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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