(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flexible AC Transmission System (FACTS) Global Market Report 2023" -
, NR Electric Co. Ltd., American Superconductor, Liaoning Rongxin Xingye Power Technology Co. Ltd., CG Power And Industrial Solutions Ltd., Toshiba Corporation and American Electric Power.
The global flexible AC transmission systems market is expected to grow from $1.32 billion in 2022 to $1.39 billion in 2023 at a compound annual growth rate (CAGR) of 5.84%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The flexible AC transmission systems market is expected to reach $1.77 billion in 2027 at a CAGR of 6.16%.
The flexible AC transmission systems market consists of revenues earned by entities by providing services such as power flow control, voltage control, power conditioning, power quality improvement, and stability improvement.The market value includes the value of related goods sold by the service provider or included within the service offering.
The flexible AC transmission systems market also includes sales of shunt controllers, series controllers, and phase angle controllers.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A flexible AC transmission system (FACTS) refers to a collection of tools that are used to get around certain restrictions on the electrical networks' capability for static and dynamic transmission. They are used to regulate the voltage, oscillation damping, transient stability improvement, and power flow in transmission lines.
North America was the largest region in the flexible AC transmission systems (FACTS) market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of the flexible AC transmission systems include static synchronous compensator (STATCOM), static vary compensator (SVC), unified power flow controllers (UPFC), and thyristor-controlled series compensator (TCSC).A static synchronous compensator (STATCOM) refers to a power-quality FACTS device that uses multiple inverters or a VSC connected in series to a transmission line.
They are operated through various compensation types such as shunt compensation, series compensation, and combined series-shunt compensation and are categorized based on functionality voltage control, network stabilization, and transmission capacity for applications in utilities, renewables, industrial, railways, and other applications.
The expansion of grid infrastructure is expected to propel the growth of the flexible AC transmission systems market going forward.Grid infrastructure refers to a system of power plants, power lines, and power substations.
Flexible AC Transmission Networks (FACTS) are used in grid infrastructure to increase transmission line capacity and enhance system stability by decreasing a power line's transfer reactance.For instance, in September 2022, the International Energy Agency (IEA), a France-based intergovernmental agency, reported that the grid infrastructure between 2021 and 2030 would grow 44-fold to 680 GW.
Increasing from 6 GW in 2021, about 140 GW of capacity will be created in 2030. Therefore, the expansion of the grid infrastructure is driving the growth of the flexible AC transmission systems market going forward.
Technological innovations are a key trend gaining popularity in the flexible AC transmission systems market.Companies operating in the flexible AC transmission systems market are adopting new technologies to sustain their position in the market.
For instance, in September 2020, Siemens Energy AG, a German-based manufacturer of gas turbines, steam turbines, generators, and transformers, launched UPFC Plus (Unified Power Flow Controller), which is a combination of STATCOM (Static Synchronous Compensator) and Static Synchronous Series Compensator (SSSC) based on VSC (Voltage Source Converter) technology.The UPFC PLUS would assist system operators in grid stabilization by dynamically managing load flow in alternating-current grids.
This also expands grid operators' ability to respond quickly to shifting power demand to enable renewable energy integration while also ensuring grid resilience and stability.
In November 2022, DNV AS, a Norway-based global independent expert, acquired PSD Consulting Engineers Ltd. for an undisclosed amount. This acquisition will be crucial to DNV's service offerings in the areas of power system planning and flexible AC transmission systems (FACTS), enhancing its offerings to the world's power market with PSD's international project references, global customer portfolio, and international reputation for FACTS advisory services. PSD Consulting Engineering Pty. Ltd is a South African-based, company that performs engineering design work for HVDC, series capacitors, dynamic and static shunt compensation and transmission and distribution lines and substations.
The countries covered in the flexible AC transmission systems (FACTS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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