Flexible AC Transmission System Market to Reach $2.3 Billion, Globally, by 2032 at 7% CAGR: Allied Market Research

Jan 27, 2024

The flexible AC transmission system market is driven by factors such as, owing to the advancement of electric power transmission system, increase in demand for controllability of power systems, and need of high reliability under contingencies across the globe.

Portland, OR, June 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Flexible AC Transmission Systems (FACTS) Market by Compensation Type (Series compensation, Shunt compensation, and Combined series-shunt compensation), Controller ( Static Synchronous Compensator (STATCOM), Static VAR Compensator (SVC) , Unified Power Flow Controller (UPFC), Thyristor Controlled Series Compensator (TCSC), and Others), and Industry Vertical (Oil and Gas , Electric Utility , Railways , and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global vacuum circuit breaker industry generated $1.2 billion in 2022, and is projected to reach $2.3 billion by 2032, registering a CAGR of 7% from 2023 to 2032.

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Prime Determinants of Growth-

The flexible AC transmission system market is driven by factors such as, owing to the advancement of electric power transmission system, increase in demand for controllability of power systems, and need of high reliability under contingencies across the globe. Moreover, high initial cost of installation is limit the growth of the flexible AC transmission system market. On the other hand, the flexible AC transmission system market is anticipated to benefit from the emergence of smart grids and an increase in dependency on renewable energy resources during the forecast period.

Report Coverage & Details-

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$1.2 billion

Market Size in 2032

$2.3 billion

CAGR

7%

No. of Pages in Report

275

Segments covered

Compensation Type, Controller, Industry Vertical and Region

Drivers

Advancement of electric power transmission system Increase in demand for controllability of power systems. Need of high reliability under contingencies

Opportunities

Emergence of smart grids & increase in dependency on renewable energy resources.

Restraints

High initial cost of installation.

COVID-19 Scenario-

The pandemic has presented both challenges and opportunities for the flexible AC transmission system market. Many power transmission projects faced delays or cancellations due to logistical challenges, labor shortages, and financial constraints during the pandemic. This impacted the adoption and deployment of flexible AC transmission technologies.

The pandemic accelerated the transition towards clean energy sources. Flexible AC transmission technologies play a crucial role in integrating renewable energy into the grid by addressing the intermittent and voltage stability challenges associated with renewable sources such as wind and solar power. This factor led the market to boom faster in post-pandemic.

The combined series-shunt compensation segment to maintain its leadership status throughout the forecast period-

Based on compensation type, series compensation segment held the highest market share in 2022, accounting for nearly two-fifths of the global flexible AC transmission system market revenue. Owing to its widespread use in HVACs and industries where high current flow is required. Moreover, the combined series-shunt compensation segment is estimated to maintain its leadership status in terms of revenue throughout the forecast period. Simultaneously the same segment is expected to manifest the highest CAGR of 7.5% from 2023 to 2032. This is due to the increase in the construction of smart buildings in residential and commercial end-user industries.

The others segment to maintain its dominate in terms of revenue during the forecast period-

Based on controller, the others segment held the highest market share in 2022, holding more than one-third of the global flexible AC transmission system market revenue and is estimated to maintain its dominate in terms of revenue during the forecast period. Owing to the increasing emphasis on power system stability and control using controllers such as thyristor-controlled controllers, phase angle regulator (PAR) controllers, current controllers, and power oscillation damping (POD) controllers. However, the static synchronous compensator (STATCOM) segment is projected to display the highest CAGR of 7.82% from 2023 to 2032. As more renewable energy sources such as solar and wind power are integrated into the electrical grid, there can be a greater need for reliable and efficient protection devices to ensure the safety and stability of the electrical system.

The others segment is projected to rule the roost in terms of revenue during the forecast period-

Based on industry vertical, the others segment held the highest market share in 2022, accounting for nearly three-fifths of the global flexible AC transmission system market revenue and is projected to rule the roost in terms of revenue during the forecast period. This is due to the growth in demand for electricity to power manufacturing processes, machinery, and equipment. This drives the need for FACTS technologies to improve power quality, stability, and efficiency in industrial power systems. However, the electric utility segment is projected to manifest the highest CAGR of 7.52% from 2023 to 2032. Owing to an increase in demand for smart and energy-efficient homes and the need for better electrical safety measures.

North America to maintain its dominance by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, contributing to around three-fifths of the global flexible AC transmission system market revenue, and is expected to maintain its dominance by 2032. Due to the use of flexible AC transmission systems, which address grid issues, boost transmission effectiveness, and support the integration of renewable energy sources, North America's power infrastructure is now more resilient and sustainable. On the other hand, the Asia-Pacific would portray the highest CAGR of 7.43% during the forecast period. This is due to the increase in the infrastructure of utilities and the adoption of smart grid technologies.

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Leading Market Players: -

ABB Ltd

Adani Power Ltd

ALSTOM SA

CG Power and Industrial Solutions Limited

Eaton Corporation

General Electric

Hyosung Corporation

Mitsubishi Electric Corporation

NR Electric Co. Ltd

Siemens AG

The report provides a detailed analysis of these key players in the global flexible AC transmission system market. These players have adopted different strategies such as collaboration, contracting, and investment to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flexible ac transmission system market analysis from 2022 to 2032 to identify the prevailing flexible AC transmission system market opportunity.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the flexible ac transmission system market segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global flexible ac transmission system market trends, key players, market segments, application areas, and market growth strategies.

Flexible AC Transmission System Market Key Segments:

By Compensation Type

Series compensation

Shunt compensation

Combined series-shunt compensation

By Controller

Static Synchronous Compensator (STATCOM)

Static VAR Compensator (SVC)

Unified Power Flow Controller (UPFC)

Thyristor Controlled Series Compensator (TCSC)

Others

By Industry Vertical

Oil and Gas

Electric Utility

Railways

Others

By Region

North America (U.S., Canada, Mexico)

Europe (UK, Germany, France, Italy, Rest of Europe)

Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

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