Flexible Alternating Current Transmission Systems (FACTS) Market – Industry Report, 2031

Flexible Alternating Current Transmission Systems (FACTS): Introduction

  • Flexible alternating current transmission systems (FACTS) consist of static equipment. These systems are utilized for AC (alternating current) transmission of electrical energy. They are designed to improve controllability and enhance the capacity of power transfer of networks. These systems are usually power-electronic based. FACTS help increase the reliability of AC grids. They also help in cutting down the cost of delivery. Furthermore, these systems help improve the quality of transmission and the overall efficacy of power transmission by providing reactive or inductive power to the grid.
  • Decentralized grids, which utilize power from renewable energy sources, are facing challenges to ensure reliable and stable grid operation. With technologically advanced static equipment (thyristor switch and SEN transformer), FACTS provide ideal solution for increasing the reliability of alternating current (AC) grids by ensuring stability and boosting transmission efficiency.

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Key Drivers, Notable Developments, and Restraints of Flexible Alternating Current Transmission Systems (FACTS)

  • Rise in penetration of distributed generation technologies is driving the global FACTS market. Increasing numbers of manufacturers are installing smart grid networks for effective and efficient power generation. This is also boosting the global FACTS market.
  • Of late, there has been large scale expansion of electric networks across different sectors such as industrial, commercial, and residential. Modernization and expansion of electric grids is augmenting the global FACTS market.
  • In January 2018, Mitsubishi Electric Power Products Inc. announced that it had launched a 5kV Vacuum Circuit Breaker, which is specifically designed to replace the traditional oil circuit breakers
  • In March 2019, GE announced that its Energy Grid Solutions segment has been successful in securing the contract for modernization of ‘Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPL).’ This technology-driven project is a part of a large-scale solution designed to propel the production of renewable energy and execute grid initiatives.
  • FACTS are costly in comparison with other conventional devices. They produce large numbers of harmonics that distort the voltage waveform. Thus, they create distortion in the power system. This is likely to hamper the global FACTS market during the forecast period.

COVID-19 Impact Analysis on Power Demand

  • Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, has come to a halt because of lockdowns. This has adversely affected the demand for electricity for industrial purposes. In turn, this has hampered the global FACTS market.

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Flexible Alternating Current Transmission Systems (FACTS) Market Segmentation

  • The global FACTS market can be segmented based on switching technology, compensation type, type of FACTS controllers, and end-user
  • In terms of switching technology, the global FACTS market can be segregated into mechanically switched, thyristor  switched, and thyristor switched using IGBTs
  • In terms of compensation type, the global FACTS market can be classified into shunt compensation and series compensation
  • In terms of type of FACTS controllers, the global FACTS market can be segregated into series controllers, shunt controllers, combined series-series controllers, and combined series-shunt controllers
  • In terms of end-user, the global FACTS market can be categorized into utilities, industrial, and others

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Flexible Alternating Current Transmission Systems (FACTS) Market: Regional Segmentation

  • In terms of region, the global FACTS market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The global FACTS market is expected to be dominated by North America, especially the U.S., during the forecast period. The market in the U.S. is anticipated to expand at a strong pace from 2021 to 2031 due to the rise in investments in development of advanced grid networks and smart grid networks in the country.
  • Asia Pacific is also estimated to account for large share of the global FACTS market during the forecast period. Large portfolio & capacity of renewable energy sources and limited grid infrastructure presence are key factors driving the FACTS market in the region. Increase in investments & rise in capacity of renewable energy sources, and growth in incentives for renewables provided by governments and authorities in the region, especially in developing economies of China and India, are likely to drive the FACTS market during the forecast period.

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Key Players Operating in Global Market

  • Hitachi ABB Power Grids
  • General Electric
  • Siemens Energy
  • Mitsubishi Electric Corporation
  • Infineon Technologies AG
  • American Superconductor
  • NR Electric Co., Ltd.
  • HYOSUNG  HEAVY  INDUSTRIES
  • Rongxin Power Ltd.
  • Rahaoil, Inc.

Global Flexible Alternating Current Transmission Systems (FACTS) Market: Research Scope

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Switching Technology

  • Mechanically Switched
  • Thyristor Switched
  • Thyristor Switched using IGBTs

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Compensation Type

  • Shunt Compensation
  • Series Compensation

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Type of FACTS Controllers

  • Series Controllers
  • Shunt Controllers
  • Combined Series-Series Controllers
  • Combined Series-Shunt Controllers

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by End-user

  • Utilities
  • Industrial
  • Others

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