PUBLISHER: The Business Research Company | PRODUCT CODE: 1414225
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414225
“Flexible AC Transmission System (FACTS) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on flexible ac transmission system (facts) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for flexible ac transmission system (facts)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The flexible ac transmission system (facts) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Flexible AC Transmission System (FACTS) is a set of tools utilized to overcome specific limitations in the static and dynamic transmission capabilities of electrical networks. These tools are deployed to regulate voltage, dampen oscillations, improve transient stability, and manage power flow within transmission lines.
The primary products within the realm of Flexible AC Transmission Systems include Static Synchronous Compensator (STATCOM), Static Vary Compensator (SVC), Unified Power Flow Controllers (UPFC), and Thyristor-Controlled Series Compensator (TCSC). STATCOM, specifically, is a power-quality FACTS device employing multiple inverters or a Voltage Source Converter (VSC) connected in series to a transmission line. It operates through various compensation types, such as shunt compensation, series compensation, and combined series-shunt compensation. These devices are categorized based on their functionality in voltage control, network stabilization, and transmission capacity. They find applications in utilities, renewables, industrial settings, railways, and various other sectors.
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The flexible ac transmission system (facts) market size has grown strongly in recent years. It will grow from $1.39 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The expansion observed in the historical period can be ascribed to concerns regarding grid reliability, the aging of power infrastructure, the deregulation of electricity markets, congestion in transmission lines, the global proliferation of high-voltage networks, and environmental considerations.
The flexible ac transmission system (facts) market size is expected to see strong growth in the next few years. It will grow to $1.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be ascribed to concerns regarding grid reliability, the aging of power infrastructure, the deregulation of electricity markets, congestion in transmission lines, the global proliferation of high-voltage networks, and environmental considerations.
The anticipated growth in the flexible AC transmission systems market is expected to be propelled by the expansion of grid infrastructure. Grid infrastructure encompasses a network of power plants, power lines, and power substations. Within grid infrastructure, Flexible AC Transmission Systems (FACTS) play a crucial role in increasing transmission line capacity and improving system stability by reducing the transfer reactance of power lines. For example, the International Energy Agency (IEA) reported in September 2022 that the grid infrastructure is projected to grow 44-fold from 6 GW in 2021 to 680 GW by 2030. Approximately 140 GW of capacity is expected to be added by 2030, marking a significant expansion. Consequently, the growth of grid infrastructure is a key driver for the flexible AC transmission systems market.
The integration of renewable energy is poised to further drive the growth of the flexible AC transmission systems market. Renewable energy is derived from sources that are naturally replenished and considered sustainable over the long term. Flexible AC Transmission Systems (FACTS), including technologies such as Static Vary Compensators (SVCs) and Static Synchronous Compensators (STATCOMs), plays a pivotal role in enhancing grid stability by dynamically controlling voltage and reactive power. This is particularly beneficial for accommodating fluctuations from renewable sources. In 2023, the Energy Information Administration reported that renewable energy sources supplied 25% of the United States' electrical generation in the first half of the year, with solar power contributing 5.77%. The integration of renewable energy into the electrical grid is facilitated by FACTS technologies, optimizing power flow and improving system reliability. This integration enhances grid flexibility and maximizes the utilization of renewable resources, thereby driving the flexible AC transmission systems market.
A prominent trend is the adoption of technological innovations by companies seeking to maintain their competitive positions. Siemens Energy AG, a German-based manufacturer of gas turbines, steam turbines, generators, and transformers, exemplifies this trend by introducing UPFC Plus (Unified Power Flow Controller). UPFC Plus, a combination of STATCOM (Static Synchronous Compensator) and Static Synchronous Series Compensator (SSSC) based on Voltage Source Converter (VSC) technology, has been designed to assist system operators in grid stabilization. It dynamically manages load flow in alternating-current grids, providing grid operators with enhanced capabilities to respond swiftly to shifting power demand. This technology facilitates the integration of renewable energy while ensuring grid resilience and stability.
Major players in the flexible AC transmission systems market are strategically forming partnerships to sustain their market positions. Collaborations in the field of FACTS can accelerate technological advancements, reduce costs, mitigate risks, and foster a more efficient implementation of these systems in power grid infrastructure, benefiting both the industry and consumers. For instance, in September 2023, Hitachi, a Japan-based company with diverse business sectors, including power systems and electronic systems, collaborated with TenneT, a Europe-based transmission system operator. This partnership aims to expedite the development of Germany's transmission grid as part of the broader objective to facilitate the energy transition. The collaboration leverages sustainable and high-performing equipment to modernize and enhance the capacity and stability of the power grid.
In November 2022, DNV AS, a Norway-based global independent expert, completed the acquisition of PSD Consulting Engineers Ltd. for an undisclosed amount. This strategic move enhances DNV's service offerings in power system planning and flexible AC transmission systems (FACTS). The acquisition strengthens DNV's position in the global power market by integrating PSD's international project references, global customer portfolio, and renowned FACTS advisory services. PSD Consulting Engineering Pty. Ltd., the acquired South African-based company, specializes in engineering design work for HVDC, series capacitors, dynamic and static shunt compensation, and transmission and distribution lines and substations.
Major companies operating in the flexible ac transmission system (facts) market report are ABB Ltd., Adani Power Limited, Alstom SA, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, General Electric Company, Siemens AG, Eaton Corporation plc, NR Electric Co. Ltd., American Superconductor Corporation, Liaoning Rongxin Xingye Power Technology Co. Ltd., Toshiba Corporation, American Electric Power Company Inc., S&C Electric Company, Arteche Group, Rongxin Power Electronic Co. Ltd., Sieyuan Electric Co.Ltd., Fuji Electric Co. Ltd., LSIS Co. Ltd., Bharat Heavy Electricals Limited, Schneider Electric SE, Hyosung Heavy Industries Corporation, Infineon Technologies AG, Hitachi ABB Power Grids Ltd., RWE Renewables GmbH, Crompton Greaves Limited, Nordex SE, Goldwind Science & Technology Co. Ltd., Enel Green Power S.p.A., Lenze SE, Vestas Wind Systems A/S
North America was the largest region in the flexible AC transmission systems (FACTS) market in 2023. Europe is expected to be the fastest-growing region in the global flexible AC transmission systems market during the forecast period. The regions covered in the flexible ac transmission system (facts) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the flexible ac transmission system (facts) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The flexible AC transmission systems market consists of revenues earned by entities by providing services such as power flow control, voltage control, power conditioning, power quality improvement, and stability improvement. The market value includes the value of related goods sold by the service provider or included within the service offering. The flexible AC transmission systems market also includes sales of shunt controllers, series controllers, and phase angle controllers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.