Fort Collins, Colorado, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The Flexible AC Transmission System (FACTS) Market size was valued at USD 1.3 Billion in 2022 and is expected to reach USD 2.3 Billion by 2032 with a CAGR of 5.9%.
FACTS is an AC transmission technology that improves controllability, increases power transfer capability, and supports dynamic reactive, and inductive power. It enhances system stability, controls real and reactive power to the grid, and ensures safe machine operation.
FACTS devices also improve transmission lines' capacity and the quality of electric energy delivery. As renewable energy gains momentum, the market for flexible AC transmission systems has grown, with countries investing in its development, driving its wider deployment and boosting sales.
The demand for better controllability of energy systems and increased investments in power transmission system development is expected to stimulate the expansion of Flexible AC transmission systems. FACTS devices play a significant role in reactive power supply and contribute to system stability. They are crucial for meeting the growing global demand for transmission networks that can transmit and accommodate bulk electrical energy.
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Segmentation Overview:
The global flexible AC transmission system market has been segmented into configuration, product, voltage, application & end-use, and region. STATCOM has enhanced stability and dominates the market due to its ability to provide reactive power during faults. The transportation segment dominates the market based on the growing demand for a secure and dependable energy supply and the industry's shift towards electronically powered transportation units.
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Flexible Ac Transmission System Market Report Highlights:
- The global flexible AC transmission system market growth is anticipated at a CAGR of 5.9% by 2032.
- FACTS technology improves system stability, increases transmission lines' capacity, and enhances energy delivery quality. It plays a significant role in reactive power supply and contributes to system stability, making it crucial for meeting the growing global demand for transmission networks.
- Europe dominates the FACTS market due to increased industrial production and energy consumption. The U.K. is one of the biggest consumers of FACTS devices, and the need for a reliable electrical grid system is increasing due to growing power demands and technology advancements.
- Some prominent players in the flexible AC transmission system market report include General Electric, ABB, Mitsubishi, Siemens, Hyosung, Infineon, American Superconductor, BHEL, NR Electric, Rongxin, Ingeteam, and others.
Industry Trends and Insights:
- ABB and Gravitricity signed an agreement to accelerate the development of gravity energy storage systems in former mines in the U.K.
- GE Vernova awarded the Services Agreement for Shuaiba North Power Station in Kuwait.
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Flexible Ac Transmission System Market Segmentation:
By Configuration: Series, Shunt, Combined
By Product: SVC, STATCOM, UPFC
By Voltage: 132 kV to 220 kV, > 220 kV to 660 kV, > 660 kV
By Application: Static & Dynamic
By End-use: Renewables, Wind, Onshore, Offshore, Solar, Smart Grid, Transportation, Construction, Metal & Mining industries, and Oil & Gas
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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