Flexible AC Transmission System (FACTS) Market size was valued at USD 1,115.2 Million in 2022, expanding at a CAGR of 6.5% from 2023 to 2030.
To improve the transmission and control of electrical power, power networks employ the flexible AC Transmission System (FACTS). It is made up of a number of methods and devices intended to increase the adaptability, dependability, and effectiveness of AC power transmission.
Flexible AC Transmission System (FACTS) Market- Market Dynamics:
Advancement in electric power transmission system is expected to propel the Flexible AC Transmission System (FACTS) demand.
FACTS systems are essential for improving and stabilizing power networks. They improve power transfer capacities, control reactive power, and maintain voltage levels. FACTS technologies offer efficient solutions for preserving grid performance when electricity networks encounter more difficulties related to grid congestion, voltage stability, and system reliability. The integration of these sporadic energy sources into the current electrical grid is essential given the rising popularity of renewable energy sources like wind and solar power. By resolving the problems with power quality, voltage fluctuations, and grid stability brought on by different energy sources, FACTS devices let the integration of renewable energy go smoothly. By reducing harmonics, reactive power imbalances, and voltage variations, FACTS devices improve grid stability and power quality. They offer quick and precise control methods that keep the grid stable amid disruptions, voltage drops, or faults, lowering the chance of power outages and guaranteeing a steady supply of electricity for users.
Flexible AC Transmission System (FACTS) Market- Key Insights:
- As per the analysis shared by our research analyst, the global Flexible AC Transmission System (FACTS) market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030)
- The Flexible AC Transmission System (FACTS) industry is projected to grow at a significant rate due to the growing focus on animal health and nutrition.
- Based on End User, energy utilities segment was predicted to show maximum market share in the year 2022.
- Based on Application, power control segment is expected to hold significant market share by 2030.
- Based on Component segmentation, power electronic devices segment was the leading in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Flexible AC Transmission System (FACTS) Market- Segmentation Analysis:
The Global Flexible AC Transmission System (FACTS) Market is segmented on the basis of Component, End User, Application, and Region.
The market is divided into three categories based on Component: power electronic devices, phase shifting transformers, and protection & control system. The power electronic devices segment dominates the market. Growing energy demand from energy & utility sector is contributing to market growth.
The market is divided into four categories based on End User: energy utilities, oil & gas, railways, and others. The energy utilities segment dominates the market. The growing developments in grid stability, energy demands are boosting the market growth.
The market is divided into two categories based on Application: voltage control and power control. The power control segment dominates the market. The rising demand for power control devices is increasing the segment growth.
Flexible AC Transmission System (FACTS) Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Flexible AC Transmission System (FACTS) Market- Competitive Landscape:
Owing to the increasing energy demand and power grid constructions, which influence the Flexible AC Transmission System (FACTS) market. Several distribution channels, including corporate websites, and end users, are used by businesses to sell their solutions & products. Product manufacturers compete on various factors, such as product pricing, performance, product creation, and marketing. reputation, and availability. Some of the primary techniques, and strategies used by corporations to strengthen their reach and expand their market share include new product launches, R&D expenditure, developing its distribution network and mergers & acquisitions. Some of the recent developments are mentioned below.
In March 2023, Mitsubishi Electric Corporation announced that it has received an order from Tohoku Electric Power Network Co. for a static synchronous compensator (STATCOM) rated at ±700MVA, the largest capacity class.
Key features of the study:
- This proposed research study on Flexible AC Transmission System (FACTS) market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Flexible AC Transmission System (FACTS) market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Flexible AC Transmission System (FACTS) market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Flexible AC Transmission System (FACTS) market
- Impact of COVID-19 on Flexible AC Transmission System (FACTS) market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Flexible AC Transmission System (FACTS) market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Flexible AC Transmission System (FACTS) market, we have also included competitive landscape and key innovator analysis for the Flexible AC Transmission System (FACTS) market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial inComponentation and strategic initiatives of players operating in the Flexible AC Transmission System (FACTS) market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Flexible AC Transmission System (FACTS) market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL FLEXIBLE AC TRANSMISSION SYSTEM (FACTS) MARKET KEY PLAYERS
- ABB Ltd.
- Siemens AG
- General Electric Company
- Mitsubishi Electric Corporation
- Hitachi, Ltd.
- Toshiba Corporation
- Eaton Corporation
- NR Electric Co., Ltd.
- Crompton Greaves Limited
- Hyosung Corporation
- American Superconductor Corporation
- Schneider Electric SE
- Bharat Heavy Electricals Limited (BHEL)
- Rongxin Power Electronic Co., Ltd.
- Fuji Electric Co., Ltd.
GLOBAL FLEXIBLE AC TRANSMISSION SYSTEM (FACTS) MARKET, BY COMPONENT
- Power electronic devices
- Phase shifting transformers.
- Protection & control system
GLOBAL FLEXIBLE AC TRANSMISSION SYSTEM (FACTS) MARKET, BY END USER
- Energy utilities
- Oil & gas
GLOBAL FLEXIBLE AC TRANSMISSION SYSTEM (FACTS) MARKET, BY APPLICATION
- Voltage Control
- Power Control
GLOBAL FLEXIBLE AC TRANSMISSION SYSTEM (FACTS) MARKET, BY REGION
- North America
- The U.S.
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA