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The flexible AC transmission system (FACTS) market has witnessed significant growth in recent years, driven by factors such as grid reliability concerns, aging power infrastructure, and the global expansion of high-voltage networks. This blog explores the current state, future projections, and key trends shaping the FACTS market.

Current Market Growth

• Market Expansion: The FACTS market is projected to grow from $1.39 billion in 2023 to $1.48 billion in 2024, with a CAGR of 6.2%.
• Key Growth Drivers:
  • Grid Infrastructure: Expansion of grid infrastructure to enhance transmission line capacity and system stability.
  • High-Voltage Networks: Global expansion of high-voltage networks to meet increasing electricity demands.
  • Environmental Concerns: Growing emphasis on environmental sustainability and reducing transmission line losses.

Future Market Projections

• Projected Growth: The FACTS market is expected to reach $1.9 billion by 2028, with a CAGR of 6.5%.
• Drivers for Growth:
  • Electric Vehicle Penetration: Increased adoption of electric vehicles driving demand for grid upgrades.
  • Grid Resilience: Need for grid resilience against natural disasters and cyber threats.
  • Renewable Energy Transition: Transition to renewable energy sources requiring grid stabilization solutions.
  • Decentralized Energy Generation: Rise in decentralized energy generation impacting grid management.

Major Trends in the Forecast Period

• Multi-Terminal HVDC Systems: Adoption of multi-terminal HVDC systems for efficient power transmission.
• Energy Storage Integration: Integration of energy storage solutions to enhance grid flexibility and stability.
• Voltage Source Converters (VSC): Utilization of VSC technology for improved grid performance.
• Next-Generation FACTS Technologies: Development of advanced FACTS technologies for enhanced grid control.
• Advanced Power Electronics Integration: Integration of advanced power electronics for efficient grid management.

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Surge of Flexible AC Transmission Systems Market Fueled by Grid Infrastructure Growth

• Grid Infrastructure Expansion: The growth of grid infrastructure is driving the expansion of the FACTS market.
  • Global Grid Growth: The International Energy Agency projects a 44-fold increase in grid infrastructure capacity by 2030.
  • Implications: Increased grid capacity enhances transmission line efficiency and system stability, boosting the demand for FACTS solutions.

Technological Advancements

• Innovative Solutions: Companies are developing innovative FACTS solutions to meet evolving grid requirements.
  • Example: Siemens Energy AG launched UPFC Plus, a combination of STATCOM and SSSC technologies based on VSC technology.
    • Benefits: UPFC Plus enhances grid stabilization and enables dynamic load flow management for renewable energy integration.

Strategic Acquisitions

• Expansion Strategies: Companies are expanding their capabilities through strategic acquisitions.
  • Example: DNV AS acquired PSD Consulting Engineers Ltd., enhancing its power system planning and FACTS advisory services.
    • Impact: The acquisition strengthens DNV’s position in the global power market and expands its FACTS expertise.

Market Segmentation

• By Product: STATCOM, SVC, UPFC, TCSC
• By Compensation Type: Shunt Compensation, Series Compensation, Combined Compensation
• By Functionality: Voltage Control, Network Stabilization, Transmission Capacity
• By Application: Utilities, Renewables, Industrial, Railways, Others

Regional Insights

• North America: Largest market in 2023, driven by grid modernization initiatives.
• Europe: Expected to be the fastest-growing region, propelled by renewable energy integration and grid resilience efforts.

Key Market Players

• Leading Companies: ABB Ltd., Siemens AG, General Electric Company, Alstom SA, Mitsubishi Electric Corporation, and others.
• Innovation Focus: Companies prioritize innovation to develop cutting-edge FACTS solutions and maintain market competitiveness.

Conclusion
The flexible AC transmission systems market is poised for significant growth, driven by factors such as grid modernization, renewable energy integration, and technological advancements. As companies continue to innovate and expand their capabilities, the FACTS market will play a crucial role in ensuring grid stability, efficiency, and resilience in the evolving energy landscape.

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The Flexible AC Transmission System Global Market Report 2024  provides an overview of the flexible AC transmission system market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The flexible AC transmission system market forecast analyzes flexible AC transmission system market size, flexible AC transmission system market share, leading competitor and their market positions.

The Table Of Content For The Flexible AC Transmission System Market Include:
1. Flexible AC Transmission System Market Executive Summary
2. Flexible AC Transmission System Market Segments
3. Flexible AC Transmission System Market Size And Flexible AC Transmission System Market Growth Rate
4. Key Flexible AC Transmission System Market Trends
5. Major Flexible AC Transmission System Market Drivers
……
25. Key Mergers And Acquisitions In The Flexible AC Transmission System Market
26. Top Flexible AC Transmission System Companies
27. Flexible AC Transmission System Market Opportunities And Strategies
28. Flexible AC Transmission System Market, Conclusions And Recommendations
29. Appendix

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