PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1484694
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1484694
Flexible AC Transmission Systems Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)
Key Highlights
The flexible AC transmission systems market was valued at USD 1,503.4 million in 2023, which will increase to USD 2,389.3 million, powering at more than 6.8% CAGR, by 2030.
The rising emphasis on grid stability as well as smart grid development drives the industry.
Smart grid technologies integrate distributed and renewable energy resources to reform the electric grid, thus decreasing greenhouse emissions and reducing operating expenses.
NYSERDA offered funding for smart grid opportunities for research and development, for integrating distributed energy resources, high-performing grids, and future grids.
Smart grids and improved technology in transmission systems with flexible AC transmission systems (FACTS) are required for more effective electricity distribution and transmission.
A major trend being observed in this industry is the agreements between the players and electric utilities.
There are many advantages of signing agreements with each other for both industry players and electric utilities.
The rising count of such initiatives shows the combined efforts between utility businesses and technology providers to increase the integration of renewable energy sources, enhance overall grid effectiveness, and boost grid stability.
This trend is essential for the expansion of the energy sector and assisting the move toward more robust and sustainable power systems.
Market Insights
APAC accounted for the largest share of the industry in 2023, of more than 50%, and the region is also growing at the fastest compound annual growth rate as well.
Swift technological improvements describe the APAC energy sector, which is mirrored in the improvements in the power transmission infrastructure.
APAC is also completely focused on electric vehicles and the incorporation of renewable energy.
The increasing utilization of renewable energy sources and the drive toward electrification in Australia, India, and China demand improved energy transmission and management solutions to guarantee grid efficiency and stability.
The growth in North America is because of the enhanced electricity transmission infrastructure, the requirement for the grid to be dependable during a disaster or any other emergency, and increasing emphasis on greater power T&D system control.
This necessitates Canada and the U.S. to significantly improve their grids with greater T&D equipment.
The shunt category was the largest contributor to the industry in 2023, with more than 60% share.
Decreased power losses and less occurrence of voltage drops are the major benefits of utilizing shunt compensation in power distribution and transmission networks.
Voltage control application accounted for the largest share of the industry in 2023, of 75%, and this category is also growing at the fastest CAGR.
Technological requirements, efforts for cleaner energy sources, and governing backing are aiding the expansion of the voltage control category.
Utilities led the industry in 2023, with approximately 55% share, and this category is also growing at the fastest rate.
FACTS applications in electric utilities comprise network stabilization, voltage control, transmission capacity improvements, power flow control, and power oscillation damping.
FACTS devices also offer an efficient and economical solution to ease the pressure on present transmission lines and reduce the investment expenses required for establishing new network extensions.
The flexible AC transmission systems industry is consolidated, and major players are investing in R&D to develop novel as well as greater products.
Table of Contents
Chapter 1. Research Background
- 1.1 Research Objectives
- 1.2 Market Definition
- 1.3 Analysis Period
- 1.4 Market Data Reporting Unit
1.4.1 Volume
1.4.2 Value
- 1.5 Market Size Breakdown by Segment
1.5.1 Market Segmentation by Application
1.5.2 Market Segmentation by Compensation Type
1.5.3 Market Segmentation by End User
1.5.4 Market Segmentation by Region
- 1.6 Key Stakeholders
Chapter 2. Research Methodology
- 2.1 Secondary Research
2.1.1 Paid
2.1.2 Unpaid
2.1.3 P&S Intelligence Database
- 2.2 Primary Research
2.2.1 Breakdown of Primary Research, by Region
2.2.2 Breakdown of Primary Research, by Industry Participant
2.2.3 Breakdown of Primary Research, by Designation
2.2.5 Breakdown of Primary Research, by Company Type
- 2.3 Market Size Estimation
- 2.4 Data Triangulation
- 2.5 Currency Conversion Rates
- 2.6 Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
- 4.1 Rising Industrialization and Urbanization Rates
- 4.2 Growing Electric Power Transmission and Distribution Spending in the U.S.
Chapter 5. Definition of Market Segments
- 5.1 By Application
5.1.1 Voltage Control
5.1.2 Power Control
- 5.2 By Compensation Type
5.2.1 Series
- 5.2.1.1 TCSC
- 5.2.1.2 TCSR
- 5.2.1.3 TSSC
- 5.2.1.4 SSSC
5.2.2 Shunt
- 5.2.2.1 STATCOM
- 5.2.2.2 SVC
- 5.2.2.2.1 TSR
- 5.2.2.2.2 TSC
- 5.2.2.2.3 TCR
5.2.3 Combined
- 5.2.3.1 UPFC (series-shunt)
- 5.2.3.2 IPFC (series-series)
- 5.3 By End User
5.3.1 Utilities
5.3.2 Industrial
5.3.3 Others
Chapter 6. Industry Outlook
- 6.1 Market Dynamics
6.1.1 Trends
- 6.1.1.1 Signing of contracts between market players and electric utilities
- 6.1.1.2 Technological advancements
6.1.2 Drivers
- 6.1.2.1 Increasing demand for electricity
- 6.1.2.2 Increasing focus on grid stability and smart grid development
- 6.1.2.3 Policy support and government initiatives
6.1.3 Impact Analysis of Drivers on Market Forecast
6.1.4 Restraints
- 6.1.4.1 Availability of alternatives
- 6.1.4.2 Complexity of integration into existing grids
6.1.5 Impact Analysis of Restraints on Market Forecast
- 6.2 Impact of COVID-19
- 6.3 Value Chain Analysis
6.3.1 Forward Integration in Flexible Alternating Current Transmission System (FACTS)
- 6.3.1.1 Implementation Services
- 6.3.1.2 System Integration
- 6.3.1.3 Maintenance and Support
- 6.3.1.4 Training and Education
6.3.2 Backward Integration in Flexible Alternating Current Transmission System (FACTS)
- 6.3.2.1 In-House Component Production
- 6.3.2.2 Raw Material Production
- 6.3.2.3 Technology Development
- 6.3.2.4 Manufacturing Process Control
- 6.3.2.5 Strategic Partnerships or Acquisitions
6.3.3 Benefits of Integration in FACTS:
6.3.4 Challenges of Integration in FACTS
- 6.4 Porter's Five Forces Analysis
6.4.1 Bargaining Power of Buyers
6.4.2 Bargaining Power of Suppliers
6.4.3 Intensity of Rivalry
6.4.4 Threat of New Entrants
6.4.5 Threat of Substitutes
Chapter 7. Global Market Size and Forecast
- 7.1 Overview
- 7.2 Market Revenue, by Application (2017-2030)
- 7.3 Market Revenue, by Compensation Type (2017-2030)
7.3.1 Shunt Market Revenue, by Type (2017-2030)
7.3.2 Shunt Market Volume, by Type (2017-2030)
- 7.3.2.1 SVC market revenue, by type (2017-2030)
- 7.3.2.2 SVC market volume, by type (2017-2030)
7.3.3 Series Market Revenue, by Type (2017-2030)
7.3.4 Series Market Volume, by Type (2017-2030)
7.3.5 Combined Market Revenue, by Type (2017-2030)
7.3.6 Combined Market Volume, by Type (2017-2030)
- 7.4 Market Revenue, by End User (2017-2030)
- 7.5 Market Revenue, by Region (2017-2030)
Chapter 8. North America Market Size and Forecast
- 8.1 Overview
- 8.2 Market Revenue, by Application (2017-2030)
- 8.3 Market Revenue, by Compensation Type (2017-2030)
8.3.1 Shunt Market Revenue, by Type (2017-2030)
8.3.2 Shunt Market Volume, by Type (2017-2030)
- 8.3.2.1 SVC market revenue, by type (2017-2030)
- 8.3.2.2 SVC market volume, by type (2017-2030)
8.3.3 Series Market Revenue, by Type (2017-2030)
8.3.4 Series Market Volume, by Type (2017-2030)
8.3.5 Combined Market Revenue, by Type (2017-2030)
8.3.6 Combined Market Volume, by Type (2017-2030)
- 8.4 Market Revenue, by End User (2017-2030)
- 8.5 Market Revenue, by Country (2017-2030)
Chapter 9. Europe Market Size and Forecast
- 9.1 Overview
- 9.2 Market Revenue, by Application (2017-2030)
- 9.3 Market Revenue, by Compensation Type (2017-2030)
9.3.1 Shunt Market Revenue, by Type (2017-2030)
9.3.2 Shunt Market Volume, by Type (2017-2030)
- 9.3.2.1 SVC market revenue, by type (2017-2030)
- 9.3.2.2 SVC market volume, by type (2017-2030)
9.3.3 Series Market Revenue, by Type (2017-2030)
9.3.4 Series Market Volume, by Type (2017-2030)
9.3.5 Combined Market Revenue, by Type (2017-2030)
9.3.6 Combined Market Volume, by Type (2017-2030)
- 9.4 Market Revenue, by End User (2017-2030)
- 9.5 Market Revenue, by Country (2017-2030)
Chapter 10. APAC Market Size and Forecast
- 10.1 Overview
- 10.2 Market Revenue, by Application (2017-2030)
- 10.3 Market Revenue, by Compensation Type (2017-2030)
10.3.1 Shunt Market Revenue, by Type (2017-2030)
10.3.2 Shunt Market Volume, by Type (2017-2030)
- 10.3.2.1 SVC market revenue, by type (2017-2030)
- 10.3.2.2 SVC market volume, by type (2017-2030)
10.3.3 Series Market Revenue, by Type (2017-2030)
10.3.4 Series Market Volume, by Type (2017-2030)
10.3.5 Combined Market Revenue, by Type (2017-2030)
10.3.6 Combined Market Volume, by Type (2017-2030)
- 10.4 Market Revenue, by End User (2017-2030)
- 10.5 Market Revenue, by Country (2017-2030)
Chapter 11. LATAM Market Size and Forecast
- 11.1 Overview
- 11.2 Market Revenue, by Application (2017-2030)
- 11.3 Market Revenue, by Compensation Type (2017-2030)
11.3.1 Shunt Market Revenue, by Type (2017-2030)
11.3.2 Shunt Market Volume, by Type (2017-2030)
- 11.3.2.1 SVC market revenue, by type (2017-2030)
- 11.3.2.2 SVC market volume, by type (2017-2030)
11.3.3 Series Market Revenue, by Type (2017-2030)
11.3.4 Series Market Volume, by Type (2017-2030)
11.3.5 Combined Market Revenue, by Type (2017-2030)
11.3.6 Combined Market Volume, by Type (2017-2030)
- 11.4 Market Revenue, by End User (2017-2030)
- 11.5 Market Revenue, by Country (2017-2030)
Chapter 12. Middle East Market Size and Forecast
- 12.1 Overview
- 12.2 Market Revenue, by Application (2017-2030)
- 12.3 Market Revenue, by Compensation Type (2017-2030)
12.3.1 Shunt Market Revenue, by Type (2017-2030)
12.3.2 Shunt Market Volume, by Type (2017-2030)
- 12.3.2.1 SVC market revenue, by type (2017-2030)
- 12.3.2.2 SVC market volume, by type (2017-2030)
12.3.3 Series Market Revenue, by Type (2017-2030)
12.3.4 Series Market Volume, by Type (2017-2030)
12.3.5 Combined Market Revenue, by Type (2017-2030)
12.3.6 Combined Market Volume, by Type (2017-2030)
- 12.4 Market Revenue, by End User (2017-2030)
- 12.5 Market Revenue, by Country (2017-2030)
Chapter 13. Africa Market Size and Forecast
- 13.1 Overview 193
- 13.2 Market Revenue, by Application (2017-2030)
- 13.3 Market Revenue, by Compensation Type (2017-2030)
13.3.1 Shunt Market Revenue, by Type (2017-2030)
13.3.2 Shunt Market Volume, by Type (2017-2030)
- 13.3.2.1 SVC market revenue, by type (2017-2030)
- 13.3.2.2 SVC market volume, by type (2017-2030)
13.3.3 Series Market Revenue, by Type (2017-2030)
13.3.4 Series Market Volume, by Type (2017-2030)
13.3.5 Combined Market Revenue, by Type (2017-2030)
13.3.6 Combined Market Volume, by Type (2017-2030)
- 13.4 Market Revenue, by End User (2017-2030)
- 13.5 Market Revenue, by Country (2017-2030)
Chapter 14. Capex and Opex Analysis
- 14.1 Capital Expenditure Analysis
- 14.2 Operating Expenditure Analysis
Chapter 15. Competitive Landscape
- 15.1 List of Key Players and Their Offerings
- 15.2 Recent Strategic Developments of Key Players
15.2.1 Client Wins
15.2.2 Other Developments
Chapter 16. Company Profiles
- 16.1 Mitsubishi Electric Corporation
16.1.1 Business Overview
16.1.2 Product and Service Offerings
16.1.3 Key Financial Summary
- 16.2 GE Grid Solutions
16.2.1 Business overview
16.2.2 Product and service offerings
- 16.3 Bharat Heavy Electricals Ltd.
16.3.1 Business Overview
16.3.2 Product and Service Offerings
16.3.3 Key Financial Summary
- 16.4 Hitachi Ltd.
16.4.1 Business Overview
16.4.2 Product and Service Offerings
16.4.3 Key Financial Summary
- 16.5 INGETEAM S.A.
16.5.1 Business Overview
16.5.2 Product and Service Offerings
- 16.6 Nidec ASI S.p.A.
16.6.1 Business Overview
16.6.2 Product and Service Offerings
- 16.7 American Superconductor Corporation
16.7.1 Business Overview
16.7.2 Product and Service Offerings
16.7.3 Key Financial Summary
- 16.8 Liaoning Rongxin Xingye Power Technology Co. Ltd.
16.8.1 Business Overview
16.8.2 Product and Service Offerings
- 16.9 JEMA Energy S.A.
16.9.1 Business Overview
16.9.2 Product and Service Offerings
- 16.10 NR Electric Co. Ltd.
16.10.1 Business Overview
16.10.2 Product and Service Offerings
- 16.11 LS ELECTRIC Co. Ltd.
16.11.1 Business Overview
16.11.2 Product and Service Offerings
- 16.12 Hyosung Heavy Industries
16.12.1 Business Overview
16.12.2 Product and Service Offerings
16.12.3 Key Financial Summary
- 16.13 Nissin Electric Co. Ltd.
16.13.1 Business Overview
16.13.2 Product and Service Offerings
16.13.3 Key Financial Summary
- 16.14 Infineon Technologies AG
16.14.1 Business Overview
16.14.2 Product and Service Offerings
16.14.3 Key Financial Summary
- 16.15 Merus Power
16.15.1 Business Overview
16.15.2 Product and Service Offerings
16.15.3 Key Financial Summary
- 16.16 Siemens Energy
16.16.1 Business Overview
16.16.2 Product and Service Offerings
16.16.3 Key Financial Summary
- 16.17 Toshiba Corporation
16.17.1 Business Overview
16.17.2 Product and Service Offerings
16.17.3 Key Financial Summary
- 16.18 Fuji Electric Co. Ltd.
16.18.1 Business Overview
16.18.2 Product and Service Offering
16.18.3 Key Financial Summary
- 16.19 CG Power and Industrial Solutions Limited
16.19.1 Business Overview
16.19.2 Product and Service Offerings
16.19.3 Key Financial Summary
- 16.20 Shanghai SMEC Enterprise Co. Ltd.
16.20.1 Business Overview
16.20.2 Product and Service Offerings
- 16.21 Sieyuan Electric Co. Ltd.
16.21.1 Business Overview
16.21.2 Product and Service Offerings
Chapter 17. Appendix
- 17.1 Sources and References
- 17.2 Related Reports
