Flexible AC Transmission System (FACTS) Market Share, Growth Rate, and Forecast 2023-2028
According to IMARC Group’s latest research report, titled “Flexible AC Transmission System (FACTS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” presents a comprehensive analysis of the industry, covering flexible AC transmission system (FACTS) market size, share, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
How big is the Flexible AC Transmission System (FACTS) Market?
The global flexible AC transmission system (FACTS) market size reached US$ 1.33 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.86 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
What is Flexible AC Transmission System (FACTS)?
A flexible AC transmission system (FACTS) refers to a technology used in power transmission systems to enhance their efficiency and control the flow of electricity. These devices are utilized to improve power transfer capability, reduce energy losses, and upgrade the overall stability and reliability of the grid. They comprise the use of power electronics and advanced control systems. They can also be applied in numerous distribution networks, including high-voltage direct current (HVDC) systems, alternating current (AC) transmission lines, and power transformers. As a result, FACTS is widely used in the power and energy sector.
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What are the Growth Prospects and Trends in the Flexible AC Transmission System (FACTS) Market?
The escalating demand for electricity is resulting in the development of electrified infrastructures and distribution lines, which is among the key factors stimulating the flexible AC transmission system (FACTS) market. Moreover, the rising adoption of this technology, as it enables utilities to increase power transfer capacity and improves grid reliability, is also propelling the market growth. Besides this, the growing investments by government bodies in building smart grids, on account of the aging power grid infrastructures in several countries, are acting as significant growth-inducing factors. Furthermore, the inflating need for renewable energy sources, such as wind and solar power, owing to the increasing consumer environmental concerns, is bolstering the use of FACTS technology that can aid in mitigating the intermittent nature of sustainable energy by regulating power flow and enhancing grid stability, which is positively influencing the global market. Apart from this, strategic collaborations among key market players to strengthen their foothold are anticipated to fuel the flexible AC transmission system (FACTS) market over the forecasted period.
Who are the key Players Operating in the Industry?
- Alstom
- Eaton Corporation PLC
- GE Grid Solutions (General Electric)
- Hitachi Energy Ltd.
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd. (Nari Technology Co., Ltd.)
- Siemens Energy
- Toshiba Energy Systems & Solutions Corporation (Toshiba Corp.)
What is included in Market Segmentation?
Compensation Type Insights:
- Series Compensation
- Shunt Compensation
- Combined Series-Shunt Compensation
Controller Insights:
- Static Synchronous Compensator (STATCOM)
- Static Var Compensator (SVC)
- Unified Power Flow Controllers (UPFC)
- Thyristor Controlled Series Compensator (TCSC)
- Others
Industry Vertical Insights:
- Utilities
- Renewables
- Railways
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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