This report describes and explains the flexible AC transmission systems (FACTS) market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global flexible AC transmission systems (FACTS) market reached a value of nearly $1.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.7% since 2018. The market is expected to grow from $1.3 billion in 2023 to $1.7 billion in 2028 at a rate of 6.2%. The market is then expected to grow at a CAGR of 6.7% from 2028 and reach $2.4 billion in 2033.
Growth in the historic period resulted from the strong economic growth in emerging markets, initiatives aimed at modernizing aging power grid infrastructure and power quality issues such as voltage fluctuations and power surges. Factors that negatively affected growth in the historic period were complexity in integrating facts technologies into existing grid systems.
Going forward, the rise in demand for electricity, growing adoption of renewable energy sources, increased population density and urbanization and increasing industrialization across various sectors will drive the growth. Factor that could hinder the growth of the flexible AC transmission systems (FACTS) market in the future include shortage of skilled personnel proficient in facts technology.
The flexible AC transmission systems (FACTS) market is segmented by devices into static synchronous compensator (STATCOM), static var compensator (SVC), unified power flow controllers (UPFC), thyristor controlled series compensator (TCSC) and other devices. The static synchronous compensator (STATCOM) market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by devices, accounting for 33.1% or $431.7 million of the total in 2023. Going forward, the other devices segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by devices, at a CAGR of 7.8% during 2023-2028.
The flexible AC transmission systems (FACTS) market is segmented by controllers into shunt controllers, series controllers and combined controllers. The shunt controllers market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by controllers, accounting for 63.3% or $824.5 million of the total in 2023. Going forward, the series controllers segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by controllers, at a CAGR of 7.5% during 2023-2028.
The flexible AC transmission systems (FACTS) market is segmented by functionality into voltage control, network stabilization, transmission capacity and harmonic suppression. The voltage control market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by functionality, accounting for 35.9% or $468.3 million of the total in 2023. Going forward, the voltage control segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by functionality, at a CAGR of 6.8% during 2023-2028.
The flexible AC transmission systems (FACTS) market is segmented by application into utilities, renewables, industrial, railways and other applications. The utilities market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by application, accounting for 66.1% or $860.9 million of the total in 2023. Going forward, the renewables segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by application, at a CAGR of 8% during 2023-2028.
Asia Pacific was the largest region in the flexible AC transmission systems (FACTS) market, accounting for 36.3% or $473.1 million of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the flexible AC transmission systems (FACTS) market will be Asia Pacific and North America where growth will be at CAGRs of 7.2% and 6.3% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 5.8% and 5.3% respectively.
The global flexible AC transmission systems (FACTS) market is highly concentrated, with a few large players dominating the market. The top ten competitors in the market made up to 78% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with other companies to consolidate their market positions across the globe, while others are distributing products. Hitachi was the largest competitor with a 22.2% share of the market, followed by General Electric Company with 15.7%, Mitsubishi Electric Corporation with 15%, Siemens AG with 9.5%, Bharat Heavy Electricals Limited with 6.6%, Infineon Technologies AG with 5.2%, NR Electric Co., Ltd. with 2.3%, Hyosung Heavy Industries with 0.6%, American Superconductor with 0.6% and Alstom SA with 0.3%.
The top opportunities in the flexible AC transmission systems (FACTS) market segmented by devices will arise in the static synchronous compensator (STATCOM) segment, which will gain $152.5 million of global annual sales by 2028. The top opportunities in the flexible AC transmission systems (FACTS) market segmented by functionality will arise in the voltage control segment, which will gain $182.4 million of global annual sales by 2028. The top opportunities in the flexible AC transmission systems (FACTS) market segmented by controller will arise in the shunt controllers segment, which will gain $259.5 million of global annual sales by 2028. The top opportunities in the flexible AC transmission systems (FACTS) market segmented by application will arise in the utilities segment, which will gain $290.1 million of global annual sales by 2028. The flexible AC transmission systems (FACTS) market size will gain the most in China at $127.7 million.
Market-trend-based strategies for the flexible AC transmission systems (FACTS) market include focus on integration of smart grid technologies in FACTS, focus on strategic partnerships and collaborations among market players, focus on integration of high voltage integrated circuit (HVIC) in FACTS and focus on product launches to increase the efficiency.
Player-adopted strategies in the flexible AC transmission systems (FACTS) market include focus on partnerships with major electricity companies to design and develop regional transmission systems, focus on strengthening its business capabilities through revamp projects and focus on strengthening its business capabilities by supplying HVDC equipment.
To take advantage of the opportunities, the analyst recommends the flexible AC transmission systems (FACTS) companies to focus on integrating smart grid technologies, focus on high voltage integrated circuit (HVIC) integration, focus on new product launches, focus on STATCOM and UPFC segments, focus on voltage control and harmonic suppression segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions and focus on renewables and utilities segments.
The global flexible AC transmission systems (FACTS) market reached a value of nearly $1.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.7% since 2018. The market is expected to grow from $1.3 billion in 2023 to $1.7 billion in 2028 at a rate of 6.2%. The market is then expected to grow at a CAGR of 6.7% from 2028 and reach $2.4 billion in 2033.
Growth in the historic period resulted from the strong economic growth in emerging markets, initiatives aimed at modernizing aging power grid infrastructure and power quality issues such as voltage fluctuations and power surges. Factors that negatively affected growth in the historic period were complexity in integrating facts technologies into existing grid systems.
Going forward, the rise in demand for electricity, growing adoption of renewable energy sources, increased population density and urbanization and increasing industrialization across various sectors will drive the growth. Factor that could hinder the growth of the flexible AC transmission systems (FACTS) market in the future include shortage of skilled personnel proficient in facts technology.
The flexible AC transmission systems (FACTS) market is segmented by devices into static synchronous compensator (STATCOM), static var compensator (SVC), unified power flow controllers (UPFC), thyristor controlled series compensator (TCSC) and other devices. The static synchronous compensator (STATCOM) market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by devices, accounting for 33.1% or $431.7 million of the total in 2023. Going forward, the other devices segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by devices, at a CAGR of 7.8% during 2023-2028.
The flexible AC transmission systems (FACTS) market is segmented by controllers into shunt controllers, series controllers and combined controllers. The shunt controllers market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by controllers, accounting for 63.3% or $824.5 million of the total in 2023. Going forward, the series controllers segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by controllers, at a CAGR of 7.5% during 2023-2028.
The flexible AC transmission systems (FACTS) market is segmented by functionality into voltage control, network stabilization, transmission capacity and harmonic suppression. The voltage control market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by functionality, accounting for 35.9% or $468.3 million of the total in 2023. Going forward, the voltage control segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by functionality, at a CAGR of 6.8% during 2023-2028.
The flexible AC transmission systems (FACTS) market is segmented by application into utilities, renewables, industrial, railways and other applications. The utilities market was the largest segment of the flexible AC transmission systems (FACTS) market segmented by application, accounting for 66.1% or $860.9 million of the total in 2023. Going forward, the renewables segment is expected to be the fastest growing segment in the flexible AC transmission systems (FACTS) market segmented by application, at a CAGR of 8% during 2023-2028.
Asia Pacific was the largest region in the flexible AC transmission systems (FACTS) market, accounting for 36.3% or $473.1 million of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the flexible AC transmission systems (FACTS) market will be Asia Pacific and North America where growth will be at CAGRs of 7.2% and 6.3% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 5.8% and 5.3% respectively.
The global flexible AC transmission systems (FACTS) market is highly concentrated, with a few large players dominating the market. The top ten competitors in the market made up to 78% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with other companies to consolidate their market positions across the globe, while others are distributing products. Hitachi was the largest competitor with a 22.2% share of the market, followed by General Electric Company with 15.7%, Mitsubishi Electric Corporation with 15%, Siemens AG with 9.5%, Bharat Heavy Electricals Limited with 6.6%, Infineon Technologies AG with 5.2%, NR Electric Co., Ltd. with 2.3%, Hyosung Heavy Industries with 0.6%, American Superconductor with 0.6% and Alstom SA with 0.3%.
The top opportunities in the flexible AC transmission systems (FACTS) market segmented by devices will arise in the static synchronous compensator (STATCOM) segment, which will gain $152.5 million of global annual sales by 2028. The top opportunities in the flexible AC transmission systems (FACTS) market segmented by functionality will arise in the voltage control segment, which will gain $182.4 million of global annual sales by 2028. The top opportunities in the flexible AC transmission systems (FACTS) market segmented by controller will arise in the shunt controllers segment, which will gain $259.5 million of global annual sales by 2028. The top opportunities in the flexible AC transmission systems (FACTS) market segmented by application will arise in the utilities segment, which will gain $290.1 million of global annual sales by 2028. The flexible AC transmission systems (FACTS) market size will gain the most in China at $127.7 million.
Market-trend-based strategies for the flexible AC transmission systems (FACTS) market include focus on integration of smart grid technologies in FACTS, focus on strategic partnerships and collaborations among market players, focus on integration of high voltage integrated circuit (HVIC) in FACTS and focus on product launches to increase the efficiency.
Player-adopted strategies in the flexible AC transmission systems (FACTS) market include focus on partnerships with major electricity companies to design and develop regional transmission systems, focus on strengthening its business capabilities through revamp projects and focus on strengthening its business capabilities by supplying HVDC equipment.
To take advantage of the opportunities, the analyst recommends the flexible AC transmission systems (FACTS) companies to focus on integrating smart grid technologies, focus on high voltage integrated circuit (HVIC) integration, focus on new product launches, focus on STATCOM and UPFC segments, focus on voltage control and harmonic suppression segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions and focus on renewables and utilities segments.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Flexible AC Transmission System (FACTS) Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Flexible AC Transmission System (FACTS) Market Segmentation
11 Flexible AC Transmission System (FACTS) Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
22 Key Mergers and Acquisitions
23 Opportunities and Strategies
24 Flexible AC Transmission System (FACTS) Market, Conclusions and Recommendations
25 Appendix
Executive Summary
Flexible AC Transmission System (FACTS) Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global flexible AC transmission systems (FACTS) market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies based on local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description
Where is the largest and fastest-growing market for flexible AC transmission systems (FACTS)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The flexible AC transmission systems (FACTS) market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider flexible AC transmission systems (FACTS) market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by devices, by controllers, by functionality and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the flexible AC transmission systems (FACTS) market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by devices, by controllers, by functionality and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share. comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for flexible AC transmission systems (FACTS) providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) by Devices: Static Synchronous Compensator (STATCOM); Static Var Compensator (Svc); Unified Power Flow Controllers (UPFC); Thyristor Controlled Series Compensator (TCSC); Other Devices.2) by Controllers: Shunt Controllers; Series Controllers; Combined Controllers.
3) by Functionality: Voltage Control; Network Stabilization; Transmission Capacity; Harmonic Suppression.
4) by Application: Utilities; Renewables; Industrial; Railways; Other Applications.
Key Companies Mentioned: Hitachi; General Electric Company; Mitsubishi Electric Corporation; Siemens AG; Bharat Heavy Electricals Limited
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; flexible AC transmission systems (FACTS) indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Hitachi
- General Electric Company
- Mitsubishi Electric Corporation
- Siemens AG
- Bharat Heavy Electricals Limited
- Infineon Technologies AG
- NR Electric Co., Ltd.
- Hyosung Heavy Industries
- American Superconductor
- Alstom SA
- China Electric Power Research Institute (CEPRI)
- China Electricity Council (CEC)
- NARI Group Corporation (NARI)
- XJ Group Corporation
- Beijing Sifang Automation Co Ltd
- Sieyuan Electric Co., Ltd
- Baoding Mingrui Optoelectronics Technology Co Ltd
- Shanghai Electric Power T&D Equipment Co., Ltd
- TBEA Co Ltd
- Zhuhai Elco Technology Co Ltd
- Shandong Electrical Engineering & Equipment Group Co., Ltd
- Power Grid Corporation of India Ltd
- Adani Transmission Limited
- Hitachi ABB Power Grids Ltd
- Toshiba Corporation
- Hyosung Corporation
- LS Electric
- PT PLN
- GE Grid Solutions
- Alstom Grid SAS
- ABB AG
- Siemens Gamesa Renewable Energy
- Ingeteam Power Technology S.A
- Vattenfall AB
- R&S Electric Power Engineering Ltd
- Terna S.p.A
- General Electric Italia
- National Grid Electricity Transmission plc
- Power Machines
- RusHydro
- Transelectrica
- ABB Romania SRL
- Polskie Sieci Elektroenergetyczne (PSE)
- ČEZ Group
- Ukrenergo
- Siemens Energy
- Mitsubishi Electric Power Products Inc
- S&C Electric Company
- Eaton Corporation
- Schweitzer Engineering Laboratories (SEL)
- WEG Electric
- CPFL Energia
- ABB Brazil
- Industrias Jezi
- CGE Group
- SIEMENS Argentina
- EME Electric Motors
- Motores Diesel Andinos S.A.
- Saudi Transformers Company Ltd
- Saudi Arabian Electric Motors Manufacturing Company (SAEMMC)
- Egyptian Electricity Transmission Company (EETC)
- Siemens Egypt
- Transmission Company of Nigeria (TCN)
- ABB Nigeria Limited
- Eskom Holdings SOC Ltd
- Uganda Electricity Transmission Company Limited (UETCL)
- Kenya Electricity Transmission Company Limited (KETRACO)
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 312 |
Published | May 2024 |
Forecast Period | 2023 - 2033 |
Estimated Market Value ( USD | $ 1.3 Billion |
Forecasted Market Value ( USD | $ 2.4 Billion |
Compound Annual Growth Rate | 6.4% |
Regions Covered | Global |
No. of Companies Mentioned | 67 |