Summary

The Flexible Alternating Current Transmission Systems market is expected to grow at a strong CAGR of around 12% during the forecast period owing to the increasing integration of renewable energy and ageing electricity infrastructure which will propel the market demand. Flexible Alternating Current Transmission Systems (FACTS) are power electronics-based systems that play a significant role in improving the controllability and power transfer capability of AC transmission networks. These devices offer a range of functionalities, including congestion management, voltage control, and stability improvement, and are critical in modern power systems. Flexible Alternating Current Transmission Systems (FACTS) are expected to grow with the adoption of renewable energy and smart grids. As the world shifts towards using more renewable energy sources, FACTS devices are becoming increasingly important in improving voltage stability and power transfer capability in AC transmission networks. The rise in renewable energy capacity has positively impacted the global FACTS market, and future research is being directed towards enhancing the performance of FACTS devices in power grids with increasing renewable energy penetration.

Some of the major players operating in the market include ABB, CG Power & Industrial Solutions Limited, Adani Group, Alstom, General Electric, EATON, Mitsubishi Electric Corporation, Siemens, NR Electric Co., Ltd, and HYOSUNG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst compensation, the shunt compensation segment held a dominating share of the market during forecast period.”
Based on compensation type, the market is segmented into shunt compensation, combined series shunt compensation and series compensation. The shunt compensation segment is expected to hold a significant market share during the forecast period. Shunt compensation is an effective means of improving the power transfer capability of a transmission system, as it can help to reduce the overall losses in the system and improve the reliability and quality of the electrical power supply. Also, the increasing adoption of renewable energy resources is expected to support the market growth as shunt compensation is essential for the integration of renewable energy sources such as wind and solar power into the electrical grid. These sources of energy are intermittent and produce variable amounts of power, which can destabilize the power grid. Shunt compensation helps to mitigate these issues and ensure the smooth integration of renewable energy sources.

“Amongst controllers, the static synchronous compensator segment registers significant CAGR during forecast period”
By controller, the market is segmented into static var compensator, static synchronous compensator, unified power flow controller, and others. The static synchronous compensator segment is expected to register a significant CAGR during the forecast period. The growing recognition of the importance of grid stability and resilience in the face of natural disasters and other disruptions is leading to increased investment in grid modernization and upgrades, including the deployment of STATCOM. In addition, the growth of electric vehicles and other electrically powered equipment is leading to increased demand for power in many regions, which can strain the existing power infrastructure. STATCOMs can help to maintain system stability and reliability by regulating voltage and providing reactive power support.

“Asia-Pacific dominated the Flexible Alternating Current Transmission Systems market in 2021.”
Asia-Pacific dominated the flexible alternating current transmission systems market in 2021 due to the rapid economic growth in countries like India, China, and Southeast Asia has led to a surge in demand for electricity. This has put pressure on the power transmission infrastructure, making it necessary to improve the efficiency and reliability of the grid. FACTS technology has emerged as an effective solution to address these challenges and enhance the power grid’s capacity. In addition, the increasing penetration of renewable energy sources such as wind and solar has resulted in the integration of a large number of small-scale generators into the grid. This has increased the complexity of the power system, making it more prone to voltage instability and power quality issues. FACTS technology can help to mitigate these challenges by providing dynamic voltage control and power factor correction.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global flexible alternating current transmission systems market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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