Advancing Power Grids: Exploring the Flexible AC Transmission System Market
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).
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