Flexible AC Transmission System (FACTS) Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for Flexible AC Transmission Systems (FACTS). The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure.

Key Insights:

FACTS Market Size (2024E): USD 1439.9 million
Projected Market Value (2033F): USD 2285.1 million
Global Market Growth Rate (CAGR 2024 to 2033): 6.80%

FACTS Market - Report Scope:

Flexible AC Transmission Systems (FACTS) play a crucial role in enhancing the controllability, stability, and power transfer capability of AC transmission networks. These systems are vital for modern power grids, addressing issues related to transmission congestion, voltage stability, and reactive power compensation. The FACTS market caters to utilities, industrial sectors, and renewable energy installations, offering a range of solutions including Static Var Compensators (SVC), Static Synchronous Compensators (STATCOM), and Unified Power Flow Controllers (UPFC).

Market growth is driven by the increasing demand for reliable and efficient power transmission, the integration of renewable energy sources, and advancements in power electronics technology, which enhance the performance and flexibility of FACTS devices.

Market Growth Drivers:

The global FACTS market is propelled by several key factors, including the rising need for grid stability and the integration of renewable energy sources like wind and solar power. The increasing incidence of transmission line congestion and the subsequent demand for efficient power flow management further drive market expansion. Technological advancements, such as the development of next-generation STATCOMs and UPFCs, offer improved grid stability and reduced transmission losses, fostering market growth. Moreover, the increasing adoption of smart grid technologies and the expansion of electricity infrastructure create new avenues for market players to enhance grid reliability and efficiency.

Market Restraints:

Despite promising growth prospects, the FACTS market faces challenges related to high initial investment costs, regulatory compliance, and the complexity of system integration. Stringent regulations governing the installation and operation of FACTS devices impose compliance burdens on utilities and system operators, affecting market entry barriers and operational costs. Furthermore, limited technical expertise and the high cost of advanced FACTS solutions pose challenges for market penetration, particularly in emerging economies with constrained budgets. Addressing these regulatory and economic barriers requires collaboration between industry stakeholders and policymakers to promote access to advanced and cost-effective FACTS solutions.

Market Opportunities:

The FACTS market presents significant growth opportunities driven by technological innovations, increasing grid modernization initiatives, and evolving energy policies. The integration of digital technologies, such as advanced control systems and real-time monitoring platforms, enhances the performance and reliability of FACTS devices. Furthermore, the expanding application of FACTS in smart grid projects, including the development of microgrids and distributed energy resources, broadens the market scope and stimulates innovation. Strategic partnerships, investment in research and development, and the introduction of scalable and cost-effective FACTS solutions are essential to capitalize on emerging opportunities and sustain market leadership in the dynamic power transmission landscape.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the FACTS market globally?
Which FACTS solutions and applications are driving adoption across different sectors?
How are technological advancements reshaping the competitive landscape of the FACTS market?
Who are the key players contributing to the FACTS market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global FACTS market?

Competitive Intelligence and Business Strategy:

Leading players in the global FACTS market, including ABB Ltd., Siemens AG, and General Electric Company, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced FACTS solutions, including next-generation STATCOMs, SVCs, and UPFCs, catering to diverse grid requirements and operational challenges. Collaborations with utilities, renewable energy developers, and regulatory agencies facilitate market access and promote technology adoption. Moreover, emphasis on grid modernization, renewable energy integration, and energy efficiency initiatives fosters market growth and enhances grid reliability in the rapidly evolving power transmission landscape.

Key Companies Profiled:

Microsoft Corporation
Siemens AG
Bharat Heavy Electricals Ltd.
S&C Electric Company
American Superconductor Corporation (AMSC)
American Electric Power Co., Inc. (AEP)
GE Grid Solutions
NR Electric Co., Ltd.
Sieyuan Electric Co., Ltd.
Trench Austria GmbH

Flexible AC Transmission Systems Market Outlook by Category

Compensation Type:

Shunt
Series
Combined

Generation Type:

Second
First

Application:

Voltage Control

End-Use:

Power Control
Utilities
Renewables
Industrial
Railways

By Region:

North America
Europe
Latin America
East Asia
The Middle East & Africa
South Asia & Pacific

Product Code: PMRREP10888

1. Executive Summary

1.1. Global Flexible AC Transmission Systems Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics
- 3.1.1. Drivers
- 3.1.2. Restraints
- 3.1.3. Opportunity
- 3.1.4. Trends
3.2. Scenario Forecast
- 3.2.1. Demand in Optimistic Scenario
- 3.2.2. Demand in Likely Scenario
- 3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter's Analysis
3.6. Regulatory Landscape
- 3.6.1. By Key Regions
- 3.6.2. By Key Countries
3.7. Regional Parent Market Outlook

4. Global Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast, 2024 - 2033

4.1. Historical Market Size Value (US$ million) Analysis, 2019-2023
4.2. Current and Future Market Size Value (US$ million) Projections, 2024 - 2033
- 4.2.1. Y-o-Y Growth Trend Analysis
- 4.2.2. Absolute $ Opportunity Analysis

5. Global Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Compensation Type

5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ million) Analysis By Compensation Type, 2019-2023
5.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Compensation Type, 2024 - 2033
- 5.3.1. Shunt
- 5.3.2. Series
- 5.3.3. Combined
5.4. Y-o-Y Growth Trend Analysis By Compensation Type, 2019-2023
5.5. Absolute $ Opportunity Analysis By Compensation Type, 2024 - 2033

6. Global Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Generation Type

6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ million) Analysis By Generation Type , 2019-2023
6.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Generation Type , 2024 - 2033
- 6.3.1. Second
- 6.3.2. First
6.4. Y-o-Y Growth Trend Analysis By Generation Type , 2019-2023
6.5. Absolute $ Opportunity Analysis By Generation Type , 2024 - 2033

7. Global Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Application

7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ million) Analysis By Application , 2019-2023
7.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Application , 2024 - 2033
- 7.3.1. Voltage Control
7.4. Y-o-Y Growth Trend Analysis By Application , 2019-2023
7.5. Absolute $ Opportunity Analysis By Application , 2024 - 2033

8. Global Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By End-Use

8.1. Introduction / Key Findings
8.2. Historical Market Size Value (US$ million) Analysis By End-Use, 2019-2023
8.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By End-Use, 2024 - 2033
- 8.3.1. Power Control
- 8.3.2. Utilities
- 8.3.3. Renewables
- 8.3.4. Industrial
- 8.3.5. Railways
8.4. Y-o-Y Growth Trend Analysis By End-Use, 2019-2023
8.5. Absolute $ Opportunity Analysis By End-Use, 2024 - 2033

9. Global Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Region

9.1. Introduction
9.2. Historical Market Size Value (US$ million) Analysis By Region, 2019-2023
9.3. Current Market Size Value (US$ million) Analysis and Forecast By Region, 2024 - 2033
- 9.3.1. North America
- 9.3.2. Latin America
- 9.3.3. Europe
- 9.3.4. South Asia
- 9.3.5. East Asia
- 9.3.6. Oceania
- 9.3.7. Middle East and Africa
9.4. Market Attractiveness Analysis By Region

10. North America Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

10.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
10.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 10.2.1. By Country
  - 10.2.1.1. United States
  - 10.2.1.2. Canada
- 10.2.2. By Compensation Type
- 10.2.3. By Generation Type
- 10.2.4. By Application
- 10.2.5. By End-Use
10.3. Market Attractiveness Analysis
- 10.3.1. By Country
- 10.3.2. By Compensation Type
- 10.3.3. By Generation Type
- 10.3.4. By Application
- 10.3.5. By End-Use
10.4. Key Takeaways

11. Latin America Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

11.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
11.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 11.2.1. By Country
  - 11.2.1.1. Brazil
  - 11.2.1.2. Mexico
  - 11.2.1.3. Rest of Latin America
- 11.2.2. By Compensation Type
- 11.2.3. By Generation Type
- 11.2.4. By Application
- 11.2.5. By End-Use
11.3. Market Attractiveness Analysis
- 11.3.1. By Country
- 11.3.2. By Compensation Type
- 11.3.3. By Generation Type
- 11.3.4. By Application
- 11.3.5. By End-Use
11.4. Key Takeaways

12. Europe Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

12.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
12.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 12.2.1. By Country
  - 12.2.1.1. Germany
  - 12.2.1.2. United Kingdom
  - 12.2.1.3. France
  - 12.2.1.4. Spain
  - 12.2.1.5. Italy
  - 12.2.1.6. Rest of Europe
- 12.2.2. By Compensation Type
- 12.2.3. By Generation Type
- 12.2.4. By Application
- 12.2.5. By End-Use
12.3. Market Attractiveness Analysis
- 12.3.1. By Country
- 12.3.2. By Compensation Type
- 12.3.3. By Generation Type
- 12.3.4. By Application
- 12.3.5. By End-Use
12.4. Key Takeaways

13. South Asia Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

13.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
13.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 13.2.1. By Country
  - 13.2.1.1. India
  - 13.2.1.2. Malaysia
  - 13.2.1.3. Singapore
  - 13.2.1.4. Thailand
  - 13.2.1.5. Rest of South Asia
- 13.2.2. By Compensation Type
- 13.2.3. By Generation Type
- 13.2.4. By Application
- 13.2.5. By End-Use
13.3. Market Attractiveness Analysis
- 13.3.1. By Country
- 13.3.2. By Compensation Type
- 13.3.3. By Generation Type
- 13.3.4. By Application
- 13.3.5. By End-Use
13.4. Key Takeaways

14. East Asia Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

14.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
14.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 14.2.1. By Country
  - 14.2.1.1. China
  - 14.2.1.2. Japan
  - 14.2.1.3. South Korea
- 14.2.2. By Compensation Type
- 14.2.3. By Generation Type
- 14.2.4. By Application
- 14.2.5. By End-Use
14.3. Market Attractiveness Analysis
- 14.3.1. By Country
- 14.3.2. By Compensation Type
- 14.3.3. By Generation Type
- 14.3.4. By Application
- 14.3.5. By End-Use
14.4. Key Takeaways

15. Oceania Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

15.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
15.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 15.2.1. By Country
  - 15.2.1.1. Australia
  - 15.2.1.2. New Zealand
- 15.2.2. By Compensation Type
- 15.2.3. By Generation Type
- 15.2.4. By Application
- 15.2.5. By End-Use
15.3. Market Attractiveness Analysis
- 15.3.1. By Country
- 15.3.2. By Compensation Type
- 15.3.3. By Generation Type
- 15.3.4. By Application
- 15.3.5. By End-Use
15.4. Key Takeaways

16. Middle East and Africa Flexible AC Transmission (FACT) Systems Market Analysis 2019-2023 and Forecast 2024 - 2033, By Country

16.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2019-2023
16.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2024 - 2033
- 16.2.1. By Country
  - 16.2.1.1. GCC Countries
  - 16.2.1.2. South Africa
  - 16.2.1.3. Israel
  - 16.2.1.4. Rest of Middle East and Africa
- 16.2.2. By Compensation Type
- 16.2.3. By Generation Type
- 16.2.4. By Application
- 16.2.5. By End-Use
16.3. Market Attractiveness Analysis
- 16.3.1. By Country
- 16.3.2. By Compensation Type
- 16.3.3. By Generation Type
- 16.3.4. By Application
- 16.3.5. By End-Use
16.4. Key Takeaways

17. Key Countries Flexible AC Transmission (FACT) Systems Market Analysis

17.1. United States
- 17.1.1. Pricing Analysis
- 17.1.2. Market Share Analysis, 2024
  - 17.1.2.1. By Compensation Type
  - 17.1.2.2. By Generation Type
  - 17.1.2.3. By Application
  - 17.1.2.4. By End-Use
17.2. Canada
- 17.2.1. Pricing Analysis
- 17.2.2. Market Share Analysis, 2024
  - 17.2.2.1. By Compensation Type
  - 17.2.2.2. By Generation Type
  - 17.2.2.3. By Application
  - 17.2.2.4. By End-Use
17.3. Brazil
- 17.3.1. Pricing Analysis
- 17.3.2. Market Share Analysis, 2024
  - 17.3.2.1. By Compensation Type
  - 17.3.2.2. By Generation Type
  - 17.3.2.3. By Application
  - 17.3.2.4. By End-Use
17.4. Mexico
- 17.4.1. Pricing Analysis
- 17.4.2. Market Share Analysis, 2024
  - 17.4.2.1. By Compensation Type
  - 17.4.2.2. By Generation Type
  - 17.4.2.3. By Application
  - 17.4.2.4. By End-Use
17.5. Germany
- 17.5.1. Pricing Analysis
- 17.5.2. Market Share Analysis, 2024
  - 17.5.2.1. By Compensation Type
  - 17.5.2.2. By Generation Type
  - 17.5.2.3. By Application
  - 17.5.2.4. By End-Use
17.6. United Kingdom
- 17.6.1. Pricing Analysis
- 17.6.2. Market Share Analysis, 2024
  - 17.6.2.1. By Compensation Type
  - 17.6.2.2. By Generation Type
  - 17.6.2.3. By Application
  - 17.6.2.4. By End-Use
17.7. France
- 17.7.1. Pricing Analysis
- 17.7.2. Market Share Analysis, 2024
  - 17.7.2.1. By Compensation Type
  - 17.7.2.2. By Generation Type
  - 17.7.2.3. By Application
  - 17.7.2.4. By End-Use
17.8. Spain
- 17.8.1. Pricing Analysis
- 17.8.2. Market Share Analysis, 2024
  - 17.8.2.1. By Compensation Type
  - 17.8.2.2. By Generation Type
  - 17.8.2.3. By Application
  - 17.8.2.4. By End-Use
17.9. Italy
- 17.9.1. Pricing Analysis
- 17.9.2. Market Share Analysis, 2024
  - 17.9.2.1. By Compensation Type
  - 17.9.2.2. By Generation Type
  - 17.9.2.3. By Application
  - 17.9.2.4. By End-Use
17.10. India
- 17.10.1. Pricing Analysis
- 17.10.2. Market Share Analysis, 2024
  - 17.10.2.1. By Compensation Type
  - 17.10.2.2. By Generation Type
  - 17.10.2.3. By Application
  - 17.10.2.4. By End-Use
17.11. Malaysia
- 17.11.1. Pricing Analysis
- 17.11.2. Market Share Analysis, 2024
  - 17.11.2.1. By Compensation Type
  - 17.11.2.2. By Generation Type
  - 17.11.2.3. By Application
  - 17.11.2.4. By End-Use
17.12. Singapore
- 17.12.1. Pricing Analysis
- 17.12.2. Market Share Analysis, 2024
  - 17.12.2.1. By Compensation Type
  - 17.12.2.2. By Generation Type
  - 17.12.2.3. By Application
  - 17.12.2.4. By End-Use
17.13. Thailand
- 17.13.1. Pricing Analysis
- 17.13.2. Market Share Analysis, 2024
  - 17.13.2.1. By Compensation Type
  - 17.13.2.2. By Generation Type
  - 17.13.2.3. By Application
  - 17.13.2.4. By End-Use
17.14. China
- 17.14.1. Pricing Analysis
- 17.14.2. Market Share Analysis, 2024
  - 17.14.2.1. By Compensation Type
  - 17.14.2.2. By Generation Type
  - 17.14.2.3. By Application
  - 17.14.2.4. By End-Use
17.15. Japan
- 17.15.1. Pricing Analysis
- 17.15.2. Market Share Analysis, 2024
  - 17.15.2.1. By Compensation Type
  - 17.15.2.2. By Generation Type
  - 17.15.2.3. By Application
  - 17.15.2.4. By End-Use
17.16. South Korea
- 17.16.1. Pricing Analysis
- 17.16.2. Market Share Analysis, 2024
  - 17.16.2.1. By Compensation Type
  - 17.16.2.2. By Generation Type
  - 17.16.2.3. By Application
  - 17.16.2.4. By End-Use
17.17. Australia
- 17.17.1. Pricing Analysis
- 17.17.2. Market Share Analysis, 2024
  - 17.17.2.1. By Compensation Type
  - 17.17.2.2. By Generation Type
  - 17.17.2.3. By Application
  - 17.17.2.4. By End-Use
17.18. New Zealand
- 17.18.1. Pricing Analysis
- 17.18.2. Market Share Analysis, 2024
  - 17.18.2.1. By Compensation Type
  - 17.18.2.2. By Generation Type
  - 17.18.2.3. By Application
  - 17.18.2.4. By End-Use
17.19. GCC Countries
- 17.19.1. Pricing Analysis
- 17.19.2. Market Share Analysis, 2024
  - 17.19.2.1. By Compensation Type
  - 17.19.2.2. By Generation Type
  - 17.19.2.3. By Application
  - 17.19.2.4. By End-Use
17.20. South Africa
- 17.20.1. Pricing Analysis
- 17.20.2. Market Share Analysis, 2024
  - 17.20.2.1. By Compensation Type
  - 17.20.2.2. By Generation Type
  - 17.20.2.3. By Application
  - 17.20.2.4. By End-Use
17.21. Israel
- 17.21.1. Pricing Analysis
- 17.21.2. Market Share Analysis, 2024
  - 17.21.2.1. By Compensation Type
  - 17.21.2.2. By Generation Type
  - 17.21.2.3. By Application
  - 17.21.2.4. By End-Use

18. Market Structure Analysis

18.1. Competition Dashboard
18.2. Competition Benchmarking
18.3. Market Share Analysis of Top Players
- 18.3.1. By Regional
- 18.3.2. By Compensation Type
- 18.3.3. By Generation Type
- 18.3.4. By Application
- 18.3.5. By End-Use

19. Competition Analysis

19.1. Competition Deep Dive
- 19.1.1. Microsoft Corporation
  - 19.1.1.1. Overview
  - 19.1.1.2. Product Portfolio
  - 19.1.1.3. Profitability by Market Segments
  - 19.1.1.4. Sales Footprint
  - 19.1.1.5. Strategy Overview
    - 19.1.1.5.1. Marketing Strategy
- 19.1.2. Siemens AG
  - 19.1.2.1. Overview
  - 19.1.2.2. Product Portfolio
  - 19.1.2.3. Profitability by Market Segments
  - 19.1.2.4. Sales Footprint
  - 19.1.2.5. Strategy Overview
    - 19.1.2.5.1. Marketing Strategy
- 19.1.3. Bharat Heavy Electricals Ltd.
  - 19.1.3.1. Overview
  - 19.1.3.2. Product Portfolio
  - 19.1.3.3. Profitability by Market Segments
  - 19.1.3.4. Sales Footprint
  - 19.1.3.5. Strategy Overview
    - 19.1.3.5.1. Marketing Strategy
- 19.1.4. S&C Electric Company
  - 19.1.4.1. Overview
  - 19.1.4.2. Product Portfolio
  - 19.1.4.3. Profitability by Market Segments
  - 19.1.4.4. Sales Footprint
  - 19.1.4.5. Strategy Overview
    - 19.1.4.5.1. Marketing Strategy
- 19.1.5. American Superconductor Corporation (AMSC)
  - 19.1.5.1. Overview
  - 19.1.5.2. Product Portfolio
  - 19.1.5.3. Profitability by Market Segments
  - 19.1.5.4. Sales Footprint
  - 19.1.5.5. Strategy Overview
    - 19.1.5.5.1. Marketing Strategy
- 19.1.6. American Electric Power Co., Inc. (AEP)
  - 19.1.6.1. Overview
  - 19.1.6.2. Product Portfolio
  - 19.1.6.3. Profitability by Market Segments
  - 19.1.6.4. Sales Footprint
  - 19.1.6.5. Strategy Overview
    - 19.1.6.5.1. Marketing Strategy
- 19.1.7. GE Grid Solutions
  - 19.1.7.1. Overview
  - 19.1.7.2. Product Portfolio
  - 19.1.7.3. Profitability by Market Segments
  - 19.1.7.4. Sales Footprint
  - 19.1.7.5. Strategy Overview
    - 19.1.7.5.1. Marketing Strategy
- 19.1.8. NR Electric Co., Ltd.
  - 19.1.8.1. Overview
  - 19.1.8.2. Product Portfolio
  - 19.1.8.3. Profitability by Market Segments
  - 19.1.8.4. Sales Footprint
  - 19.1.8.5. Strategy Overview
    - 19.1.8.5.1. Marketing Strategy
- 19.1.9. Sieyuan Electric Co., Ltd.
  - 19.1.9.1. Overview
  - 19.1.9.2. Product Portfolio
  - 19.1.9.3. Profitability by Market Segments
  - 19.1.9.4. Sales Footprint
  - 19.1.9.5. Strategy Overview
    - 19.1.9.5.1. Marketing Strategy
- 19.1.10. Trench Austria GmbH
  - 19.1.10.1. Overview
  - 19.1.10.2. Product Portfolio
  - 19.1.10.3. Profitability by Market Segments
  - 19.1.10.4. Sales Footprint
  - 19.1.10.5. Strategy Overview
    - 19.1.10.5.1. Marketing Strategy

Flexible AC Transmission System (FACTS) Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024 - 2033