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Flexible AC Transmission Systems Market by Component (Phase shifting transformers, Power electronics devices, Protection and control systems), Compensation Type (Combined compensation, Series compensation, Shunt compensation), Function, Vertical - Global

Publisher 360iResearch
Published Apr 17, 2024
Length 191 Pages
SKU # IRE18712880

Description

Flexible AC Transmission Systems Market by Component (Phase shifting transformers, Power electronics devices, Protection and control systems), Compensation Type (Combined compensation, Series compensation, Shunt compensation), Function, Vertical - Global Forecast 2024-2030


The Flexible AC Transmission Systems Market size was estimated at USD 1.67 billion in 2023 and expected to reach USD 1.77 billion in 2024, at a CAGR 5.90% to reach USD 2.50 billion by 2030.

Flexible AC Transmission Systems (FACTS) refer to advanced technologies implemented within electric power transmission systems to enhance their controllability, flexibility, and efficiency. FACTS leverage high-speed switching and power electronics to regulate electrical parameters, including voltage, phase angle, and impedance of high-voltage AC lines. As a result, these systems can remarkably improve the power transfer capabilities of transmission networks, manage power flow, reduce losses, stabilize voltage under varying load conditions, and increase the power grid's reliability. By implementing FACTS, utilities can better accommodate dynamic and fluctuating energy demands, integrate renewable energy sources, and adapt to ever-evolving power system challenges. The Flexible AC Transmission Systems (FACTS) market comprises the sales, installation, maintenance, and innovation of technologies designed to enhance controllability, increase power transfer capability, and improve the stability of AC transmission networks. FACTS technologies find applications across various segments, including utility companies, renewable energy generation, industrial manufacturing, and infrastructure projects. Their primary end-use is ensuring reliable and efficient transport of electrical power within grid networks, mitigating the impacts of power fluctuations, improving system utilization, and promoting the incorporation of renewable energy sources. The growth of the FACTS market is influenced by several factors, including a continuous increase in demand for electricity and increasing overload issues, the growing integration of renewable energy sources worldwide, and rising government incentives and regulations promoting the usage of grid technologies. However, the FACTS market faces certain challenges, such as the high cost of developing flexible AC transmission systems and interoperability issues with flexible AC transmission systems. On the other hand, the growing introduction of novel flexible AC transmission systems and the rising transition toward smart grids and adaptive systems present significant opportunities for the FACTS market to grow in the coming years.



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Table of Contents

191 Pages
1. Preface
1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Continuous increase in demand for electricity and increasing overload issues
5.1.1.2. Growing integration of renewable energy sources worldwide
5.1.1.3. Rising government incentives and regulations promoting the usage of grid technologies
5.1.2. Restraints
5.1.2.1. High cost of development of flexible AC transmission systems
5.1.3. Opportunities
5.1.3.1. Growing introduction of novel flexible AC transmission systems
5.1.3.2. Rising transition toward smart grids and adaptive systems
5.1.4. Challenges
5.1.4.1. Interoperability issues with flexible AC transmission systems
5.2. Market Segmentation Analysis
5.2.1. Component: Growing usage of phase shifting transformers for power flow distribution among transmission lines
5.2.2. Compensation Type: Growing usage of combined compensation to enhance the control capability of the power system
5.2.3. Function: Increasing usage of flexible AC transmission for network stabilization that maintains stable operation
5.2.4. Vertical: Rising potential of flexible AC transmission across the renewable sector to manage the intermittency and volatility
5.3. Market Disruption Analysis
5.4. Porter’s Five Forces Analysis
5.4.1. Threat of New Entrants
5.4.2. Threat of Substitutes
5.4.3. Bargaining Power of Customers
5.4.4. Bargaining Power of Suppliers
5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis
6. Flexible AC Transmission Systems Market, by Component
6.1. Introduction
6.2. Phase shifting transformers
6.3. Power electronics devices
6.4. Protection and control systems
7. Flexible AC Transmission Systems Market, by Compensation Type
7.1. Introduction
7.2. Combined compensation
7.3. Series compensation
7.4. Shunt compensation
8. Flexible AC Transmission Systems Market, by Function
8.1. Introduction
8.2. Harmonic Suppression
8.3. Network Stabilization
8.4. Transmission Capacity
8.5. Voltage Control
9. Flexible AC Transmission Systems Market, by Vertical
9.1. Introduction
9.2. Industrial
9.3. Renewable
9.4. Utilities
10. Americas Flexible AC Transmission Systems Market
10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States
11. Asia-Pacific Flexible AC Transmission Systems Market
11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam
12. Europe, Middle East & Africa Flexible AC Transmission Systems Market
12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom
13. Competitive Landscape
13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
13.3.1. GE’s industry Flexible AC Transmission System (FACTS) Portfolio Helps Customers Meet Complex Grid Challenges
13.3.2. Equinor and Hitachi Energy to Develop High-tech HVDC/AC Grid Connectors
13.4. Strategy Analysis & Recommendation
14. Competitive Portfolio
14.1. Key Company Profiles
14.2. Key Product Portfolio
FIGURE 1. FLEXIBLE AC TRANSMISSION SYSTEMS MARKET RESEARCH PROCESS
FIGURE 2. FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, 2023 VS 2030
FIGURE 3. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, 2018-2030 (USD MILLION)
FIGURE 4. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY REGION, 2023 VS 2030 (%)
FIGURE 5. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY REGION, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 6. FLEXIBLE AC TRANSMISSION SYSTEMS MARKET DYNAMICS
FIGURE 7. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COMPONENT, 2023 VS 2030 (%)
FIGURE 8. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COMPONENT, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 9. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COMPENSATION TYPE, 2023 VS 2030 (%)
FIGURE 10. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COMPENSATION TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 11. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY FUNCTION, 2023 VS 2030 (%)
FIGURE 12. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY FUNCTION, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 13. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY VERTICAL, 2023 VS 2030 (%)
FIGURE 14. GLOBAL FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY VERTICAL, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 15. AMERICAS FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 16. AMERICAS FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 17. UNITED STATES FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY STATE, 2023 VS 2030 (%)
FIGURE 18. UNITED STATES FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY STATE, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 19. ASIA-PACIFIC FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 20. ASIA-PACIFIC FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 21. EUROPE, MIDDLE EAST & AFRICA FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 22. EUROPE, MIDDLE EAST & AFRICA FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 23. FLEXIBLE AC TRANSMISSION SYSTEMS MARKET SHARE, BY KEY PLAYER, 2023
FIGURE 24. FLEXIBLE AC TRANSMISSION SYSTEMS MARKET, FPNV POSITIONING MATRIX, 2023

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