NEW YORK, United States, March 21, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Flexible AC Transmission Systems (FACTS) Market by Compensation Type (Series Compensation, Shunt Compensation, and Combined Compensation), Generation Type (First-Generation and Second-Generation), By Controller Type (SVC, STATCOM, UPFC, TCSC, and Others), By Application (Industrial, Utilities, Railways, Renewables, and Others), By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Flexible AC Transmission Systems (FACTS) Market size & share was worth at around USD 1,281.04 Million in 2021 and is projected to reach a value of approximately USD 2,128.21 Million by the end of 2028, at a compound annual growth rate (CAGR) of about 8.5% during the forecast period 2022 to 2028.”
What is the Flexible AC Transmission Systems (FACTS) Industry? How big is the Flexible AC Transmission Systems (FACTS) Market?
- Market Overview:
A flexible alternating current transmission system (FACTS) is an electrical energy transmission system made up of static equipment. Its purpose is to improve the network's controllability and power transmission capabilities. It's usually a system based on power electronics. The power transfer capability of traditional AC transmission has been limited by numerous dynamic and static constraints such as voltage stability, transient stability, thermal limits, and so on. Because of these intrinsic power system limitations, current transmission sources have been underutilized.
Flexible AC Transmission Systems (FACTS) have a number of benefits over traditional grid transmission methods. FACTS has become the preferable alternative over fixed compensating equipment due to its cheap maintenance costs. Furthermore, traditional grid transmission methods have a sluggish reaction time, which reduces grid performance. As a result, demand for flexible AC transmission equipment is projected to rise. In the next years, the worldwide flexible ac transmission equipment market will be driven by increasing demand from industrial sectors, electric utilities, railroads, renewables, and the oil and gas industries. Furthermore, market participants are always inventing new applications, which will drive up demand for flexible AC transmission systems (FACTS).
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Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 1,281.04 Million |
| Projected Market Size in 2028 | USD 2,128.21 Million |
| CAGR Growth Rate | 8.5% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Hyosung, Infineon Technologies AG, Siemens, GE Grid Solutions, Rongxin Power Ltd, NR Electric, Eaton, Xian Electric Engineering, ABB, Mitsubishi Electric, American Superconductor, Toshiba Corp, Adani Power, CISCO, American Electric Power and Alstom, amongst others |
| Key Segment | By Generation Type, Compensation Type, Controller Type, Application, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Market Growth Dynamics
The market is expected to develop at a faster rate in the projected period due to the increasing number of transmission lines. The government, on the other hand, is concentrating on increasing power capacity and expanding grid assistance. This has advanced an enormous network of transmission lines to produce energy from plants and distribute it to consumers. The continued expansion of utility-based transmission networks, on the other hand, will result in increased expenditures in the improvement of the current grid infrastructure. In addition, countries such as China, India, and the United States are increasing the length of their transmission lines. As a result, the market's growth will be boosted in the forecast year.
The development of high-powered electronics systems is a significant element driving growth in the worldwide flexible AC transmission system market. Flexible AC transmission system technologies have a low environmental effect, which is one of the factors pushing their global adoption. Another important element driving market expansion is the shorter time it takes to put modern electricity infrastructure in place. In addition, compared to developing new power production facilities or more transmission lines, the investment cost is lower. The flexible AC transmission system's increased dependability and flexibility have also increased demand for existing power infrastructure systems. Increasing renewable energy rules that make it necessary for energy retailers to disclose the percentage of their energy supply that comes from renewable sources. More nations are going to implement renewable policies, which will put a damper on the market's growth.
FACTS are utilized in the generation, transmission, and distribution of energy by electric utilities. Voltage control, network stabilization, power oscillation damping, and power flow management, as well as increased transmission capacity, are all uses of FACTS in electrical utilities. FACTS devices also offer a cost-effective and efficient way to relieve strain on existing transmission lines while avoiding the high expenses of developing new network expansions. The need for FACTS in utilities is likely to rise as a result of this. Because of the rising need for electricity generation, companies supply FACTS devices to the electric utility industry.
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Segmentation Analysis
The global flexible AC transmission systems (FACTS) market is segregated based on generation type, compensation type, function type, controller type, and region.
First-generation and second-generation makeup generation type segment of the global flexible AC transmission systems (FACTS) industry. The global flexible AC transmission systems (FACTS) market can be divided into series compensation, shunt compensation, and combined compensation based on the compensation type. SVC, STATCOM, UPFC, TCSC, and Others are the controller type segment of the global flexible AC transmission systems (FACTS) market.
Voltage control, network stabilization, enhanced transmission capacity, power oscillation damping, and power flow management are all examples of FACTS used in electrical utilities. FACTS devices can offer a cost-effective and efficient way to relieve strain on existing transmission lines while avoiding the high upfront costs of developing new network expansions. The need for FACTS in utilities is likely to rise as a result of this. Because of the high need for power generation, companies like ABB, GE, and Siemens supply FACTS to electric utilities.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Flexible AC Transmission Systems (FACTS) industry?
- What are the main driving factors propelling the Flexible AC Transmission Systems (FACTS) Market forward?
- What are the leading companies in the Flexible AC Transmission Systems (FACTS) Industry?
- What segments does the Flexible AC Transmission Systems (FACTS) Market cover?
- How can I receive a free copy of the Flexible AC Transmission Systems (FACTS) Market sample report and company profiles?
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Top Market Players
Some main participants of the global flexible AC transmission systems (FACTS) market are;
- Hyosung
- Infineon Technologies AG
- Siemens
- GE Grid Solutions
- Rongxin Power Ltd
- NR Electric
- Eaton
- Xian Electric Engineering
- ABB
- Mitsubishi Electric
- American Superconductor
- Toshiba Corp
- Adani Power
- CISCO
- American Electric Power
Regional Dominance:
- Asia Pacific is projected to Dominate Global Flexible AC Transmission Systems (FACTS) Market Growth
Because of increased government spending on smart grids and increased investment in renewable energy generation, the Asia Pacific flexible AC transmission system market is anticipated to grow at the fastest rate over the forecast period. Furthermore, rising investments in high-speed trains from developing nations like China, India, and Japan are projected to provide attractive market development prospects. The rising need for high-quality power and network dependability in electric utilities and industrial applications has opened up a slew of new prospects for sophisticated power electronics-based systems.
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The global flexible ac transmission systems (FACTS) market is segmented as follows:
By Generation Type:
- First Generation
- Second Generation
By Compensation Type:
- Series Compensation
- Shunt Compensation
- Combined Compensation
By Controller Type:
- SVC
- STATCOM
- UPFC
- TCSC
- Others
By Application:
- Industrial
- Utilities
- Railways
- Renewables
- Others
Key Insights from Primary Research:
- As per the analysis shared by our primary respondents, the Flexible AC Transmission Systems (FACTS) market is expected to grow annually at a CAGR of around 8.5%.
- Through the primary research, it was established that the Flexible AC Transmission Systems (FACTS) market was valued at around USD 1,281.04 Million in 2021and is projected to generate revenue of almost USD 2,128.21 Million by 2028.
- The power transmission industry will be bolstered by the ongoing development of utility-based transmission networks, as well as growing expenditures in grid infrastructure rehabilitation.
- Due to the growing demand for power transmission solutions, voltage, and power infrastructure in countries such as India and China, the Asia Pacific regional market is projected to lead the Flexible transmission system market.
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