A flexible AC transmission system (FACTS) is a collection of power electronic-based devices and systems installed on high-voltage alternating current (AC) transmission networks to enhance controllability, stability and efficiency. FACTS devices are utilized to dynamically control and optimize the flow of electrical power on the grid, mitigating various issues such as voltage fluctuations, power flow imbalances and system instability.
The flexible AC transmission systems (FACTS) market consists of sales, by entities (organizations, sole traders and partnerships), of flexible AC transmission system (FACTS) devices that are strategically placed within power grids to regulate voltage, improve power flow and increase system stability.
The global flexible AC transmission system (FACTS) market was valued at $1,086.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Strong Economic Growth In Emerging Markets
During the historic period, the flexible AC transmission system (FACTS) market was mainly driven by strong economic growth in emerging markets. Emerging markets experienced large-scale urbanization and industrialization. Growing industrial activity, urbanization and improving living standards all fueled the need for dependable and effective electrical transmission infrastructure, which was in high demand as these economies expanded. To satisfy the increasing demands of industrial and urban centers, a dependable supply of electricity was ensured by the optimization of power flow, the improvement of grid stability and the application of FACTS technology. According to the World Bank, China's gross domestic product (GDP) grew to $17.94 trillion (120 trillion yuan) in 2022 compared to 17.82 trillion in 2021 and $11.06 trillion in 2015. Additionally, in January 2022, according to the Minister for Finance and Corporate Affairs, India's gross domestic product (GDP) grew by between 8% and 8.5% and 9.2% in 2021-2022. Therefore, strong economic growth in emerging markets contributed to the growth of the flexible AC transmission system (FACTS) market.
Integration Of High Voltage Integrated Circuit (HVIC) In FACTS
Companies in the market are focusing on the integration of high voltage integrated circuit (HVIC) in FACTS to enhance the overall efficiency, reliability and performance of power transmission systems. For example, in February 2022, Mitsubishi Electric, a Japan-based electrical equipment manufacturing company, launched a half-bridge driver high-voltage (600V) integrated circuit (HVIC) equipped with a built-in bootstrap diode (BSD) function. The BSD function helps to reduce the number of parts required in inverter systems. The new HVIC, made for circuits that drive power semiconductors in low-capacity inverter systems, will also aid in reducing the power consumption of electric motorcycles, white goods and other electrical products.
The global flexible AC transmission systems (FACTS) market is highly concentrated, with a few large players dominating the market. The top ten competitors in the market made up to 78.0% of the total market in 2022.
Flexible AC Transmission System (FACTS) Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global flexible AC transmission systems (FACTS) market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for flexible AC transmission systems (FACTS)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The flexible AC transmission systems (FACTS) market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider flexible AC transmission systems (FACTS) market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by devices, by controllers, by functionality and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the flexible AC transmission systems (FACTS) market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by devices, by controllers, by functionality and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations - This section includes recommendations for flexible AC transmission systems (FACTS) providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Devices: Static Synchronous Compensator (STATCOM); Static Var Compensator (Svc); Unified Power Flow Controllers (UPFC); Thyristor Controlled Series Compensator (TCSC); Other Devices
- 2) By Controllers: Shunt Controllers; Series Controllers; Combined Controllers
- 3) By Functionality: Voltage Control; Network Stabilization; Transmission Capacity; Harmonic Suppression
- 4) By Application: Utilities; Renewables; Industrial; Railways; Other Applications
- Companies Mentioned: Hitachi; General Electric Company; Mitsubishi Electric Corporation; Siemens AG; Bharat Heavy Electricals Limited
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; flexible AC transmission systems (FACTS) indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.