PUBLISHER: IMARC | PRODUCT CODE: 1422901
PUBLISHER: IMARC | PRODUCT CODE: 1422901
Flexible AC Transmission System Market by Compensation Type, Controller, Industry Vertical, and Region 2024-2032
Abstract
The global flexible AC transmission system (FACTS) market size reached US$ 1.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.89% during 2024-2032. The developing electric power transmission system, the increasing government expenditure to build smart grids, and the rising adoption of renewable energy sources represent some of the key factors driving the market.
A flexible AC transmission system (FACTS) is a technology used in power transmission systems to enhance their efficiency and control the flow of electricity. These devices are used to improve power transfer capability, reduce power losses, and improve the overall stability and reliability of the grid. It includes the use of power electronics and advanced control systems, which enable the real-time control of voltage, current, and reactive power on the transmission line. This helps to regulate power flow, stabilize the grid, and mitigate problems such as voltage instability and grid oscillations. They can also be applied in a variety of transmission systems, including high-voltage direct current (HVDC) systems, alternating current (AC) transmission lines, and power transformers. In addition, these devices can be used to integrate renewable energy sources such as wind and solar power into the grid. Besides this, FACTS technology offers various benefits such as improved power quality, increased power transfer capability, reduced transmission losses, and enhanced grid stability and reliability. As a result, it is increasingly adopted in the power and energy industry.
Flexible AC Transmission System (FACTS) Market Trends:
The market is primarily driven by the increasing demand for electricity across the globe, which has resulted in the development of new power infrastructure and transmission lines. FACTS technology enables utilities to increase power transfer capacity and improve grid reliability, which makes it a suitable option for meeting the growing electricity demand. In addition, the increasing government expenditure to build smart grids due to the aging power grid infrastructure in many countries represents another major growth-inducing factor. FACTS systems can help upgrade the existing grid by improving its stability, reducing power losses, and enhancing the overall efficiency of the system. Besides this, the increasing adoption of renewable energy sources such as wind and solar power due to the growing environmental concerns has escalated the demand for FACTS technology that can help to mitigate the intermittent nature of renewable energy by regulating power flow and improving grid stability. This, coupled with the surging need for controllability of power systems in oil and gas, railways, and electric utility industries, is contributing to the market growth. Moreover, the growing mergers and acquisitions (M&As) and collaboration among the leading market players to strengthen their foothold is also creating a favorable market outlook across the globe.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global flexible AC transmission system (FACTS) market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on compensation type, controller, and industry vertical.
Compensation Type Insights:
Series Compensation
Shunt Compensation
Combined Series-Shunt Compensation
The report has provided a detailed breakup and analysis of the flexible AC transmission system (FACTS) market based on the compensation type. This includes series compensation, shunt compensation, and combined series-shunt compensation. According to the report, shunt compensation represented the largest segment.
Controller Insights:
Static Synchronous Compensator (STATCOM)
Static Var Compensator (SVC)
Unified Power Flow Controllers (UPFC)
Thyristor Controlled Series Compensator (TCSC)
Others
A detailed breakup and analysis of the flexible AC transmission system (FACTS) market based on the controller has also been provided in the report. This includes static synchronous compensator (STATCOM), static var compensator (SVC), unified power flow controllers (UPFC), thyristor-controlled series compensator (TCSC), and others. According to the report, static synchronous compensator (STATCOM) accounted for the largest market share.
Industry Vertical Insights:
Utilities
Renewables
Railways
Others
The report has provided a detailed breakup and analysis of the flexible AC transmission system (FACTS) market based on the industry vertical. This includes utilities, renewables, railways, and others. According to the report, utilities represented the largest segment.
Regional Insights:
North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for flexible AC transmission system (FACTS). Some of the factors driving the North America flexible AC transmission system (FACTS) market include the increasing demand for electricity, the surging need to upgrade infrastructure, and the implementation of government regulations and initiatives.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global flexible AC transmission system (FACTS) market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Alstom, Eaton Corporation PLC, GE Grid Solutions (General Electric), Hitachi Energy Ltd., Mitsubishi Electric Corporation, NR Electric Co., Ltd. (Nari Technology Co., Ltd.), Siemens Energy, Toshiba Energy Systems & Solutions Corporation (Toshiba Corp.), etc.
Key Questions Answered in This Report
- 1. How big is the global Flexible AC Transmission System (FACTS) market?
- 2. What is the expected growth rate of the global Flexible AC Transmission System (FACTS) market during 2024-2032?
- 3. What are the key factors driving the global Flexible AC Transmission System (FACTS) market?
- 4. What has been the impact of COVID-19 on the global Flexible AC Transmission System (FACTS) market?
- 5. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the compensation type?
- 6. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the controller?
- 7. What is the breakup of the global Flexible AC Transmission System (FACTS) market based on the industry vertical?
- 8. What are the key regions in the global Flexible AC Transmission System (FACTS) market?
- 9. Who are the key players/companies in the global Flexible AC Transmission System (FACTS) market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Flexible AC Transmission System (FACTS) Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Compensation Type
- 6.1 Series Compensation
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Shunt Compensation
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Combined Series-Shunt Compensation
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Controller
- 7.1 Static Synchronous Compensator (STATCOM)
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Static Var Compensator (SVC)
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Unified Power Flow Controllers (UPFC)
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Thyristor Controlled Series Compensator (TCSC)
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Others
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
8 Market Breakup by Industry Vertical
- 8.1 Utilities
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Renewables
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Railways
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
- 10.1 Overview
- 10.2 Drivers
- 10.3 Restraints
- 10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Alstom
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Eaton Corporation PLC
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 GE Grid Solutions (General Electric)
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Hitachi Energy Ltd
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Mitsubishi Electric Corporation
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 NR Electric Co., Ltd. (Nari Technology Co., Ltd.)
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Siemens Energy
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.8 Toshiba Energy Systems & Solutions Corporation (Toshiba Corp.)
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.1 Alstom
List of Figures
- Figure 1: Global: Flexible AC Transmission System (FACTS) Market: Major Drivers and Challenges
- Figure 2: Global: Flexible AC Transmission System (FACTS) Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Flexible AC Transmission System (FACTS) Market: Breakup by Compensation Type (in %), 2023
- Figure 5: Global: Flexible AC Transmission System (FACTS) Market: Breakup by Controller (in %), 2023
- Figure 6: Global: Flexible AC Transmission System (FACTS) Market: Breakup by Industry Vertical (in %), 2023
- Figure 7: Global: Flexible AC Transmission System (FACTS) Market: Breakup by Region (in %), 2023
- Figure 8: Global: Flexible AC Transmission System (FACTS) (Series Compensation) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Flexible AC Transmission System (FACTS) (Series Compensation) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Flexible AC Transmission System (FACTS) (Shunt Compensation) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Flexible AC Transmission System (FACTS) (Shunt Compensation) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Flexible AC Transmission System (FACTS) (Combined Series-Shunt Compensation) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Flexible AC Transmission System (FACTS) (Combined Series-Shunt Compensation) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Flexible AC Transmission System (FACTS) (Static Synchronous Compensator (STATCOM)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Flexible AC Transmission System (FACTS) (Static Synchronous Compensator (STATCOM)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Flexible AC Transmission System (FACTS) (Static Var Compensator (SVC)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Flexible AC Transmission System (FACTS) (Static Var Compensator (SVC)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Flexible AC Transmission System (FACTS) (Unified Power Flow Controllers (UPFC)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Flexible AC Transmission System (FACTS) (Unified Power Flow Controllers (UPFC)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Flexible AC Transmission System (FACTS) (Thyristor Controlled Series Compensator (TCSC)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Flexible AC Transmission System (FACTS) (Thyristor Controlled Series Compensator (TCSC)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Flexible AC Transmission System (FACTS) (Other Controllers) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Flexible AC Transmission System (FACTS) (Other Controllers) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Flexible AC Transmission System (FACTS) (Utilities) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Flexible AC Transmission System (FACTS) (Utilities) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Flexible AC Transmission System (FACTS) (Renewables) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Flexible AC Transmission System (FACTS) (Renewables) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Global: Flexible AC Transmission System (FACTS) (Railways) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Global: Flexible AC Transmission System (FACTS) (Railways) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Global: Flexible AC Transmission System (FACTS) (Other Industry Verticals) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Global: Flexible AC Transmission System (FACTS) (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: North America: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: North America: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: United States: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: United States: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Canada: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Canada: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Asia-Pacific: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Asia-Pacific: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: China: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: China: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Japan: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Japan: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: India: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: India: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: South Korea: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: South Korea: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Australia: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Australia: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Indonesia: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Indonesia: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Others: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Others: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: Europe: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: Europe: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Germany: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Germany: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: France: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: France: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: United Kingdom: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: United Kingdom: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Italy: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Italy: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Spain: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Spain: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Russia: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Russia: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Others: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Others: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Latin America: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Latin America: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Brazil: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Brazil: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Mexico: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Mexico: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 76: Others: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 77: Others: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 78: Middle East and Africa: Flexible AC Transmission System (FACTS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 79: Middle East and Africa: Flexible AC Transmission System (FACTS) Market: Breakup by Country (in %), 2023
- Figure 80: Middle East and Africa: Flexible AC Transmission System (FACTS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 81: Global: Flexible AC Transmission System (FACTS) Industry: Drivers, Restraints, and Opportunities
- Figure 82: Global: Flexible AC Transmission System (FACTS) Industry: Value Chain Analysis
- Figure 83: Global: Flexible AC Transmission System (FACTS) Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Flexible AC Transmission System (FACTS) Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Flexible AC Transmission System (FACTS) Market Forecast: Breakup by Compensation Type (in Million US$), 2024-2032
- Table 3: Global: Flexible AC Transmission System (FACTS) Market Forecast: Breakup by Controller (in Million US$), 2024-2032
- Table 4: Global: Flexible AC Transmission System (FACTS) Market Forecast: Breakup by Industry Vertical (in Million US$), 2024-2032
- Table 5: Global: Flexible AC Transmission System (FACTS) Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Flexible AC Transmission System (FACTS) Market: Competitive Structure
- Table 7: Global: Flexible AC Transmission System (FACTS) Market: Key Players
