Ageing Electricity Infrastructure and Integration of Renewable Energy have Propelled the Growth of the Flexible Alternating Current Transmission Systems Market in the APAC Region!

The ageing electricity infrastructure and the integration of renewable energy sources have played a crucial role in propelling the growth of the Flexible Alternating Current Transmission Systems (FACTS) Market. As the existing power infrastructure in many countries in the Asia Pacific is ageing, it is becoming increasingly difficult to maintain a stable and reliable power supply. This has led to a growing need for advanced power transmission and distribution systems that can improve the efficiency and reliability of the grid. At the same time, the integration of renewable energy sources such as solar and wind power has created new challenges for power grid operators. Unlike traditional power sources, renewable energy sources are often intermittent and unpredictable, which can lead to fluctuations in the grid’s voltage and frequency. This has necessitated the use of advanced power transmission systems such as FACTS devices that can help maintain grid stability and ensure a reliable power supply. Moreover, the growing demand for clean and sustainable energy has led to an increase in the deployment of renewable energy sources in the Asia Pacific region. For instance, countries like China, India, and Japan have set ambitious targets for renewable energy generation, which has created a huge demand for advanced power transmission and distribution systems.

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Further, The Flexible Alternating Current Transmission Systems Market is expected to grow at a strong CAGR of 12.0% during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing Flexible Alternating Current Transmission Systems market by the increasing demand for reliable power supply and the need for effective grid management. With the rise of renewable energy generation and the adoption of smart grid technologies, there is a growing focus on the development of advanced FACTS devices that can provide real-time monitoring and control of power systems. One of the recent developments in the FACTS market is the increasing deployment of FACTS devices for voltage control and stability in power systems. For instance, in March 2021, Toshiba Energy Systems & Solutions Corporation announced that it had delivered its first SVC (Static Var Compensator) for a renewable energy project in Thailand. The SVC helps stabilize the voltage fluctuations caused by the integration of renewable energy sources, ensuring a stable power supply. Moreover, with the rise of smart grid technologies and the increasing adoption of digitalization in the power sector, there is a growing focus on the development of advanced FACTS devices that can provide real-time monitoring and control of power systems. For example, in January 2021, Siemens Energy launched its new SICAM Microgrid Control System, which integrates with FACTS devices to provide real-time monitoring and control of microgrids.

FIG. 1 APAC Flexible Alternating Current Transmission Systems Market Revenue (2020-2028)- USD Mn

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Based on compensation type, the market is segmented into shunt compensation, combined series shunt compensation and series compensation. The shunt compensation segment is expected to hold a significant market share during the forecast period. Shunt compensation is an effective means of improving the power transfer capability of a transmission system, as it can help to reduce the overall losses in the system and improve the reliability and quality of the electrical power supply. Also, the increasing adoption of renewable energy resources is expected to support the market growth as shunt compensation is essential for the integration of renewable energy sources such as wind and solar power into the electrical grid. These sources of energy are intermittent and produce variable amounts of power, which can destabilize the power grid. Shunt compensation helps to mitigate these issues and ensure the smooth integration of renewable energy sources.

By controller, the market is segmented into static var compensator, static synchronous compensator, unified power flow controller, and others. The static synchronous compensator segment is expected to register a significant CAGR during the forecast period. The growing recognition of the importance of grid stability and resilience in the face of natural disasters and other disruptions is leading to increased investment in grid modernization and upgrades, including the deployment of STATCOM. In addition, the growth of electric vehicles and other electrically powered equipment is leading to increased demand for power in many regions, which can strain the existing power infrastructure. STATCOMs can help to maintain system stability and reliability by regulating voltage and providing reactive power support.

Global Flexible Alternating Current Transmission Systems Market Segmentation

Market Insight, by Compensation Type

• Shunt Compensation
• Combined Series Shunt compensation
• Series Compensation

Market Insights, by Controller

• Static Var Compensator
• Static Synchronous Compensator
• Unified Power Flow Controller
• Others

Market Insights, by Industry Vertical

• Electrical Utility
• Oil & Gas
• Railways
• Others

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • Rest of APAC
• Rest of the World

Top Company Profiles

• ABB
• CG Power & Industrial Solutions Limited
• Adani Group
• Alstom
• General Electric
• EATON
• Mitsubishi Electric Corporation
• Siemens
• NR Electric Co., Ltd
• HYOSUNG