The flexible AC transmission systems market is projected to reach USD 1.5 billion by 2025 from USD 1.2 billion in 2020; it is expected to grow at a CAGR of 5.4% during the forecast period.

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The global flexible AC transmission system market is witnessing significant growth, driven by factors such as increasing electricity demand, grid modernization initiatives, renewable energy integration, and the adoption of smart grid technologies. The market encompasses a wide range of FACTS devices and solutions tailored to address grid challenges and optimize transmission networks.

Flexible AC Transmission Systems (FACTS) are power electronics-based devices and systems designed to control and optimize alternating current (AC) transmission networks. FACTS devices such as static var compensators (SVCs), static synchronous compensators (STATCOMs), unified power flow controllers (UPFCs), and thyristor-controlled series compensators (TCSCs) provide dynamic control of voltage, reactive power, and power flow, ensuring efficient and stable operation of power grids.

Driver: Growth in transmission lines

From the past few years, governments are focusing on increasing the generation capacity and expansion of grid infrastructure. Due to this, an extensive network of transmission lines has been developed to produce electricity from stations and distribute them to consumers.

Ongoing expansion of utility-based transmission networks, coupled with rising investments toward the renovation of the existing grid infrastructure, will augment the power transmission market. Favorable regulatory reforms pertaining to the combination of a sustainable electric network along with ongoing expansion of cross-border interconnections will positively influence the power transmission sector growth.

Opportunity: Rising investments in transmission network

There is a steady increase in the global transmission investment spending, from USD 82 billion in 2016 to USD 87 billion in 2018. This increase is attributed to renewable energy generation and large-scale interconnection projects. Further, investment in long-distance and large-capacity transmission lines accounted for about USD 45 billion of the transmission investment in 2017.

Challenge: Size and communication limitations in FACTS

FACTS devices offer numerous benefits, such as increased stability, high reliability, high power quality, environmental benefits, and increased flexibility and financial benefits, over their conventional counterparts.
However, there are several issues that need to be addressed for the successful deployment of FACTS devices on a large scale. Proper size and setting of FACTS devices play a crucial role in deciding the overall cost of the device as the size of FACTS is directly proportional to the cost and desired performance characteristics of the overall system.

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.

The FACTS market is segmented into the Americas, Europe, APAC, and RoW. The rising industrial production, along with the expanding population, is increasing the demand for electricity across the European countries.

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The FACTS market is dominated by a few globally established players such as 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).