Flexible AC Transmission System Market By Compensation Type (Series compensation, Shunt compensation, Combined series-shunt compensation ), By Controller (Static Synchronous Compensator (STATCOM), Static VAR Compensator (SVC), Unified Power Flow Controller (UPFC), Thyristor Controlled Series Compensator (TCSC), Others), By Industry Vertical (Oil and Gas, Electric Utility, Railways, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Flexible AC transmission systems (FACTS) refer to a set of power electronic devices and systems employed in electrical power transmission networks to enhance the control and flexibility of alternating current (AC) power flow. FACTS technologies are designed to optimize power transmission by regulating voltage, managing power flow, and improving system stability. These devices, strategically placed within the power grid, enable utilities to dynamically control parameters such as voltage, impedance, and phase angle, thereby mitigating issues like voltage fluctuations, line congestion, and power factor problems. By actively manipulating these parameters, FACTS devices enhance the overall performance and efficiency of power transmission systems, leading to improved grid reliability, increased power transfer capability, and better utilization of existing infrastructure.
The flexible AC transmission systems (FACTS) market analysis is anticipated to expand significantly during the forecast period owing to the advancement of electric power transmission system, increase in demand for controllability of power systems, and need of high reliability under contingencies across the globe. In addition, the flexible AC transmission systems (FACTS) market is anticipated to benefit from the emergence of smart grids and an increase in dependency on renewable energy resources during the forecast period. On the contrary, high initial cost of installation is anticipated to limit the growth of the flexible AC transmission systems (FACTS) market during the forecast period.
The flexible AC transmission systems (FACTS) market is segmented on the basis of compensation type, controller, industry vertical and region. On the basis of compensation type, the market is divided into series compensation, shunt compensation, and combined series-shunt compensation. On the basis of controller, the market is segregated into static synchronous compensator (STATCOM), static VAR compensator (SVC) , unified power flow controller (UPFC), thyristor controlled series compensator (TCSC), and Others. On the basis of industry vertical, the market is bifurcated into Oil and Gas , Electric Utility , Railways , and others. Region-wise, the flexible AC transmission systems (FACTS) market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia , and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the report include ABB Ltd, Adani Power Ltd, ALSTOM SA, CG Power and Industrial Solutions Limited, Eaton Corporation, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co. Ltd, and Siemens AG. Market players have adopted various strategies such as product launch, product development, and acquisition to expand their foothold in the flexible AC transmission systems (FACTS) market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flexible ac transmission system market analysis from 2022 to 2032 to identify the prevailing flexible ac transmission system market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the flexible ac transmission system market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global flexible ac transmission system market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Compensation TypeSeries compensation
Shunt compensation
Combined series-shunt compensation
By ControllerStatic Synchronous Compensator (STATCOM)
Static VAR Compensator (SVC)
Unified Power Flow Controller (UPFC)
Thyristor Controlled Series Compensator (TCSC)
Others
By Industry VerticalOil and Gas
Electric Utility
Railways
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Alstom SA
Hyosung Corporation.
NR Electric Co., Ltd.
Siemens
Adani Power Ltd
Eaton Corporation
Mitsubishi Electric Corporation
General Electric
ABB Ltd.
CG Power and Industrial Solutions Limited.
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