According to IMARC Group's latest research report, titled "Flexible AC Transmission System (FACTS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the flexible AC transmission system market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global flexible AC transmission system (FACTS) market size reached US$ 1.33 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.86 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
Flexible AC Transmission System (FACTS) Market Overview:
A flexible ac transmission system (FACTS) is a set of power electronic devices and control systems that enhance the flexibility and control of alternating current (AC) power transmission and distribution networks. It enables utilities and grid operators to efficiently manage the flow of electricity, improve system stability, and enhance the overall reliability of power transmission infrastructure. FACTS technologies, such as static var compensators (SVCs), static synchronous compensators (STATCOMs), and unified power flow controllers (UPFCs), provide real-time control and compensation capabilities to regulate voltage, maintain power factor, and control reactive power flow in AC networks. These advanced systems have gained significant importance in the modern power grid as they offer solutions to challenges such as voltage fluctuations, power quality issues, and transmission line congestion.
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Flexible AC Transmission System (FACTS) Market Trends:
The global market is experiencing robust growth, primarily driven by the increasing demand for stable and efficient power transmission and distribution infrastructure. The rising need for a reliable electricity supply, coupled with the integration of renewable energy sources into the grid, has accelerated the deployment of FACTS technologies worldwide. Additionally, the aging power infrastructure in developed regions requires upgrades and modernization to ensure grid stability and mitigate power losses. Furthermore, stringent government regulations and environmental concerns have propelled the adoption of FACTS solutions, as they enable the optimal utilization of existing power infrastructure and reduce greenhouse gas emissions. Moreover, technological advancements in power electronics and control systems have made FACTS devices more efficient, compact, and cost-effective. These factors, along with the increasing investments in smart grid development and the integration of renewable energy sources, are expected to fuel the growth of the flexible ac transmission system (FACTS) market.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Alstom
- Eaton Corporation PLC
- GE Grid Solutions (General Electric)
- Hitachi Energy Ltd.
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd. (Nari Technology Co., Ltd.)
- Siemens Energy
- Toshiba Energy Systems & Solutions Corporation (Toshiba Corp.)
Compensation Type Insights:
- Series Compensation
- Shunt Compensation
- Combined Series-Shunt Compensation
Controller Insights:
- Static Synchronous Compensator (STATCOM)
- Static Var Compensator (SVC)
- Unified Power Flow Controllers (UPFC)
- Thyristor Controlled Series Compensator (TCSC)
- Others
Industry Vertical Insights:
- Utilities
- Renewables
- Railways
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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