A $1.5 Billion Global Opportunity for Flexible AC Transmission (FACT) Systems by 2026 - New Research from StrategyR

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Mar 23, 2022, 04:10 ET

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Flexible AC Transmission (FACT) Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE

A $1.5 Billion Global Opportunity for Flexible AC Transmission (FACT) Systems by 2026 - New Research from StrategyR

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Edition: 17; Released: February 2022
Executive Pool: 45864
Companies: 25 - Players covered include Hitachi ABB Power Grids Ltd; American Superconductor; GE Grid Solutions; Hyosung Power & Industrial Systems Performance Group; LS ELECTRIC Co., Ltd; Mitsubishi Electric Corporation; Rongxin Power Engineering; S&C Electric Company; Siemens Energy Global GmbH & Co. KG; Sieyuan Electric Co., Ltd.; Toshiba Energy Systems & Solutions Corporation and Others.
Coverage: All major geographies and key segments
Segments: Compensation Type (Shunt, Series, Combined); Generation Type (Second, First); Application (Voltage Control); End-Use (Power Control, Utilities, Renewables, Industrial, Railways)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Flexible AC Transmission (FACT) Systems Market to Reach $1.5 Billion by 2026
Flexible Alternating Current Transmission System (FACTS) is a system based on power electronics and static controllers, which together control AC transmission parameters to improve power transfer capability and power flow controllability. FACTS allows operators to keep the power transmission constant for a planned response during an emergency. FACT systems are playing a key role in effectively integrating renewable energy sources into transmission networks. Railways, industrial, the renewables sector and utilities represent the prominent end-users of FACT systems. Increasing prominence of smart grids and distributed generation technologies have in the recent years created strong demand for effective units for power supply which in turn drove demand for FACT systems. Increased penetration of heavy duty industrial machinery has been another major factor driving demand. As a major end-use sector, different applications of FACT systems in utilities include network stabilization, transmission capacity increase, damping of power oscillation, voltage control and control of power flow. The power fluctuations and voltage sag issues emerging due to integration of wind and solar energies can be effectively curbed by FACT systems. In the post pandemic scenario demand for FACT systems is anticipated to receive a major boost especially as users recognize these benefits. Technological advancements of over the years have also widened applications of the systems, which is also anticipated to be a factor driving growth for the market in the years ahead.

Amid the COVID-19 crisis, the global market for Flexible AC Transmission (FACT) Systems estimated at US$1.2 Billion in the year 2022, is projected to reach a revised size of US$1.5 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Shunt, one of the segments analyzed in the report, is projected to record a 5.3% CAGR and reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Series segment is readjusted to a revised 4.5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $238.1 Million in 2022, While China is Forecast to Reach $205.6 Million by 2026
The Flexible AC Transmission (FACT) Systems market in the U.S. is estimated at US$238.1 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$205.6 Million by the year 2026 trailing a CAGR of 6.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR. Strong growth in electricity demand across Europe has been the major growth promoting factor. The stringent grid codes and regulations pertaining to carbon free power transmissions across European countries also contribute to market growth. Second generation FACT devices, including STATCOM, are widely deployed in the UK because of the many benefits offered including voltage regulation and cost effectiveness. In the US, the adoption of FACTS is growing led by the increasing number of smart grid projects, along with ongoing replacement of the outdated power transmission infrastructure. Rising demand for renewable power sources and government support in countries including China and India are projected to push demand in the Asia-Pacific region.

Combined Segment to Reach $67.3 Million by 2026
The combined series shunt controller combines series and shunt controllers. It can also combine a unified power flow controller. In the global Combined segment, USA, Canada, Japan, China and Europe will drive the 3.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$41.4 Million will reach a projected size of US$53.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7 Million by the year 2026, while Latin America will expand at a 4.5% CAGR through the analysis period.

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