The Global Market for FACTS is Projected to Reach US$1.9 Billion by 2024

Spiraling Electricity Consumption Leading to Efficient Bulk Power Transmission Needs Drives Demand for Flexible AC Transmission Systems, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Flexible AC Transmission Systems (FACTS) markets. The global market for FACTS is projected to reach US$1.9 billion by 2024, driven by technology advancements & product developments, replacement & up-gradation of obsolete power systems, demand for efficient bulk power transmission, growing focus on renewable energy based power projects, and spiraling electricity consumption leading to increasing electricity generation & transmission needs.

Electric power transmission involves bulk transfer of high voltage electrical energy generated by electric power plants and electrical grid to sub-stations at demand centers through transmission lines. As a vital part of the energy supply chain, which helps in bulk transfer of high-voltage electrical energy, transmission networks play a crucial role in the electricity sector. Transmission technologies that found widespread attention for new investments among power companies include use of composite conductors, installations of FACTS (Flexible AC Transmission Systems) and HVDC, and deploying HTS cables in congested areas. AC Transmission networks involve interconnected high-voltage electrical lines that seamlessly transmit electrical energy from power plants to sub-stations. Ensuring optimum utilization of available transmission resources and enhancing reliability of high voltage AC power transfer over transmission lines with superior power transfer capability, high flexibility, low transmission losses, and better controllability of networks are of paramount importance. FACTS that help meet the demand of modern transmission networks therefore are increasingly being deployed by power utilities.

The FACTS market is expected to gain from increasing focus on electrification in developed and developing countries along with initiatives to implement flexible AC transmission systems and strong demand for power and voltage control solutions. Aging transmission networks leading to issues such as low levels of system usability and power losses are driving developed countries to replace and advance the existing power infrastructure. To meet growing electricity demand, most nations are looking beyond traditional power sources and focusing on generation and transmitting electricity from alternative energy resources. This steady growth in power generation and transmission activity worldwide will help drive strong investments in electricity generation, transmission and distribution infrastructure, including FACTS. Capable of even integrating electricity generated from renewable power projects to the main grid, FACTS is expected to emerge as the biggest beneficiary of growing government focus on and support for renewable energy projects such as wind power, and solar.

As stated by the new market research report on Flexible AC Transmission Systems, Asia-Pacific represents the largest regional market worldwide. Asia-Pacific also ranks as the fastest growing market with a CAGR of 7.7 % over the analysis period. Enhanced regulatory environment encouraging investment in electric grid and increase in non-utility generation are expected to provide gains for FACTS in this region. Growth of various industries such as mining, construction, manufacture, steel, mining as well as oil & gas are also likely to increase the growth of FACTS in Asia-Pacific. Europe, another key market, enjoys substantial share in the overall FACTS market. Fixed Compensation FACTS represents the largest market segment, while Variable Compensation FACTS ranks as the fastest growing market over the analysis period.

Major players in the market include ABB Ltd., American Superconductor, GE Grid Solutions, Hyosung Power & Industrial Systems Performance Group, Mitsubishi Electric Corp., Rongxin Power Engineering, S&C Electric Company, Siemens AG, Sieyuan Electric Co., Ltd., and Toshiba Energy Systems & Solutions Corp., among others.

The research report titled “Flexible AC Transmission Systems: A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers,  mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, Poland, Norway and Rest of Europe) , Asia-Pacific (Australia, China, India, Indonesia, Malaysia and Rest of Asia-Pacific), Middle East & Africa (Saudi Arabia, South Africa, UAE, Rest of Middle East & Africa) and Latin-America (Argentina, Brazil, Mexico, Venezuela and Rest of Latin America). Key Compensation types analyzed include “Variable Compensation” and “Fixed Compensation” FACTS. In US and Canadian markets, Variable Compensation Segment is further analyzed by following sub-segments and categories - Variable Series Compensation (Thyristor Controlled Series Capacitor (TCSC) and Static Synchronous Series Compensator (SSSC)), Variable Shunt Compensation (Static Synchronous Compensator (STATCOM), Static Var Compensator (SVC) and Synchronous Condenser (SC)), and Variable Power Flow Controllers (Unified Power Flow Controller (UPFC), Unified Power Quality Controller (UPQC) and Phase Shifting Transformer (PST)). Fixed Compensation type FACTS market in US and Canada is further analyzed by Fixed Shunt Capacitors, Fixed Shunt Reactors and Fixed Series Capacitors.

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