Insights Into The Flexible AC Transmission System (FACTS) Market’s Growth Opportunities Through 2023-2032 – Includes Flexible AC Transmission System (FACTS) Market Analysis
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The future growth of the flexible AC transmission systems market is projected to be driven by the construction of grid infrastructure.
The global flexible AC transmission systems market size is expected to grow from $1.32 billion in 2022 to $1.39 billion in 2023 at a compound annual growth rate (CAGR) of 5.84%. The global flexible AC transmission systems market size is expected to reach $1.77 billion in 2027 at a CAGR of 6.16%.
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Global Flexible AC Transmission System (FACTS) Market Segments Include:
- By Product: Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC), Unified Power Flow Controllers (UPFC), Thyristor Controlled Series Compensator (TCSC)
- By Compensation Type: Shunt Compensation, Series Compensation, Combined Series-Shunt Compensation
- By Functionality: Voltage Control, Network Stabilization, Transmission Capacity
- By Application: Utilities, Renewables, Industrial, Railways, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global flexible ac transmission system (facts) market in 2021.
Major Market Players in the flexible ac transmission system (facts) market include ABB Ltd., Adani Power Limited, Alstom SA, Mitsubishi Electric Corporation, CG Power And Industrial Solutions, Hyosung Heavy Industries, General Electric.
Technological advancements are a key trend that is gaining traction in the market for flexible AC gearbox systems. Companies in the flexible AC gearbox systems market are embracing new technologies in order to maintain their market position. For example, Siemens Energy AG, a German manufacturer of gas turbines, steam turbines, generators, and transformers, will launch UPFC Plus (Unified Power Flow Controller) in September 2020, which is a combination of STATCOM (Static Synchronous Compensator) and Static Synchronous Series Compensator (SSSC) technology based on VSC (Voltage Source Converter). The UPFC PLUS would aid system operators in grid stabilisation by controlling load flow in alternating-current grids dynamically. This also improves grid operators’ capacity to respond swiftly to altering power demand, allowing for the incorporation of renewable energy while simultaneously ensuring grid resiliency stability.
The Flexible AC Transmission System (FACTS) Global Market Report 2023 provides a flexible ac transmission system (facts) market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The flexible ac transmission system (facts) market forecast analyzes flexible ac transmission system (facts) market size, flexible ac transmission system (facts) market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A flexible AC transmission system (FACTS) is a set of tools used to overcome limitations in the capability of electrical networks for static and dynamic transmission. They are used in transmission lines to adjust voltage, dampen oscillations, increase transient stability, and power flow.
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