0

Flexible AC Transmission System Market Expected to Reach $2.3 Billion by 2032—Allied Market Research

 
2022
Flexible AC Transmission System Market

Report Code : A00672

quote The flexible ac transmission systems (FACTS) market is expected to continue growing in the coming years, owing to increasing demand for electricity, grid modernization initiatives, integration of renewable energy sources, and focus on grid flexibility and reliability. quote

Tanuj Virendra Barai - Lead Analyst
Semiconductor and Electronics at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Flexible AC Transmission System Market," The flexible ac transmission system market was valued at $1.2 billion in 2022, and is estimated to reach $2.3 billion by 2032, growing at a CAGR of 7% from 2023 to 2032.

Flexible Alternating Current Transmission System (FACTS) refers to a collection of power electronic devices and systems used in electrical power transmission networks. The purpose of FACTS is to enhance the control and flexibility of AC (alternating current) power flow. These devices are strategically placed in the power grid to regulate voltage, stabilize power flow, and increase the transmission capacity of lines. By actively manipulating key parameters, such as voltage, impedance, and phase angle, FACTS devices optimize power transmission, mitigate issues like voltage fluctuations and line congestion, and improve overall system stability and efficiency.

Flexible alternating current transmission system (FACTS) devices such as Static Var Compensators (SVC) and Static Synchronous Compensators (STATCOM), are used to regulate voltage levels and maintain voltage stability in power systems. They provide reactive power compensation and help mitigate voltage fluctuations caused by varying load conditions or disturbances in the grid. Flexible Alternating Current Transmission System (FACTS) devices such as Unified Power Flow Controllers (UPFC), Thyristor-Controlled Series Capacitors (TCSC), and Static Synchronous Series Compensators (SSSC), enable control of active and reactive power flow in transmission lines. They can adjust line impedance, improve power transfer capability, and optimize power flow distribution within the grid.

The flexible AC transmission systems (FACTS) market is segmented on the basis of compensation type, controller, industry vertical and region. 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. 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. 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.

Region-wise, the flexible AC transmission systems (FACTS) 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). Asia-Pacific remain significant participants in the flexible AC transmission systems (FACTS) market for installing flexible AC transmission line using various flexible AC transmission system devices during the forecast period.

KEY FINDINGS OF THE STUDY

  • The Flexible AC Transmission System Industry has been witnessing steady growth over the years, driven by increasing demand for grid optimization, renewable energy integration, and power quality improvement. The Flexible AC Transmission System Market Size is expected to continue expanding in the coming years.
  • Grid modernization initiatives, aimed at upgrading aging infrastructure and improving grid flexibility and reliability, have been a major driver for the deployment of FACTS devices. Governments and utilities are investing in the modernization of transmission systems, creating a huge opportunity for Flexible AC Transmission System Market share.
  • The adoption of FACTS technologies varies across regions. Developed economies, such as North America and Europe, have been early adopters of FACTS devices due to their well-established power infrastructure and grid modernization efforts. However, emerging economies in Asia-Pacific, such as China and India, are expected to exhibit significant market growth due to their increasing electricity demand and infrastructure development plans. Therefore, such Flexible AC Transmission System Market Trends are observed around the developing nations.
  • Market players are increasingly forming strategic collaborations and partnerships to enhance their technological capabilities, expand their market reach, and offer integrated solutions. These collaborations aim to leverage the expertise of different stakeholders in the value chain and accelerate market growth.

The key players profiled in the report include 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. Market players have adopted various strategies such as collaboration, investment, and contract to expand their foothold in the Flexible AC Transmission System Market analysis.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote 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 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

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

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

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

TARGETED MARKET VIEW

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

 

Featured Readings

 
rep-img

Published Date Nov 2024

Plush Toy Market

Download Sample

Buy Full Version
"Flexible AC Transmission System Market"
Purchase Enquiry

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