New York, May 23, 2023 (GLOBE NEWSWIRE) -- According to recent research, the demand for global flexible AC transmission systems (FACTS) market expected to reach US$ 1.3 billion by 2023-end. It is estimated to reach a value of US$ 2.2 billion by 2033, expanding at 5.6% CAGR during the forecast period 2023 to 2033.
Persistence Market Research (PMR) mentions that the global flexible AC transmission systems market is projected to showcase a CAGR of 5.6% in the estimated time frame. In the historical period between 2018 and 2022, the market witnessed a decent CAGR of 6.9%.
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Integration of Renewable Energy Infrastructure and Industrial Development to Lead the Market
The flexible AC transmission system, also known as “FACTS”, consists of static devices. Its purpose is to help consumers advance the controllability and power transfer capabilities of the network. They are usually grounded on power electronics.
Increased demand for power system controllability in businesses such as railroads, oil & gas, and power companies has driven the market to demand flexible AC transmission systems.
In addition, the Middle East and Africa are also projected to gain momentum as industries such as manufacturing, railways, and renewable energy lag behind the acceptance of flexible AC transmission systems. Though, high initial installation costs are estimated to restrain the market development through the forecast period.
The government has focused on expanding grid infrastructure and power capacity in recent years. As an outcome, a vast system of transmission lines was built to deliver the electricity produced by power plants to consumers. The power transmission market is expected to surge due to continued growth in public power grids and increased spending on power grid infrastructure upgrades.
Over the next few years, the global market for flexible AC transmission systems will likely be fueled by growing demand from the industrial sector, utilities, railways, renewable energy, and oil & gas. Additionally, market players are constantly inventing new applications, which increases the demand for flexible AC transmission systems (FACTS).
The key players include Microsoft Corporation, Siemens AG, Bharat Heavy Electricals Ltd, S&C Electric, American Superconductor Corporation, GE Grid Solution, NR Electric Co., Ltd, and American Electric Power Co., Inc.
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Key Takeaways from the Flexible AC Transmission Systems Market Report:
- In terms of application, the voltage control category is projected to showcase a CAGR of 5.2% from 2023 to 2033.
- Based on compensation type, the shunt segment is likely to exhibit a CAGR of 5.4% in the assessment period.
- The United Kingdom is likely to witness a CAGR of 5.2% from 2023 to 2033.
- The United States is estimated to be valued at US$ 392 million, surging at a CAGR of 5.5% by 2033.
- In the historical period during 2018 and 2022, the market witnessed a decent CAGR of 6.9%.
“Growing renewable energy policies require energy retailers to report the percentage of renewable energy in their energy sources. An increasing rate of adoption of FACTS in public energy infrastructure is expected to provide opportunities to manufacturers.” – says a lead analyst at Persistence Market Research (PMR)
Competitive Analysis:
Leading companies in the global market for flexible AC transmission systems invest in research and development to form new and improved products. Their goal is to bring new services to the market with lower energy consumption, higher selectivity, and improved durability.
Other companies have strategic partnerships and collaborations with local businesses and research institutes to share knowledge, expertise, and resources. This allows them to develop innovative technologies and expand their service and product offerings.
For instance,
- In 2021, Hitachi Energy Ltd. announced a contract to develop the Geneva rail network with a flexible AC transmission system provided by Swiss Federal Railways. The rail network is expanding as more commuters take the Leman Express across the border between France and Switzerland.
- In May 2020, the Dynamic Reactive Compensator project for the United Kingdom National Grid was completed by GE Renewable Energies. With a power range of 975 Mvar, this project is Europe's leading utility STATCOM (Static Synchronous Compensator) system.
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More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the flexible AC transmission systems market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments segmented in terms of compensation type (shunt, series, combined) generation type (second, first) application (voltage control) end-use (power control, utilities, renewables, industrial, railways), and region from 2023 to 2033.
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