23-Jul-2021 | Facts and Factors
According to the report published by Facts and Factors, the global flexible AC transmission systems (FACTS) market is valued at approximately USD 1,271.04 Million in 2020 and is predicted to create revenue of almost USD 2,028.21 Million by the end of 2026, with a CAGR of around 8.1% between 2021 and 2026.
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.
FACTS has 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 FACTS.
Top Market Players
Major players operative in 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 and Alstom, amongst others.
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.
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.
Browse the full report “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 Forecasts, 2021 – 2026” at https://www.fnfresearch.com/flexible-ac-transmission-systems-market
The global flexible ac transmission systems (FACTS) market is segmented as follows:
By Generation Type:
By Compensation Type:
By Controller Type:
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