Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Flexible AC Transmission (FACT) Systems - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Flexible AC Transmission (FACT) Systems was valued at approximately US$1.2 billion in 2022 and is projected to reach around US$1.9 billion by 2030, growing at a CAGR of 5.8% during the forecast period from 2022 to 2030.
FACT systems refer to technologies and equipment used in electrical power systems to enhance the efficiency, reliability, and stability of power transmission and distribution.
Segmentation by System Type
- Shunt Segment: This segment, which is a type of FACT system, is projected to record a CAGR of 6% during the forecast period and reach a market size of US$1.5 billion by 2030. Shunt FACT systems play a significant role in maintaining voltage stability and improving power quality in electrical grids.
- Series Segment: The series FACT system segment is estimated to grow at a CAGR of 5.1% over the next eight years. Series FACT systems are essential for controlling the flow of power within electrical networks, especially in high-voltage transmission lines.
Regional Market Insights
- United States: The FACT Systems market in the United States was estimated at US$238.1 million in 2022. The U.S. market is expected to see steady growth, driven by a need for grid reliability and efficiency improvements.
- China: China is forecasted to experience significant growth in the FACT Systems market, with a projected market size of US$276 million by 2030. This growth is supported by China's robust economic activity and the development of its electrical grid infrastructure.
- Japan: Japan is expected to grow at a CAGR of 4.3% during the forecast period, with its investment in FACT Systems aimed at enhancing the stability and reliability of its power transmission networks.
- Canada: Canada's FACT Systems market is also set to grow, with a forecasted CAGR of 4.4%. The country's focus on renewable energy and grid modernization is contributing to this growth.
- Germany: In Europe, Germany is anticipated to grow at a CAGR of approximately 5.6%. The country's advanced electrical infrastructure and commitment to renewable energy are driving investments in FACT Systems.
Key Market Players
Some of the key players in the global FACT Systems market include:
- Microsoft Corporation
- Siemens AG
- Bharat Heavy Electricals Ltd.
- S&C Electric Company
- American Superconductor Corporation (AMSC)
- American Electric Power Co., Inc. (AEP)
- GE Grid Solutions
- NR Electric Co., Ltd.
- Sieyuan Electric Co., Ltd.
- Trench Austria GmbH
- Toshiba Energy Systems & Solutions Corporation
- JEMA Energy SA
- LS Electric Co. Ltd.
Conclusion
The global FACT Systems market is poised for growth due to the increasing demand for reliable and efficient power transmission and distribution solutions. FACT Systems play a crucial role in maintaining the stability of electrical grids and ensuring the quality of power supply. With investments in grid modernization, renewable energy integration, and the expansion of electrical infrastructure, the market is expected to see significant growth in various regions, including the United States, China, Japan, Canada, and Germany. This growth presents opportunities for both established players and new entrants in the industry.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Growing Pressure on Power Transmission Grids and Rising Investments in Power Transmission Infrastructure to Benefit FACTS Market
- Global Investments into Power Transmission & Distribution Infrastructure (in US$ Billion) for 2010, 2015, 2020, 2030 & 2040
- Global Investments into Power T&D Infrastructure by Region (in %) for 2020 and 2040
- Surging Energy Consumption and the Resulting Rise in Power Production, Transmission and Distribution: Foundation for Market Growth
- Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
- Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
- China and India Lead the Global Rise in Demand for Electricity: Change in Gross Electricity Demand in TWh for 2017-50
- Growing Focus on Renewable Energy-Based Power Projects Augurs Well for Market
- Global Energy Mix: 1990 Vs 2020 Vs 2030
- Global Renewable Energy Breakdown by Type: 2010 Vs 2030
- Global Energy Production: Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share by Energy Source (2030 & 2040)
- Trend towards Distributed Power Generation Powers Demand for FACT Devices
- With Smart Grid Implementations Gaining Traction, Opportunities in Store for the FACTS Market
- Global Market for Smart Grids (in US$ Billion) for the Years 2020E
- Aging Power T&D Infrastructure and Need to Replacement & Upgrade of Obsolete Power Systems to Spur Demand for FACT Equipment
- Imperative Need to Prevent Large-Scale Blackouts & Outages Drives Importance of FACT Equipment
- As Governments Focus on Development of High-Speed Trains and Bullet Trains, FACTS Market Poised to Grow
- Global Level of Deployment of High-Speed Rail Lines by Select Leading Countries
- Growing Importance of Variable Compensation Technologies
- Shift towards Variable Shunt Compensation Equipment
- Technology Advancements & Product Developments to Boost Market Prospects
- Customer Loyalty Building: Imperative for Sustenance
- Challenges Facing FACT Systems Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
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