Market Overview:
The global flexible AC transmission systems (FACTS) market is expected to grow at a CAGR of 6.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for electricity and the need for grid modernization. In addition, the growing penetration of renewables and electric vehicles is also contributing to the growth of this market. The global FACTS market is segmented on the basis of type, application, and region. On the basis of type, it is divided into shunt compensation, series compensation, combined series and shunt compensation, and others. On the basis of application, it is classified into electric utilities,, renewables,, railways,, industrial,, oil & gas,. The regional segmentation includes North America., Latin America., Europe., Asia Pacific., Middle East & Africa.
Product Definition:
A Flexible AC Transmission System (FACTS) is a power system device or controller that can improve the controllability and stability of an AC transmission network. FACTS devices can provide fast voltage control, reactive power compensation, and frequency regulation. This allows for increased system efficiency and better utilization of available resources.
Shunt Compensation:
Shunt compensation is a device that helps in increasing the power factor of an electrical circuit. It does this by making sure that the current generated by any particular source through resistors and inductors remains constant. In other words, it eliminates the effect of reactive power on electric circuits. A shunt compensation unit works along with a transformer to improve its output quality and thus help in improving overall system efficiency.
Series Compensation:
Series compensation is a technique used to cancel the reactive power of an electrical network and it's used in FACTS (Flexible AC Transmission Systems) to convert the reactive power into real power. In FACTS, series compensation is applied at each phase, between wind turbine output and grid input. It helps in reducing losses that are associated with high voltage transmission lines as well as transformers.
Application Insights:
Electric utilities was the dominant segment in the market and accounted for a revenue share of more than 50% in 2017. The segment is expected to witness significant growth over the forecast period owing to increasing demand-side management activities across various applications, such as power generation, transportation, and heating & cooling.
FACTS systems are widely used in electric utilities for managing peak demand by shifting load from off-peak hours to on-peak hours. Shifting consumer preferences towards renewable energy sources has led to an increased focus on integrating these sources into electricity grids around the world. This has resulted in growing penetration of FACTS systems within electric utility applications across various regions including North America and Europe.
The railway application is projected to witness considerable growth over the forecast period due largelyto its ability shift power from low voltage areas (i.e.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region has been witnessing strong economic growth, which has led to an increase in electricity demand across various sectors such as industrial, commercial, and residential. In addition, rapid urbanization coupled with increasing per capita income of consumers is anticipated to drive overall demand for electricity over the next eight years.
The Asia Pacific regional market was followed by Europe wherein countries such as Germany have already started implementing FACTS systems owing to growing adoption of renewable energy sources across several industries for power generation purposes. North America accounted for a significant share of revenue generated from flexible AC transmission systems (FACTS) owing to early acceptance of these solutions in U.S.
Growth Factors:
- Increasing demand for electricity due to population growth and industrialization
- Rapid deployment of renewable energy sources such as solar and wind power
- Need for grid reliability and stability in the face of growing intermittent renewables
- Rising concerns about climate change and air pollution from traditional power plants
- Desire by utilities to defer or avoid expensive upgrades to transmission infrastructure
Scope Of The Report
Report Attributes
Report Details
Report Title
Flexible AC Transmission Systems (FACTS) Market Research Report
By Type
Shunt Compensation, Series Compensation, Combined Series and Shunt Compensation, Others
By Application
Electric Utilities, Renewables, Railways, Industrial, Oil & Gas
By Companies
ABB, Siemens, GE Grid Solutions, Alstom, Mitsubishi Electric Corporation, Eaton Corporation, American Electric Power, Hyosung, Adani Power, NR Electric
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
Global Flexible AC Transmission Systems (FACTS) Market Report Segments:
The global Flexible AC Transmission Systems (FACTS) market is segmented on the basis of:
Types
Shunt Compensation, Series Compensation, Combined Series and Shunt Compensation, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Electric Utilities, Renewables, Railways, Industrial, Oil & Gas
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB
- Siemens
- GE Grid Solutions
- Alstom
- Mitsubishi Electric Corporation
- Eaton Corporation
- American Electric Power
- Hyosung
- Adani Power
- NR Electric
Highlights of The Flexible AC Transmission Systems (FACTS) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Shunt Compensation
- Series Compensation
- Combined Series and Shunt Compensation
- Others
- By Application:
- Electric Utilities
- Renewables
- Railways
- Industrial
- Oil & Gas
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Flexible AC Transmission Systems (FACTS) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Flexible AC Transmission Systems (FACTS) are a type of air conditioning system that uses a series of belts to move the refrigerant. This system is more flexible than traditional AC systems, which can be difficult to install in tight spaces. FACTS systems are also less expensive to operate than traditional AC systems.
Some of the major players in the flexible ac transmission systems (facts) market are ABB, Siemens, GE Grid Solutions, Alstom, Mitsubishi Electric Corporation, Eaton Corporation, American Electric Power, Hyosung, Adani Power, NR Electric.
The flexible ac transmission systems (facts) market is expected to register a CAGR of 6.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Flexible AC Transmission Systems (FACTS) Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Flexible AC Transmission Systems (FACTS) Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Flexible AC Transmission Systems (FACTS) Market - Supply Chain
4.5. Global Flexible AC Transmission Systems (FACTS) Market Forecast
4.5.1. Flexible AC Transmission Systems (FACTS) Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Flexible AC Transmission Systems (FACTS) Market Size (000 Units) and Y-o-Y Growth
4.5.3. Flexible AC Transmission Systems (FACTS) Market Absolute $ Opportunity
5. Global Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Type
5.3.1. Shunt Compensation
5.3.2. Series Compensation
5.3.3. Combined Series and Shunt Compensation
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Application
6.3.1. Electric Utilities
6.3.2. Renewables
6.3.3. Railways
6.3.4. Industrial
6.3.5. Oil & Gas
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Flexible AC Transmission Systems (FACTS) Demand Share Forecast, 2019-2026
9. North America Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Application
9.4.1. Electric Utilities
9.4.2. Renewables
9.4.3. Railways
9.4.4. Industrial
9.4.5. Oil & Gas
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Type
9.7.1. Shunt Compensation
9.7.2. Series Compensation
9.7.3. Combined Series and Shunt Compensation
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Flexible AC Transmission Systems (FACTS) Demand Share Forecast, 2019-2026
10. Latin America Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Application
10.4.1. Electric Utilities
10.4.2. Renewables
10.4.3. Railways
10.4.4. Industrial
10.4.5. Oil & Gas
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Type
10.7.1. Shunt Compensation
10.7.2. Series Compensation
10.7.3. Combined Series and Shunt Compensation
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Flexible AC Transmission Systems (FACTS) Demand Share Forecast, 2019-2026
11. Europe Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Application
11.4.1. Electric Utilities
11.4.2. Renewables
11.4.3. Railways
11.4.4. Industrial
11.4.5. Oil & Gas
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Flexible AC Transmission Systems (FACTS) Mrket Size and Volume Forecast by Type
11.7.1. Shunt Compensation
11.7.2. Series Compensation
11.7.3. Combined Series and Shunt Compensation
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Flexible AC Transmission Systems (FACTS) Demand Share, 2019-2026
12. Asia Pacific Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Application
12.4.1. Electric Utilities
12.4.2. Renewables
12.4.3. Railways
12.4.4. Industrial
12.4.5. Oil & Gas
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Type
12.7.1. Shunt Compensation
12.7.2. Series Compensation
12.7.3. Combined Series and Shunt Compensation
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Flexible AC Transmission Systems (FACTS) Demand Share, 2019-2026
13. Middle East & Africa Flexible AC Transmission Systems (FACTS) Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Application
13.4.1. Electric Utilities
13.4.2. Renewables
13.4.3. Railways
13.4.4. Industrial
13.4.5. Oil & Gas
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Flexible AC Transmission Systems (FACTS) Market Size and Volume Forecast by Type
13.7.1. Shunt Compensation
13.7.2. Series Compensation
13.7.3. Combined Series and Shunt Compensation
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Flexible AC Transmission Systems (FACTS) Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Flexible AC Transmission Systems (FACTS) Market: Market Share Analysis
14.2. Flexible AC Transmission Systems (FACTS) Distributors and Customers
14.3. Flexible AC Transmission Systems (FACTS) Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. ABB
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Siemens
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. GE Grid Solutions
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Alstom
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Mitsubishi Electric Corporation
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Eaton Corporation
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. American Electric Power
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Hyosung
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Adani Power
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. NR Electric
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook