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.
Market Drivers, Restraints, Trends, and Opportunities
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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.
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Increasing inclination toward the assimilation of renewable energy infrastructure is anticipated to stimulate the growth of the market.
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High initial investment and installation cost can restrain the market growth.
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Increasing demand for flexible and reliable power infrastructure system is speculated to positively influence the market growth
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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
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Attributes
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Details
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Report Title
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Flexible AC Transmission System (FACTS) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Compensation Types (Shunt Connected, Shunt, Series and Combined Series), Applications (Electric Utilities, Renewables, Railways, Oil & Gas), and Controllers (STATCOM, SVC, UPFC, TCSC and Others)
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Regional Scope
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North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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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.
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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.
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.
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.
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