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Flexible Alternating Current Transmission Systems Market: Current Analysis and Forecast (2022-2028)
Emphasis on Compensation Type (Shunt Compensation, Combined Series Shunt Compensation and Series Compensation); Controller (Static Var Compensator, Static Synchronous Compensator, Unified Power Flow Controller, and Others); and Industry Vertical (Electrical Utility, Oil & Gas, Railways, and Others); and Region/Country
The Flexible Alternating Current Transmission Systems Market was valued at USD 1030.5 million in 2021 & is expected to grow at a CAGR of 12.0% during the forecast period 2022-2028. Owing to the increasing integration of renewable energy and ageing electricity infrastructure which will propel the market demand. Flexible Alternating Current Transmission Systems (FACTS) are power electronics-based systems that play a significant role in improving the controllability and power transfer capability of AC transmission networks. These devices offer a range of functionalities, including congestion management, voltage control, and stability improvement, and are critical in modern power systems. Flexible Alternating Current Transmission Systems (FACTS) are expected to grow with the adoption of renewable energy and smart grids. As the world shifts towards using more renewable energy sources, FACTS devices are becoming increasingly important in improving voltage stability and power transfer capability in AC transmission networks. The rise in renewable energy capacity has positively impacted the global FACTS market, and future research is being directed towards enhancing the performance of FACTS devices in power grids with increasing renewable energy penetration.
Some of the major players operating in the market include ABB, CG Power & Industrial Solutions Limited, Adani Group, Alstom, General Electric, EATON, Mitsubishi Electric Corporation, Siemens, NR Electric Co., Ltd, and HYOSUNG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst compensation, the shunt compensation segment held a dominating share of the market during forecast period.”
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.
“Amongst controllers, the static synchronous compensator segment registers significant CAGR during forecast period”
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.
“Asia-Pacific dominated the Flexible Alternating Current Transmission Systems market in 2021.”
Asia-Pacific dominated the flexible alternating current transmission systems market in 2021 due to the rapid economic growth in countries like India, China, and Southeast Asia has led to a surge in demand for electricity. This has put pressure on the power transmission infrastructure, making it necessary to improve the efficiency and reliability of the grid. FACTS technology has emerged as an effective solution to address these challenges and enhance the power grid’s capacity. In addition, the increasing penetration of renewable energy sources such as wind and solar has resulted in the integration of a large number of small-scale generators into the grid. This has increased the complexity of the power system, making it more prone to voltage instability and power quality issues. FACTS technology can help to mitigate these challenges by providing dynamic voltage control and power factor correction.
Flexible Alternating Current Transmission Systems Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global flexible alternating current transmission systems market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Content
Research Methodology for the Flexible Alternating Current Transmission Systems Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global flexible alternating current transmission systems market were the three major steps undertaken to create and analyze the adoption of flexible alternating current transmission systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global flexible alternating current transmission systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the flexible alternating current transmission systems market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the flexible alternating current transmission systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the flexible alternating current transmission systems market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the flexible alternating current transmission systems market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the flexible alternating current transmission systems market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global flexible alternating current transmission systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Flexible Alternating Current Transmission Systems market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global flexible alternating current transmission systems market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Primary research input was consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global flexible alternating current transmission systems market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the compensation type, controller, and industry vertical in the global flexible alternating current transmission systems market.
The main Objective of the Global Flexible Alternating Current Transmission Systems Market Study
The current & future market trends of the global flexible alternating current transmission systems market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the flexible alternating current transmission systems market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the compensation type, controller, and industry vertical.
- Define and analysis of the regulatory framework for the flexible alternating current transmission systems
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the flexible alternating current transmission systems market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the flexible alternating current transmission systems market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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