Flexible AC Transmission Systems (FACTS) Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Flexible AC Transmission Systems (FACTS) Market.
The global Flexible AC Transmission Systems (FACTS) Market size is projected to reach a CAGR of 8.5% from 2023-2030.
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A flexible AC transmission system or FACTS consists of static equipment. This system is utilized for the AC transmission of electrical energy. The system is designed for improving controllability and enhances the capacity of power transfer of the network. This system is usually power-electronic based. The use of a flexible AC transmission system helps in increasing the reliability of the AC grids.
The aging transmission and other power system networks result in lots of power losses and lesser system usability. The rise in demand for electrification across developed and developing nations drives the demand for the flexible AC transmission system market.
Regional Analysis
Europe to Dominate the Market
Europe accounted for the largest share of the FACTS market and is anticipated to maintain its dominance during the forecast period.
The rising industrial production, along with the expanding population, is increasing the demand for electricity across European countries. This is resulting in the growth of FACTS in this region. Further, government regulations regarding carbon-free power transmission and grid codes in Europe are expected to drive the FACTS market in this region.
Competitive Landscape
· ABB Ltd.
· Siemens AG
· General Electric Company
· Mitsubishi Electric Corporation
· Eaton Corporation
· Hyosung Corporation
· NR Electric Co., Ltd.
· American Superconductor Corporation
· Toshiba Corporation
· Alstom SA
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Recent Developments
· In May 2020, GE Renewable Energy’s Grid Solutions business energized the DRC (Dynamic Reactive Compensator) project for National Grid in the UK. This project is a part of the largest utility-grade STATCOM scheme in Europe.
· The flexible AC Transmission Systems (FACTS) Market is segmented into various segments vertical, generation type, application, functionality, components, compensation type, and region.
Reasons to Acquire
· Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
· Gain authentic and granular data access for Flexible AC Transmission Systems (FACTS) Market so as to understand the trends and the factors involved in changing market situations
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
The flexible AC Transmission Systems (FACTS) Market is segmented into various segments vertical, generation type, application, functionality, components, compensation type, and region:
On the basis of Vertical
· Utilities
· Renewables
· Industrial
· Railways
On the basis of Generation Type
· First generation
· Second generation
On the basis of the Application
· Voltage control
· Power control
On the basis of Functionality
· Voltage control
· Network stabilization
· Transmission capacity
· Harmonic suppression
On the basis of Components
· Power electronics devices
· Phase shifting transformers
· Protection and control systems
On the basis of Compensation Type
· Shunt compensation
· Series Compensation
· Combined compensation
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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