What is Global Flexible Alternating Current Transmission Systems (FACTS) Market?
The Global Flexible Alternating Current Transmission Systems (FACTS) Market is a dynamic and rapidly evolving sector that plays a crucial role in the power transmission industry. FACTS are power electronic-based systems and other static equipment that provide control of AC transmission lines and enhance power transfer capability. They are used for increasing the reliability of AC grids, reducing power delivery costs, and maintaining grid stability. The global market for FACTS is driven by the growing demand for power, the need for power transmission expansion, and the increasing adoption of renewable energy sources. The market is also influenced by technological advancements and the development of smart grids. The FACTS market is a complex ecosystem involving a wide range of players, including manufacturers, service providers, and end-users.
Shunt Compensation, Series Compensation in the Global Flexible Alternating Current Transmission Systems (FACTS) Market:
Shunt Compensation and Series Compensation are two key aspects of the Global Flexible Alternating Current Transmission Systems (FACTS) Market. Shunt Compensation involves the use of devices like Static Var Compensators (SVC) and Static Synchronous Compensators (STATCOM) to manage power flow in a network by adjusting the reactive power generation or absorption. On the other hand, Series Compensation involves the use of devices like Thyristor Controlled Series Capacitors (TCSC) and Static Synchronous Series Compensators (SSSC) to increase the power transfer capability of a transmission line by controlling its impedance. Both these compensation techniques play a crucial role in enhancing the efficiency and reliability of power transmission systems. They are widely used in various industries, including utilities, railways, mining, and metal industries, to improve power quality and reduce transmission losses.
Metal Industry, Utilities, Railway, Mining in the Global Flexible Alternating Current Transmission Systems (FACTS) Market:
The Global Flexible Alternating Current Transmission Systems (FACTS) Market finds extensive usage in various sectors such as the Metal Industry, Utilities, Railway, and Mining. In the Metal Industry, FACTS devices are used to improve power quality and reduce energy consumption, thereby enhancing operational efficiency and productivity. In Utilities, they are used to increase the power transfer capability of transmission lines, maintain grid stability, and manage power flow. In the Railway sector, FACTS devices help in improving traction power supply systems, reducing energy consumption, and enhancing train operation efficiency. In the Mining industry, they are used to ensure reliable and efficient power supply, thereby reducing operational downtime and increasing productivity.
Global Flexible Alternating Current Transmission Systems (FACTS) Market Outlook:
The Global Flexible Alternating Current Transmission Systems (FACTS) Market has shown significant growth over the years. In 2023, the market was valued at US$ 1332.6 million and is expected to reach US$ 1921.1 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period of 2024 to 2030. ABB, a leading player in the market, accounted for over 31% of the global market revenue in 2019. Geographically, Europe held the largest share in the global market, with its revenue exceeding 33.71% in 2019. This growth can be attributed to the increasing demand for power, the need for power transmission expansion, and the growing adoption of renewable energy sources in the region.
| Report Metric | Details |
| Report Name | Flexible Alternating Current Transmission Systems (FACTS) Market |
| Accounted market size in 2023 | US$ 1332.6 million |
| Forecasted market size in 2030 | US$ 1921.1 million |
| CAGR | 5.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | ABB, Siemens, Mitsubishi Electric, RXPE, GE, Toshiba, Sieyuan Electric, Hyosung, AMSC |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
