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Worldwide Flexible AC Transmission Systems (FACTS) Markets, 2019-2024 - Shunt Compensation, Utilities, and APAC Expected to Lead Their Segments - ResearchAndMarkets.com

November 28, 2019 GMT

DUBLIN--(BUSINESS WIRE)--Nov 28, 2019--

The “Flexible AC Transmission Systems (FACTS) Market by Compensation Type (Shunt, Series, and Combined), Generation Type (First Generation and Second Generation), Vertical, Component, Application, Functionality, Geography - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global flexible AC transmission systems (FACTS) market size is projected to reach USD 1.7 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 6%

Major drivers for the market’s growth are increasing benefits offered by FACTS, growth in transmission line, rising focus on energy generation using renewable sources, and surging demand for STATCOM devices for voltage control. Further, rising investment in transmission networks and potential opportunities in APAC are the opportunities for FACTS manufacturers. The major restraint for the market is high installation costs. Size and communication limitations in FACTS pose a major challenge to this market.

Shunt compensation type to hold largest share of FACTS market during forecast period

In shunt compensation, FACTS are connected in parallel with the power system transmission line. Shunt compensation is actively used in power transmission and distribution networks to reduce power losses and voltage drops. Moreover, shunt compensation is used for various applications such as voltage stabilization, dynamic reactive power control, increased transmission capacity, power oscillation damping, higher transient stability, system voltage balance maintenance, reduced transmission losses, and voltage control. Low installation cost, when compared with other systems, and improved efficiency along with higher ratings across distribution circuits are a few factors that are expected to increase the demand for shunt systems.

Among all vertical, utilities to hold largest share of FACTS market from 2019 to 2024

FACTS is 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 help in increasing the 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 utilities market because of growing demands for the generation of electricity.

APAC to hold largest share of FACTS market during forecast period

APAC is the fastest-developing region for most verticals, such as utilities, railways, and industrial. The market in APAC is segmented into China, India, South Korea, and the Rest of APAC. The region has emerged as a global focal point for large investments and business expansion opportunities. The region represents the fastest-growing market worldwide, and the market in this region is expected to grow at the highest CAGR during the forecast period. Growing transmission investment in APAC countries results in the increasing number of substations and transmission lines, which propelled the demand for voltage stability and power flow control solution increased. Moreover, APAC is home to a few key FACTS manufacturers - such as Rongxin, which installed more than 800 STATCOM, and Hyosung. These factors are expected to drive the market for FACTS in this region during the forecast period.

Competitive Landscape

ABB (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) are a few major players in the FACTS market.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insight

4.1 Attractive Growth Opportunities in FACTS Market

4.2 FACTS Market, By Application

4.3 FACTS Market in APAC, By Vertical and Country

4.4 FACTS Market in Europe, By Compensation Type

4.5 FACTS Market, By Region

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers Increasing Benefits Offered By FACTS Growth in Transmission Line Growing Utilization of Renewable Energy Into Power Grids Rising Demand for Statcom Devices for Voltage Control

5.2.2 Restraints High Installation Cost

5.2.3 Opportunities Rising Investments in Transmission Network Potential Opportunities in APAC

5.2.4 Challenges Size and Communication Limitations in FACTS

5.3 Value Chain Analysis

6 Functions of Flexible Ac Transmission System

6.1 Introduction

6.2 Voltage Control

6.2.1 Devices Such as Statcom and SVC are Used for Voltage Control

6.3 Network Stabilization

6.3.1 Shunt and Series Compensation are Used for Network Stabilization

6.4 Transmission Capacity

6.4.1 Series Compensation is a Cost Effective Way to Increase Transmission Capacity

6.5 Harmonic Suppression

6.5.1 SVC and Statcom are Used for Harmonic Suppression

7 Components of Flexible Ac Transmission System

7.1 Introduction

7.2 Power Electronic Devices

7.2.1 Capacitor Banks Capacitor Banks are Used to Increase Power Transmission Capability

7.2.2 Thyristors Thyristors are Used to Deliver High Power in FACTS Devices

7.2.3 Reactors Reactors are Used to Limit the Effects of Overvoltage in Transmission Line

7.3 Phase Shifting Transformers

7.3.1 Phase Shifting Transformers are Used to Change Effective Phase Displacement Between Input Voltage and Output Voltage of Transmission Line

7.4 Protection and Control Systems

7.4.1 Protection and Control Systems are Used to Ensure Proper Network Reliability

8 Flexible Ac Transmission System Market, By Compensation Type

8.1 Introduction

8.2 Shunt Compensation

8.2.1 Static Var Compensation (SVC) Need for Line Voltage Control is Likely to Increase the Demand for Static Var Compensation

8.2.2 Static Compensator (Statcom) APAC to Witness Highest Growth for Static Compensator (Statcom)

8.3 Series Compensation

8.3.1 Fixed Series Capacitor Need for Minimum Voltage Profile to Increase Demand for Fixed Series Capacitor

8.3.2 Thyristor Series Capacitor Need for More Power Transfer Capability Over Existing Transmission Networks Boosting Demand for Thyristor Series Capacitors

8.4 Combined Compensation

8.4.1 APAC Was Largest Share Holder for Combined Compensation in 2018

9 Flexible Ac Transmission System Market, By Application

9.1 Introduction

9.2 Voltage Control

9.2.1 Voltage Control Dominated FACTS Market, in Terms of Size, in 2018

9.3 Power Control

9.3.1 Europe Held Largest Market for Power Control in 2018

10 Flexible Ac Transmission System Market, By Generation Type

10.1 Introduction

10.2 First Generation

10.2.1 SVC and Series Compensation are First Generation FACTS Devices

10.3 Second Generation

10.3.1 Europe Accounted Largest Share for Second Generation FACTS Devices

11 Flexible Ac Transmission System Market, By Vertical

11.1 Introduction

11.2 Utilities

11.2.1 Utilities to Dominate FACTS Market in Coming Years

11.3 Renewables

11.3.1 Market for Renewables to Grow at Highest CAGR

11.4 Industrial

11.4.1 Need for Power Quality and Stability Boosting Demand for FACTS in Industrial Vertical

11.5 Railways

11.5.1 APAC Held Largest Market for Railways in 2018

12 Geographic Analysis

12.1 Introduction

12.2 Americas

12.2.1 North America US US is Largest Market for FACTS in North America Rest of North America

12.2.2 South America Brazil Increase in Investment for Expansion of Energy Infrastructure Drives FACTS Markets in Brazil Rest of South America

12.3 Europe

12.3.1 UK UK is the Major Consumer of FACTS in Europe

12.3.2 Germany FACTS Markets in Germany to Grow at Highest CAGR During Forecast Period

12.3.3 France Smart Grid Infrastructure to Drive FACTS Market in France

12.3.4 Rest of Europe

12.4 APAC

12.4.1 China China to Hold Largest Share of FACTS Market in APAC During Forecast Period

12.4.2 India Government Support for Expansion of Transmission Network to Drive FACTS Market in India

12.4.3 South Korea Requirement for Constructing New Transmission Lines Drives FACTS Market in South Korea

12.4.4 Rest of APAC

12.5 RoW

12.5.1 Middle East Growing Number of Oil & Gas Industries in Middle East to Drive FACTS Market

12.5.2 Africa Africa to Hold Larger Share of FACTS Market in RoW

13 Competitive Landscape

13.1 Overview

13.2 Ranking Analysis of Key Players in Flexible Ac Transmission System Market

13.3 Competitive Situations and Trends

13.3.1 Product Developments

13.3.2 Agreements

13.3.3 Collaboration

13.3.4 Contracts

13.3.5 Divestment

13.3.6 Expansion

13.3.7 Partnership

13.3.8 Acquisition

13.4 Competitive Leadership Mapping, 2018

13.4.1 Visionary Leaders

13.4.2 Dynamic Differentiators

13.4.3 Innovators

13.4.4 Emerging Companies

14 Company Profile

(Business Overview, Products Offered, Recent Developments, SWOT Analysis)

14.1 Key Players

14.1.1 ABB

14.1.2 Rongxin Power Engineering Ltd. (RXPE)

14.1.3 General Electric (GE)

14.1.4 Siemens

14.1.5 Mitsubishi Electric

14.1.6 American Superconductor

14.1.7 Infineon

14.1.8 NR Electric

14.1.9 Hyosung Heavy Industries

14.1.10 Ingeteam Power Technology

14.2 Right to Win

14.3 Other Important Players

14.3.1 Bharat Heavy Electricals Limited (BHEL)

14.3.2 Quanta Technology

14.3.3 Comsys

14.3.4 Merus Power Dynamics Oy

14.3.5 Sieyuan Electric Co. Ltd.

14.3.6 Signatory Pvt. Ltd.

14.3.7 Jema Energy S.A.

14.3.8 Freqcon GmbH

14.3.9 Clariant Power System Limited

14.3.10 Beijing Power Equipment Group Co. Ltd. (BPEG)

For more information about this report visit https://www.researchandmarkets.com/r/jhicqw

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PUB: 11/28/2019 11:41 AM/DISC: 11/28/2019 11:41 AM