2019-2024 Global Flexible AC Transmission System Market Compound Annual Growth of 6%

According to the latest report released by Markets and Markets, the global flexible alternating current transmission system (FACTS) market size was about $1.
2 billion in 2019 and is expected to increase to $1.
7 billion by 2024, with a compound annual growth rate of 6%
during the period.

Increasing revenues, increasing transmission distances, increasing focus on generating electricity using renewable energy sources, and surge in demand for STATCOM (stationary synchronous compensator) voltage control devices are the driving forces driving the steady growth of this market
.
In addition, for technology service providers, the increased investment in transmission networks and the potentially large market in the Asia-Pacific region are important opportunities
for the development of flexible AC transmission systems.

The voltage control applications of flexible AC transmission systems are expected to grow
at a higher CAGR during the forecast period.
Static VAR compensators and STATCOM are used to stabilize the network voltage to keep the network voltage constant at a set reference value
.
In addition, SVCs are used in large industrial loads such as electric arc furnaces (EAFs) and mine drives to support voltage and improve power quality and power factor
.

Companies such as General Electric, American Superconductors, and Nari Jibo Electric are all focused on voltage control applications
.
FOR EXAMPLE, AMSC LAUNCHED 4 NEW D-VAR STATCOM SYSTEMS IN 2019 (3 IN THE U.
S.
AND 1 IN JORDAN) WORTH $10 MILLION TO SERVE THE RENEWABLE ENERGY SECTOR
.
These D-VAR systems are expected to regulate voltage
by dynamically responding to changing load conditions when connecting wind farms to the grid.

LOOKING AT DEVICES, STATCOM WILL MAINTAIN THE LION'S SHARE
OF THE FACTS MARKET DURING THE FORECAST PERIOD.
A static VAR compensator (SVC) is a device
used to control the line voltage.
In addition, it is used to regulate and control voltage to the desired set point
during normal steady-state and emergency situations.
SVC controls the transmission line voltage to compensate for reactive power balance by absorbing inductive reactive power when the voltage is too high and generating capacitive reactive power
when the voltage is too low.
In addition, advantages such as increasing transmission capacity, reducing losses and mitigating active power oscillations, and preventing overvoltage during load loss are expected to increase the demand
for SVCs in the coming years.

From the perspective of regional markets, Asia Pacific will grow
at the highest CAGR during the forecast period.
Asia Pacific is the fastest growing region
for most verticals such as utilities, rail, and industrials.
The market segmentation in Asia Pacific is China, India, South Korea, and other Asia-Pacific
.
The region has become a global focal point
for large investment and business expansion opportunities.
This region represents the fastest growing market in the world, and the FACTS market in this region is expected to grow
at the highest CAGR during the forecast period.
The growing investment in transmission in countries in the Asia-Pacific region has led to an increase in the number of substations and transmission lines, which is driving the demand for voltage stability and power flow control solutions
.

From the perspective of technology service providers, ABB, General Electric, Siemens, Mitsubishi Electric, Infineon Technologies, American Superconductor, Nari Jibao Electric, South Korea's Hyosung and others will become the major players
in the FACTS market.