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Flexible Alternating Current Transmission Systems (FACTS): Introduction

  • Flexible alternating current transmission systems (FACTS) consist of static equipment. These systems are utilized for AC (alternating current) transmission of electrical energy. They are designed to improve controllability and enhance the capacity of power transfer of networks. These systems are usually power-electronic based. FACTS help increase the reliability of AC grids. They also help in cutting down the cost of delivery. Furthermore, these systems help improve the quality of transmission and the overall efficacy of power transmission by providing reactive or inductive power to the grid.
  • Decentralized grids, which utilize power from renewable energy sources, are facing challenges to ensure reliable and stable grid operation. With technologically advanced static equipment (thyristor switch and SEN transformer), FACTS provide ideal solution for increasing the reliability of alternating current (AC) grids by ensuring stability and boosting transmission efficiency.

Key Drivers, Notable Developments, and Restraints of Flexible Alternating Current Transmission Systems (FACTS)

  • Rise in penetration of distributed generation technologies is driving the global FACTS market. Increasing numbers of manufacturers are installing smart grid networks for effective and efficient power generation. This is also boosting the global FACTS market.
  • Of late, there has been large scale expansion of electric networks across different sectors such as industrial, commercial, and residential. Modernization and expansion of electric grids is augmenting the global FACTS market.
  • In January 2018, Mitsubishi Electric Power Products Inc. announced that it had launched a 5kV Vacuum Circuit Breaker, which is specifically designed to replace the traditional oil circuit breakers
  • In March 2019, GE announced that its Energy Grid Solutions segment has been successful in securing the contract for modernization of ‘Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPL).’ This technology-driven project is a part of a large-scale solution designed to propel the production of renewable energy and execute grid initiatives.
  • FACTS are costly in comparison with other conventional devices. They produce large numbers of harmonics that distort the voltage waveform. Thus, they create distortion in the power system. This is likely to hamper the global FACTS market during the forecast period.

COVID-19 Impact Analysis on Power Demand

  • Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, has come to a halt because of lockdowns. This has adversely affected the demand for electricity for industrial purposes. In turn, this has hampered the global FACTS market.   

Flexible Alternating Current Transmission Systems (FACTS) Market Segmentation

  • The global FACTS market can be segmented based on switching technology, compensation type, type of FACTS controllers, and end-user
  • In terms of switching technology, the global FACTS market can be segregated into mechanically switched, thyristor  switched, and thyristor switched using IGBTs
  • In terms of compensation type, the global FACTS market can be classified into shunt compensation and series compensation
  • In terms of type of FACTS controllers, the global FACTS market can be segregated into series controllers, shunt controllers, combined series-series controllers, and combined series-shunt controllers
  • In terms of end-user, the global FACTS market can be categorized into utilities, industrial, and others

Flexible Alternating Current Transmission Systems (FACTS) Market: Regional Segmentation

  • In terms of region, the global FACTS market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The global FACTS market is expected to be dominated by North America, especially the U.S., during the forecast period. The market in the U.S. is anticipated to expand at a strong pace from 2021 to 2031 due to the rise in investments in development of advanced grid networks and smart grid networks in the country.
  • Asia Pacific is also estimated to account for large share of the global FACTS market during the forecast period. Large portfolio & capacity of renewable energy sources and limited grid infrastructure presence are key factors driving the FACTS market in the region. Increase in investments & rise in capacity of renewable energy sources, and growth in incentives for renewables provided by governments and authorities in the region, especially in developing economies of China and India, are likely to drive the FACTS market during the forecast period.

Key Players Operating in Global Market

  • Hitachi ABB Power Grids
  • General Electric
  • Siemens Energy
  • Mitsubishi Electric Corporation
  • Infineon Technologies AG
  • American Superconductor
  • NR Electric Co., Ltd.
  • HYOSUNG  HEAVY  INDUSTRIES
  • Rongxin Power Ltd.
  • Rahaoil, Inc.

Global Flexible Alternating Current Transmission Systems (FACTS) Market: Research Scope

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Switching Technology

  • Mechanically Switched
  • Thyristor Switched
  • Thyristor Switched using IGBTs

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Compensation Type

  • Shunt Compensation
  • Series Compensation

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Type of FACTS Controllers

  • Series Controllers
  • Shunt Controllers
  • Combined Series-Series Controllers
  • Combined Series-Shunt Controllers

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by End-user

  • Utilities
  • Industrial
  • Others

Global Flexible Alternating Current Transmission Systems (FACTS) Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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