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Flexible AC Transmission System (FACTS) Market Trends [2031]
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Flexible AC Transmission System (FACTS) Market Trends [2031]

Segments - Flexible AC Transmission System (FACTS) Market by Compensation Types (Shunt Connected, Shunt, Series and Combined Series), Applications (Electric Utilities, Renewables, Railways, Oil & Gas), Controllers (STATCOM, SVC, UPFC, TCSC and Others), and Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Upcoming | Report ID :EP-581 | 4.2 Rating | 64 Reviews | 144 Pages | Format : PDF Excel PPT

Report Description


The global Flexible AC Transmission (FACT) Systems Market was valued at USD 1.33 billion in 2022, and is projected to reach USD 2.14 billion by 2031, with a CAGR of 5.4% from 2023 – 2031. The growth of the market is attributed to increasing penetration of distributed generation technologies and smart grid networks. Moreover, of heavy-duty industrial machineries along with large-scale motor control operations is expected to spur the market growth.

FACTS comprises of static components that are used for the AC transmission of electrical energy. The benefits of using FACTS in transmission includes improving power transfer capability by at least 50%. This technology helps in meeting increasing energy demand while simultaneously lowering the need to build more transmission networks. Also helps meet increased demand for energy while simultaneously lowering the need to build more transmission networks.

Flexible AC Transmission System (FACTS) Market Outlook

  • Growing number of utility-based transmission networks coupled with rising investments for the renovation of the existing grid infrastructure is expected to propel the market growth.

  • Increasing inclination toward the assimilation of renewable energy infrastructure is anticipated to stimulate the growth of the market.

  • High initial investment and installation cost can restrain the market growth.

  • Increasing demand for flexible and reliable power infrastructure system is speculated to positively influence the market growth

  • In 2020, long-distance and large-capacity transmission lines segment accounted for more than USD 44 billion in investment. Thus, rising investment in the segment is anticipated to foster the growth of the market.

Scope of the Report

The report on the flexible ac transmission system (FACTS) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report

Attributes

Details

Report Title

Flexible AC Transmission System (FACTS) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Compensation Types (Shunt Connected, Shunt, Series and Combined Series), Applications (Electric Utilities, Renewables, Railways, Oil & Gas), and Controllers (STATCOM, SVC, UPFC, TCSC and Others)

Regional Scope

North America, Latin America, Europe, Asia Pacific and Middle East and Africa.

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

ABB, General Electric Company, Siemens AG, Mitsubishi Electric Corporation, Infineon Technologies AG, American Superconductor, NR Electric Co., Ltd., Hyosung Heavy Industries, and Rongxin Power Ltd.

Global Flexible AC Transmission System(FACTS) Market Segment Insights

Shunt segment to dominate market share

Based on compensation types, the market is segmented into shunt connected, shunt, series, and combined series. The shunt segment is anticipated to dominate during the forecast period. Shunt is actively used in power transmission and distribution networks to reduce power losses and voltage drops.

It is used for various applications including voltage stabilization, dynamic reactive power control, increased transmission capacity, power oscillation damping, higher transient stability, system voltage balance maintenance, reduced transmission losses, and voltage control.

Utilities segment to hold a large market share

Based on applications, the segment is segregated into electric utilities, renewables, railways, oil & gas. The electric utilities to hold a large market share during the forecast period. Electrical utilities include features such as voltage control, network stabilization, power oscillation damping, and power flow control.

Rising utilization of FACTS to maintain voltage fluctuation is driving the segment growth. The oil & gas industry is expected to grow at a steady rate owing to growing usage of FACTS for voltage stabilization. Moreover, rapid growth of the oil & gas industry is spurring the segment growth.

Flexible AC Transmission System (FACTS) Market Applications

STATCOM segment to hold a significant market share

Based on controllers, the market is segmented into STATCOM, SVC, UPFC, TCSC, and others. The STATCOM segment is expected to expand at a significant market share during the forecast period. STATCOM is a power electronic device that utilizes commutated devices such as GTO, IGBT to regulate the reactive power flow through a power network, thereby raising the stability of power networks.

Increasing demand for electricity, growing need for renewable electricity generation, rising stringent regulations by regulatory authorities pertaining to power quality, and increasing need for upgrading aging transmission infrastructure is further boosting the segment growth. Conversely, the SVC segment to grow at a substantial rate owing to rising power transmission & distribution capability of SVC controllers.

North America to account a considerable market share.

Based on regions, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. North America dominated the market in 2020, in terms of volumes and sales. Rising investment toward the advancement of long-distance grid network & refurbishment of local electric infrastructure, and grid modernization due to continuous developments in energy utility are driving the regional market growth.

 

Flexible AC Transmission System (FACTS) Market Regions

Segments

The Global flexible ac transmission system (FACTS) market has been segmented on the basis of

Compensation Types

  • Shunt connected
  • Shunt
  • Series
  • Combined series

Applications

  • Electric Utilities
  • Renewables
  • Railways
  • Oil & Gas

Controllers

  • STATCOM
  • SVC
  • UPFC
  • TCSC
  • Others

Regions

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Players

  • ABB
  • General Electric Company
  • Siemens AG
  • Mitsubishi Electric Corporation
  • Infineon Technologies AG
  • American Superconductor
  • NR Electric Co., Ltd.
  • Hyosung Heavy Industries
  • Rongxin Power Ltd.

Competitive Landscape

The major players of the market are ABB, General Electric Company, Siemens AG, Mitsubishi Electric Corporation, Infineon Technologies AG, American Superconductor, NR Electric Co., Ltd., Hyosung Heavy Industries, and Rongxin Power Ltd.

Companies are engaging acquisition and mergers, research & development, and expanding their product portfolio to expand their market share.

 Flexible AC Transmission System (FACTS) Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Flexible AC Transmission System (FACTS) Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Flexible AC Transmission System (FACTS) Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Flexible AC Transmission System (FACTS) Market - Supply Chain
  4.5. Global Flexible AC Transmission System (FACTS) Market Forecast
     4.5.1. Flexible AC Transmission System (FACTS) Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Flexible AC Transmission System (FACTS) Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Flexible AC Transmission System (FACTS) Market Absolute $ Opportunity
5. Global Flexible AC Transmission System (FACTS) Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Applications
     5.3.1. Electric Utilities
     5.3.2. Renewables
     5.3.3. Railways
     5.3.4. Oil & Gas
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Flexible AC Transmission System (FACTS) Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Flexible AC Transmission System (FACTS) Demand Share Forecast, 2019-2026
7. North America Flexible AC Transmission System (FACTS) Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Applications
     7.4.1. Electric Utilities
     7.4.2. Renewables
     7.4.3. Railways
     7.4.4. Oil & Gas
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Flexible AC Transmission System (FACTS) Demand Share Forecast, 2019-2026
8. Latin America Flexible AC Transmission System (FACTS) Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Applications
     8.4.1. Electric Utilities
     8.4.2. Renewables
     8.4.3. Railways
     8.4.4. Oil & Gas
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Flexible AC Transmission System (FACTS) Demand Share Forecast, 2019-2026
9. Europe Flexible AC Transmission System (FACTS) Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Applications
     9.4.1. Electric Utilities
     9.4.2. Renewables
     9.4.3. Railways
     9.4.4. Oil & Gas
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Flexible AC Transmission System (FACTS) Demand Share Forecast, 2019-2026
10. Asia Pacific Flexible AC Transmission System (FACTS) Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Applications
     10.4.1. Electric Utilities
     10.4.2. Renewables
     10.4.3. Railways
     10.4.4. Oil & Gas
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Flexible AC Transmission System (FACTS) Demand Share Forecast, 2019-2026
11. Middle East & Africa Flexible AC Transmission System (FACTS) Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Flexible AC Transmission System (FACTS) Market Size and Volume Forecast by Applications
     11.4.1. Electric Utilities
     11.4.2. Renewables
     11.4.3. Railways
     11.4.4. Oil & Gas
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Flexible AC Transmission System (FACTS) Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Flexible AC Transmission System (FACTS) Market: Market Share Analysis
  12.2. Flexible AC Transmission System (FACTS) Distributors and Customers
  12.3. Flexible AC Transmission System (FACTS) Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. ABB
     12.4.2. General Electric Company
     12.4.3. Siemens AG
     12.4.4. Mitsubishi Electric Corporation
     12.4.5. Infineon Technologies AG
     12.4.6. American Superconductor
     12.4.7. NR Electric Co., Ltd.
     12.4.8. Hyosung Heavy Industries
     12.4.9. Rongxin Power Ltd.

Methodology

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