Due to advantages like quicker control actions, improved power loading capability, and improved power system security, flexible AC current transmission systems are widely used in a variety of applications across the power generation and distribution sectors. Therefore, a variety of such initiatives are anticipated to produce prosperous growth opportunities for the market for flexible AC current transmission systems.
FACTS offers collective controllability and the power transfer ability of the network, as well as results in reduced power supply costs. Complexity in networks has increased the issues in power supply quality, flexibility and reliability.
Depending on compensation types global flexible AC current transmission systems market (FACTS market) can be segmented into Static Var Compensator or SVC, Static Synchronous Compensator or STATCOM, Thyristor Controlled Breaking Reactor or TCSC, Thyristor Controlled Series Capacitor or TSC, Thyristor Switched Series Reactor or TSR and Static Synchronous Series Compensator or SSSC.
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Flexible AC Current Transmission System Market: Drivers
With the rising demand of power in electricity usage and other applications, it has created countless opportunities for FACTS. Its benefits include reduction in loop flows, voltage fluctuations and reactive power flows. Other benefits are increase in power system security and power loading capability.
FACTS controllers provide faster control actions as compared to conventional devices, such as switches or phase shifting transformers. On the other hand, key challenges for global flexible AC transmission systems market (FACTS market) are the cost of these systems, growing diversities in environmental, land-use and regulatory pressures. These challenges have restricted the growth of electric power transmission facilities in many parts of the world.
Flexible AC Current Transmission System Market: Segmentation
The global flexible AC current transmission systems market (FACTS market) can be segmented on the basis of application, component and compensation type. The key application based segments of global flexible AC current transmission systems market (FACTS market) are steel industry, mining industry and electric utilities industry. For the overall optimization of the AC current transmission system, various types of FACTS components used are series controller, shunt controller, combined series-series controller and combined series-shunt controllers.
In application segment, electric utilities has the largest market share and is expected to increase with growth in demand of power electronic devices. In compensation type, (Static Var Compensator) SVC accounts for largest share in global flexible AC current transmission systems market (FACTS market).
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Global flexible AC current transmission systems market (FACTS market) is anticipated to grow at a high single digit CAGR from 2022 to 2032. Global flexible AC transmission systems (FACTS) installation revenue is anticipated to increase to nearly $40 billion during the forecast period. Currently, U.S. and Europe are the largest players in the global flexible AC current transmission systems market (FACTS market) due to replacement and up gradation of power infrastructure. However, APAC and Japan are anticipated to be the emerging regions in global flexible AC current transmission systems market due to increase in demand of renewable power sources.
Flexible AC Current Transmission System Market: Key Players
Major players in the global flexible AC current transmission systems market (FACTS market) are ABB, Alstom, Eaton and Xian Electric Engineering, General Electric, Mitsubishi Electric, Toshiba, Siemens, America Superconductor Corporation and Others.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product type and distribution channels.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Key Segments Profiled in the Flexible AC Current Transmission System Industry Survey
By Compensation Type
- Static Var Compensator (SVC)
- Static Synchronous Compensator (STATCOM)
- Thyristor Controlled Breaking Reactor (TCSC)
- Thyristor Controlled Series Capacitor (TSC)
- Thyristor Switched Series Reactor (TSR)
- Static Synchronous Series Compensator (SSSC)
By Component
- Series Controller
- Shunt Controller
- Combined Series-Series Controller
- Combined Series-Shunt Controllers
By Application
- Renewable Energy Industry
- Metal & Mining Industry
- Oil & Gas Industry
- Railway Industry
- Electric Utilities Industry
Flexible Ac Current Transmission System Market
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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