FLEXIBLE AC TRANSMISSION SYSTEMS (FACTS) MARKET TO REACH USD 1.8 BILLION BY 2027 | CAGR 5.4% – FORENCIS RESEARCH

Flexible AC Transmission Systems (FACTS) MarketΒ - Global Industry Analysis and Forecast 2020 to 2027

Global Flexible AC Transmission Systems (FACTS) Market: Key Highlights

  • According to the new market research report Flexible AC Transmission Systems (FACTS) Market by Generation Type (First Generation and Second Generation), by Compensation Type (Shunt, Series and Combined), by Components (Phase Shifting Transformers, Protection and Control Systems and Power Electronic Devices), by Application (Power Control, Voltage Control), by End-User (Railway, Mining, Utilities and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Flexible AC Transmission Systems (FACTS) Market is estimated to reach USD 1.8 Billion by 2027 at a CAGR of around 5.4% during the review period.
  • The Flexible AC Transmission Systems (FACTS) 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.
  • Moreover, 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

Global Flexible AC Transmission Systems (FACTS) Market: Key Market Dynamics

  • 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.
  • 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.
  • Growing penetration of smart grid network, where the advance FACTS technology helps the transition of transmission networks to make it advance and smart. 
  • Increasing demand for STATCOM devices, which helps to power electronics to control power flow as well as to enhance the transient stability on power grids generates reactive power. Hence these will create an opportunities of the market growth in the forecast period.

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Global Flexible AC Transmission Systems (FACTS) Market: Regional Overview

  • North America:

The North America is witness to be one of the major player for the adoption of advance technologies. Whereas, the region is anticipated to witness significant growth in the global Flexible AC Transmission Systems (FACTS) Market during the projected period. Also, with the growing adoption of new technologies and the advance features is expected to boost the consistent growth of the region Flexible AC Transmission Systems (FACTS) Market.

Hence, growing replacement and developments of the existing power architectures, with the integrating renewable sources in the power grids, in the region will flexible AC transmission market in the forecast period.

  • Asia-Pacific:

The region is witness to increase significant market growth during the anticipated period. Whereas, the region is projected to lead the flexible transmission system market with the growing demand for voltage and power platform and power transmission solution in countries such as China and India will increase the market adoption in the region. However, with the growing investments of the high speed trains from the countries such as China, India, and Japan is expected to offer significance growth opportunities for market expansion.

Global Flexible AC Transmission Systems (FACTS) Market: Key Players Overview

  • General Electric:

The General Electric is an American technology company, which operate in aviation, healthcare, power, manufacturing and renewable energy. Also, GE Power is one of the global energy leader for providing equipment, solutions and services into the energy value chain from generation to consumption. However, the company helps to provide various solution which offers grid the ability to reactive power support as well as enhance the stability and controllability of the AC transmission system.

Hence in 2020, the company renewable energy’s grid solutions business energized the Dynamic Reactive Compensator (DRC) project for National Grid in the UK. Also, the project is a part of the largest utility grade STATCOM scheme in Europe by delivering 975 Mvar power range.

  • ABB (HITACHI):

The ABB is the global leader technology company which helps to energize the transformation of industry as well as the society to get enhance productive, sustainable growth. The company has signed an agreement to divest 80.1% of its Power Grids business to the Hitachi in 2018. However, this power grid business also contain real estate properties that has reported before within the corporate and others. In 2020, the company has also completes divestment of Power Grids to Hitachi, this divestment which permit to focus on the growing market trend as well as the user need which includes electrification of transport, automated manufacturing, digital solutions and improve the sustainable productivity.

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Published : 2020-08-27