CHICAGO, Aug. 26, 2020
CHICAGO, Aug. 26, 2020 /PRNewswire/ -- According to the new market research report "Flexible AC Transmission Systems (FACTS) Market with Covid-19 Impact Analysis by Compensation Type (Shunt, Series, and Combined), Generation Type, Vertical, Component, Application, Functionality, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Flexible AC Transmission Systems (FACTS) Market is estimated to grow from USD 1.2 billion in 2020 to USD 1.5 billion by 2025; it is expected to grow at a CAGR of 5.4% from 2020 to 2025.
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In a conventional AC transmission system, the ability to transfer AC power is limited by factors such as transient stability, thermal, voltage, and short circuit current limits. These limitations can be overcome with the use of flexible AC transmission systems (FACTSs)—power electronic controllers—as they offer various benefits such as controllability, flexibility and reliability, as well as enhance power transfer capability of the network. FACTS devices help in reducing voltage drops on a transmission line through power electronic devices that manage voltage limits. With the adoption of FACTS, grid operators can ensure reliable and stable grid operations in spite of the growing number of small, decentralized power plants. FACTS not only improves quality and efficiency but also reduces power delivery cost by supplying inductive and reactive power to the grid. With the increasing benefits of FACTS devices, these are widely adopted in verticals such as utilities, railways, renewable, and industrial.
Voltage control dominated facts market, in terms of size, in 2019
Shunt compensation of the FACTS family is used for voltage control applications. Static VAR compensator and STATCOM are used to stabilize the network voltage to keep the network voltage constant at a set reference value. In addition, SVC is used for large industrial loads, such as electric arc furnaces (EAF) and mine drives, to support voltages and improve power quality and power factor. Companies such as GE, American Superconductor, and NR Electric are focusing on voltage control applications. Therefore, utility of shunt compensation for voltage control application coupled with growing key player's attention on FACTS for voltage control applications drives the market.
Utilities to dominate FACTS market during the forecast period
FACTS are used in electric utilities for the generation, transmission, and distribution of electricity. The applications of FACTS in electrical utilities include voltage control, network stabilization, power oscillation damping, and power flow control, as well as increase transmission capacity. FACTS devices also provide an economical and efficient solution to ease the pressure on existing transmission lines and save high investment costs required for building new network extensions. This is expected to increase the demand for FACTS in utilities. Companies such as ABB, GE, and Siemens provide FACTS devices for the electric utility market because of growing demands for the generation of electricity, globally.
Browse in-depth TOC on "Flexible AC Transmission Systems (FACTS) Market"
184 – Tables
41 – Figures
180 – Pages
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UK is the major consumer of FACTS in Europe
The UK is among the major consumers of FACTS devices in Europe. The rising demand for electricity, along with technological advancements, requires a robust electrical grid system, which, in turn, drives the growth of the FACTS market in the UK. Further, the second-generation device of FACTS, i.e., STATCOM, is mainly deployed in the UK by various companies owing to its benefits such as cost-effectiveness and voltage regulation. For instance, in 2018, AMSC received a contract to offer 3 new D-VAR STATCOM systems. Of which two will serve the renewable energy sector and are expected to be used to connect wind power plants to the electric grid, as well as provide voltage regulation by responding dynamically to varying load conditions, and one will serve the industrial power quality sector.
A few major players in the FACTS market include ABB (HITACHI) (ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens, Germany), Mitsubishi Electric Corporation (Mitsubishi Electric, Japan), Infineon Technologies AG (Infineon, Germany), American Superconductor (AMSC, US), NR Electric Co., Ltd. (NR Electric, China), Hyosung Heavy Industries (Hyosung, South Korea), and Rongxin Power Ltd. (RXPE, UK).
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