0
2023
Flexible Ac Transmission System Market

Flexible AC Transmission System Market

by Compensation Type (Series compensation, Shunt compensation, Combined series-shunt compensation ), by Controller (Static Synchronous Compensator (STATCOM), Static VAR Compensator (SVC), Unified Power Flow Controller (UPFC), Thyristor Controlled Series Compensator (TCSC), Others), by Industry Vertical (Oil and Gas, Electric Utility, Railways, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Report Code: A00672
Pages: 275
Tables: 123
Charts: 76
  • Formats*:

  • pdf

    Single User License, Five User
    License & Enterprise User License

  • xls

    Data Pack Excel License

  • ppt

    It comes with the additional cost
    of $2500.00 contact sales.

 

Flexible AC Transmission System Market Research, 2032

The global flexible ac transmission system market was valued at $1.2 billion in 2022, and is projected to reach $2.3 billion by 2032, growing at a CAGR of 7% from 2023 to 2032.

Flexible alternating current transmission system (FACTS) devices refer to a set of power electronic devices and systems used in electrical power transmission networks to enhance the control and flexibility of alternating current  (AC) power flows. These devices are designed to improve the overall performance and efficiency of power transmission systems by regulating voltage, maintaining power flow stability, and increasing the transfer capability of transmission lines.

FACTS devices are typically installed at key points within the power grid, such as substations or along transmission lines, where they can actively control the voltage, impedance, and phase angle of the electrical signals. By manipulating these parameters, FACTS devices can mitigate problems such as voltage fluctuations, line congestion, and power factor issues. This enables utilities to achieve better utilization of existing transmission infrastructure, enhance system stability, and optimize power flow in real time.

Some common types of FACTS devices include:

  • Static var compensator (SVC): SVC devices are used to regulate and control the reactive power in a power system, thereby stabilizing voltage levels and supporting voltage control for flexible AC transmission line and flexible AC transmission system devices.
  • Static synchronous compensator (STATCOM): STATCOM devices provide fast-reacting reactive power support to maintain voltage stability, improve power quality, and enhance the transient response of the system.
  • Unified power flow controller (UPFC): UPFC devices offer simultaneous control of active and reactive power flow in transmission lines, allowing for enhanced power transfer capability and improved voltage regulation.
  • Thyristor-controlled series capacitor (TCSC): TCSC devices use variable series capacitors to adjust the line reactance, thereby improving system stability, damping power oscillations, and increasing transmission capacity.

The flexible AC transmission systems (FACTS) market is expected to witness notable growth during the forecast period, owing to advancement of electric power transmission system, increase in demand for controllability of power systems, and need of high reliability under contingencies across the globe. In addition, the Flexible AC Transmission Systems (FACTS) Market is anticipated to benefit from the emergence of smart grids and an increase in dependency on renewable energy resources during the forecast period. On the contrary, high initial cost of installation is anticipated to limit the growth of the flexible AC transmission systems (FACTS) market during the forecast period.

The pandemic has presented both challenges and opportunities for the flexible AC transmission systems (FACTS) market. Many power transmission projects faced delays or cancellations due to logistical challenges, labor shortages, and financial constraints during the pandemic. This impacted the adoption and deployment of FACTS technologies. The pandemic accelerated the transition toward clean energy sources. FACTS technologies play a crucial role in integrating renewable energy into the grid by addressing the intermittent and voltage stability challenges associated with renewable sources such as wind and solar power.

Flexible AC Transmission System Market

The flexible AC transmission system market is segmented into Compensation Type, Controller and Industry Vertical.

Flexible AC Transmission System Market

On the basis of compensation type, the flexible AC transmission system market outlook is divided into series compensation, shunt compensation, and combined series-shunt compensation. In 2022, the series compensation segment dominated the market, in terms of revenue, and combined series-shunt compensation segment is projected to acquire the highest CAGR from 2023 to 2032.

Flexible AC Transmission System Market

On the basis of controller, the flexible AC transmission system market forecast is segregated into  synchronous compensator (STATCOM), static VAR compensator (SVC), unified power flow controller (UPFC), thyristor controlled series compensator (TCSC), and others. The others segment acquired the largest share in 2022 and synchronous compensator (STATCOM) is expected to grow at a significant CAGR from 2023 to 2032.

Flexible AC Transmission System Market

On the basis of industry vertical, the flexible AC transmission system market growth is bifurcated into oil and gas, electric utility, railways, and others. The others segment acquired the largest share in 2022 and electric utility segment is expected to grow at a significant CAGR from 2023 to 2032.

Flexible AC Transmission System Market

Region-wise, the flexible AC transmission systems market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Region Analysis

Region-wise, the U.S. acquired a prime share in the flexible AC transmission systems (FACTS) market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032.

In Europe, Germany, dominated the flexible AC transmission system market share, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. However, the France is expected to emerge as the fastest-growing country in Europe's flexible AC transmission system market share with a CAGR of 7.61%.

In Asia-Pacific, China is expected to emerge as a significant market for the flexible AC transmission system industry, owing to a significant rise in investment by prime players due to rise in investment in renewable energy resources for rural and urban electrification in the region.

By LAMEA region, the Latin America held significant market share in 2022. The LAMEA flexible AC transmission system market size has been witnessing improvement, owing to the surge in inclination of companies toward research and development and expansion of manufacturing units of various compensation types and industry verticals across this region. Moreover, the Middle East region is expected to grow at a high CAGR of 6.16% from 2023 to 2032.

Historical Data & Information

The global flexible AC transmission systems (FACTS) market is highly competitive, owing to the strong presence of existing vendors. Vendors of the flexible AC transmission systems (FACTS) market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.

Key Developments/ Strategies

ABB Ltd, Adani Power Ltd, ALSTOM SA, CG Power and Industrial Solutions Limited, Eaton Corporation, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co. Ltd, and Siemens AG are the top companies holding a prime share in the flexible AC transmission systems (FACTS) market. Top market players have adopted various strategies, such as product development, acquisition, innovation, partnership, and others to expand their foothold in the flexible AC transmission systems (FACTS) market.

  • In March 2023, Mitsubishi Electric Corporation announced that it received an order for a static synchronous compensator (STATCOM) rated at ±700MVA, the largest capacity class, from Tohoku Electric Power Network Co., Inc., which is headquartered in Sendai, Miyagi Prefecture. The STATCOM is expected to be operational by the end of 2031. The renewable energy generation in northeastern Japan's power grid expected to contribute the carbon neutrality..
  • In October 2021, GE Research and Prolec GE teamed with Cooperative Energy and announced to develop and install the flexible large power transformer at the utility’s major substation in Columbia, Mississippi. This substation is part of a service network that delivers power to nearly a half million homes and businesses across Mississippi.
  • In September 2021, Adani Transmission Ltd announced the investment of 160 MN USD in eastern Madhya Pradesh to strengthen the power transmission system for MP Power Management Company Ltd (MPPMCL).

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flexible ac transmission system market analysis from 2022 to 2032 to identify the prevailing flexible AC transmission system market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the flexible ac transmission system market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global flexible ac transmission system market trends, key players, market segments, application areas, and market growth strategies.

Flexible AC Transmission System Market Report Highlights

Aspects Details
Market Size By 2032 USD 2.3 billion
Growth Rate CAGR of 7%
Forecast period 2022 - 2032
Report Pages 275
By Compensation Type
  • Series compensation
  • Shunt compensation
  • Combined series-shunt compensation 
By Controller
  • Static Synchronous Compensator (STATCOM)
  • Static VAR Compensator (SVC)
  • Unified Power Flow Controller (UPFC)
  • Thyristor Controlled Series Compensator (TCSC)
  • Others
By Industry Vertical
  • Oil and Gas
  • Electric Utility
  • Railways
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ABB Ltd., CG Power and Industrial Solutions Limited., Adani Power Ltd, NR Electric Co., Ltd., Alstom SA, General Electric, Hyosung Corporation., Mitsubishi Electric Corporation, Eaton Corporation, Siemens

Analyst Review

According to the perspectives of CXOs of a leading flexible AC transmission systems (FACTS) market is expected to continue growing in the coming years, owing to increase in demand for electricity, grid modernization initiatives, integration of renewable energy sources, and focus on grid flexibility and reliability.

In addition, the increase in adoption of flexible AC transmission systems (FACTS) in various applications, such as voltage control, power flow management, renewable energy integration, grid stability enhancement, and power quality improvement, is driving the growth of the market. In voltage control, FACTS devices like static VAR compensators (SVC) and static synchronous compensators (STATCOM) regulate voltage levels and maintain grid stability. Power flow management involves devices like unified power flow controllers (UPFC) and thyristor-controlled series capacitors (TCSC) that optimize active and reactive power flow, reducing congestion and improving system efficiency. FACTS technologies also play a vital role in integrating renewable energy sources into the grid by addressing the challenges of intermittency, voltage regulation, and power quality control. Furthermore, FACTS devices enhance grid stability by providing rapid control of reactive power and damping power oscillations. Lastly, FACTS devices contribute to power quality improvement by reducing voltage fluctuations, harmonics, and other disturbances, ensuring reliable and high-quality power supply. The wide range of applications and benefits associated with FACTS devices are fueling their increasing adoption in the market.

There is a rise in demand for electricity, particularly in emerging economies, owing to the growing population and urbanization. This increase in demand for electricity in emerging economies is driving the growth of the flexible AC transmission systems (FACTS) market. The need for reliable and efficient power transmission becomes paramount with growth in population and expansion of urbanizationtransmission. FACTS devices play a crucial role in meeting this demand by optimizing power flow, enhancing grid stability, and maximizing transmission capacity.

In emerging economies, the rapid urbanization and industrialization processes put significant strain on existing power infrastructure. The deployment of FACTS technologies enables utilities to improve the efficiency and reliability of their power transmission networks. FACTS devices help address the challenges associated with increasing electricity demand by regulating voltage, managing power flow, and mitigating grid issues.

Furthermore, emerging economies often face challenges related to integrating renewable energy sources into their power grids. FACTS devices offer solutions for voltage control, power flow management, and stability enhancement, facilitating the smooth integration of renewable energy resources. This is particularly important as many emerging economies seek to reduce their reliance on fossil fuels and transition towards more sustainable energy systems.

The growth of the FACTS market in emerging economies is also supported by government initiatives and investments in infrastructure development. Governments recognize the importance of modernizing their power grids to meet the rise in energy demand and achieve energy security and sustainability goals. Supportive policies, regulatory frameworks, and financial incentives further drive the adoption of FACTS technologies in these markets.

 

Loading Table Of Content...


 
 

Flexible AC transmission system is the power electronics based devices used to enhance controllability and stability of the AC system. This is due to the increase in demand for controllability of power systems, advancement of electric power transmission system, and need of high reliability under contingencies. However, high initial cost of installation is expected to hamper the flexible AC transmission system market growth.

Need for effective equipment operation, consistent power supply, and improved power factor are the necessary requirement by the various small & medium enterprise and as well as large enterprise, drives the demand of flexible AC transmission system. This enables the industry vertical to perform the tasks and maintain the production at required level during any contingencies and peak demand.

In 2016, the series was the highest contributor, in terms of revenue, in the global flexible AC transmission system market. In addition, static var compensator (SVC) contributed significant revenue to the market, majorly from North America. Furthermore, the electric utility segment is anticipated to witness the highest growth rate during the forecast period, due to a huge investment in rural electrification and smart grid development by the government.

Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances to create more awareness about flexible AC transmission system and increase its adoption across various industries.

Purchase Options

Call or Email Us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : +44-845-528-1300
Email : help@alliedmarketresearch.com
 
Published Date :
May 2023
Author(s) : Tanuj B , Vineet K
FREQUENTLY ASKED QUESTIONS?

A. Growing Demand for Renewable Energy Integration and Expansion of High Voltage Direct Current (HVDC) Systems are the upcoming trends of Flexible AC Transmission System Market in the world.

A. Electric Utility is the leading application of Flexible AC Transmission System Market.

A. Asia-Pacific is the largest regional market for Flexible AC Transmission System.

A. The global flexible ac transmission system market was valued at $1,194.22 million in 2022.

A. ABB Ltd, Adani Power Ltd, ALSTOM SA, CG Power and Industrial Solutions Limited, Eaton Corporation, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co. Ltd, and Siemens AG are the top companies to hold the market share in Flexible AC Transmission System.

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Sample
Related Tags

Purchase Full Report of
Flexible Ac Transmission System Market

Start reading instantly.
This Report and over 71,229+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,570
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (May 2024 - May 2025)
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2024 - May 2025)
  • Single User
  • $5,730
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2024 - May 2025)
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2024 - May 2025)
  • Enterprise
    License/PDF

  • $9,600
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2024 - May 2025)
  • Library
    Membership

  • $999 $ 1,175
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

Related Reports
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time for readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers