Flexible AC Transmission Systems (FACTS) Market: Summary
The Global Flexible AC Transmission Systems (FACTS) Market is projected to reach a value of over USD 1.8 billion by 2027 at a CAGR of around 5.4%.
The Flexible AC Transmission Systems (FACTS) is refers to a system which consist of power electronic devices through the power system devices to boost the stability and controllability of the transmission system as well as enhance the power transfer capabilities. Whereas, it is used to provide the controllability of the high voltage side of the network through the help of power electronic devices for initiate inductive as well as the capacitive power in the network.
Hence, it helps to enhance the power quality, and enhance transmission efficiency to improve the reliability of AC grids. These is anticipate to increase the demand for the Flexible AC Transmission Systems (FACTS) market in the forecast period.
Flexible AC Transmission Systems (FACTS) Market: Drivers & Restraints
- Rising Growth of Transmission Lines
With the rising growth of transmission lines is witness to boost the growth of the market in the forecast period. Whereas, the government is focusing on the growing generation capacity and growth of grid support. By this an extensive network of transmission lines has been advance to produce electricity from stations and allocate them to customers. However, ongoing growth of the utility based transmission networks will lead to boost the investments for the development of the existing grid framework. Also, the countries such as China, India and US are growing their transmission line length. Hence these will lead to boost the growth of the market in the forecast period.
Hence, the growing industrial expansion will enhance the volume manufacturing by industry, as well as inclination toward the assimilation of renewable energy, will also stimulate the product demand.
- Heavy Cost of Installation
One of the major key concern of the flexible ac transmission systems (FACTS) market is heavy cost of installations which may restraining factor for the growth of the market. Whereas, the cost of initial installation is very high which may lead to reduce the adoption of the system by various industries. However, the comparatively high initial cost investment over its counterparts, may also create a challenging factor for the deployment of FACTS in the globe.
Hence, it is projected this factor will create moderate environments in the forecast year with the upcoming compress size as well as reduce the cost of the device.
Flexible AC Transmission Systems (FACTS) Market: Key Segments
- Segmentation based on Generation Type: First Generation and Second Generation.
- Segmentation based on Compensation Type: Shunt, Series and Combined.
- Segmentation based on Components: Phase Shifting Transformers, Protection and Control Systems and Power Electronic Devices.
- Segmentation based on Application: Power Control and Voltage Control.
- Segmentation based on IP End-User: Railway, Mining, Utilities and Others.
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Flexible AC Transmission Systems (FACTS) Market: Report Scope
The report on the flexible ac transmission systems (FACTS) market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Generation Type, Compensation Type, Components, Application, End-User and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- General Electric (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- ABB (HITACHI)
- Mitsubishi Electric Corporation
- American Superconductor
- Infineon Technologies AG
- NR Electric Co., Ltd
- Hyosung Heavy Industries Corp
- Quanta Technology
- Other Key Companies
- Merus Power Dynamics Oy
- JEMA Energy
- Clariant Power System Limited
- FREQCON GmbH
Flexible AC Transmission Systems (FACTS) Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Flexible AC Transmission Systems (FACTS) Market, by Generation Types
- First Generation
- Second Generation
Flexible AC Transmission Systems (FACTS) Market, by Compensation Type
Flexible AC Transmission Systems (FACTS) Market, by Components
- Phase Shifting Transformers
- Protection And Control Systems
- Power Electronic Devices
Flexible AC Transmission Systems (FACTS) Market, by Application
- Power Control
- Voltage Control
Flexible AC Transmission Systems (FACTS) Market, by End-User
Flexible AC Transmission Systems (FACTS) Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Flexible AC Transmission Systems (FACTS) Market Providers
- Flexible AC Transmission Systems (FACTS) Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Flexible AC Transmission Systems (FACTS) Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE FLEXIBLE AC TRANSMISSION SYSTEMS (FACTS) MARKET STUDY