $1.48 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.2%. Furthermore, the flexible AC transmission system market is poised for continued growth, with forecasts anticipating an expansion to $1.9 billion by 2028, at a CAGR of 6.5%.
Flexible AC Transmission System Market Driving Forces
1. Growing Adoption of Renewable Energy Sources: The surge in renewable energy adoption, particularly wind and solar power, has propelled the demand for FACTS technologies. Renewable energy sources exhibit inherent intermittency, posing challenges for grid stability. FACTS systems offer dynamic control over voltage, reactive power, and grid impedance, facilitating the seamless integration of renewable energy into the grid.
2. Integration of Smart Grid Technologies: A key trend driving flexible AC transmission system market growth is the integration of smart grid technologies into FACTS systems. This integration enhances grid stability, reliability, and efficiency by enabling faster and more accurate responses to grid disturbances. For example, Hitachi's SVC Light® Enhanced integrates power quality and grid stabilization technologies into a single device, contributing to the integration of renewable energy and fostering a carbon-neutral society.
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Flexible AC Transmission System Market Dynamics
The global flexible AC transmission system market is highly concentrated, with a few major players dominating the landscape. Top competitors such as Hitachi, General Electric, and Siemens command significant market shares, driving consolidation through acquisitions, partnerships, and product distribution strategies.
Flexible AC Transmission System Market Segmentation
- Product: The flexible AC transmission system market encompasses products such as Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), and Thyristor Controlled Series Compensator (TCSC).
- Compensation Type: flexible AC transmission systems offer shunt compensation, series compensation, and combined series-shunt compensation functionalities.
- Functionality: FACTS systems serve various functionalities, including voltage control, network stabilization, and transmission capacity enhancement.
- Application: The applications of FACTS systems span across utilities, renewables, industrial sectors, railways, and other applications.
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Future Opportunities
The STATCOM segment is poised to witness significant growth, with opportunities expected to generate $152.5 million in global annual sales by 2028.
Regional Insights
Asia Pacific emerged as the largest region in the flexible AC transmission system market in 2023, accounting for 36.3% or $473.1 million of the total market share. Western Europe, North America, and other regions followed suit, reflecting the global reach and impact of FACTS technologies.
Flexible AC Transmission System (FACTS) Global Market Report 2024 by The Business Research Company provides insights on the flexible AC transmission system market size, flexible AC transmission system market segments, flexible AC transmission system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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