Dublin, March 09, 2020 (GLOBE NEWSWIRE) -- 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 6.0%.
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.
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
5.2.1.1 Increasing Benefits Offered By FACTS
5.2.1.2 Growth in Transmission Line
5.2.1.3 Growing Utilization of Renewable Energy Into Power Grids
5.2.1.4 Rising Demand for Statcom Devices for Voltage Control
5.2.2 Restraints
5.2.2.1 High Installation Cost
5.2.3 Opportunities
5.2.3.1 Rising Investments in Transmission Network
5.2.3.2 Potential Opportunities in APAC
5.2.4 Challenges
5.2.4.1 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
7.2.1.1 Capacitor Banks are Used to Increase Power Transmission Capability
7.2.2 Thyristors
7.2.2.1 Thyristors are Used to Deliver High Power in FACTS Devices
7.2.3 Reactors
7.2.3.1 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)
8.2.1.1 Need for Line Voltage Control is Likely to Increase the Demand for Static Var Compensation
8.2.2 Static Compensator (Statcom)
8.2.2.1 APAC to Witness Highest Growth for Static Compensator (Statcom)
8.3 Series Compensation
8.3.1 Fixed Series Capacitor
8.3.1.1 Need for Minimum Voltage Profile to Increase Demand for Fixed Series Capacitor
8.3.2 Thyristor Series Capacitor
8.3.2.1 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
12.2.1.1 US
12.2.1.1.1 US is Largest Market for FACTS in North America
12.2.1.2 Rest of North America
12.2.2 South America
12.2.2.1 Brazil
12.2.2.1.1 Increase in Investment for Expansion of Energy Infrastructure Drives FACTS Markets in Brazil
12.2.2.2 Rest of South America
12.3 Europe
12.3.1 UK
12.3.1.1 UK is the Major Consumer of FACTS in Europe
12.3.2 Germany
12.3.2.1 FACTS Markets in Germany to Grow at Highest CAGR During Forecast Period
12.3.3 France
12.3.3.1 Smart Grid Infrastructure to Drive FACTS Market in France
12.3.4 Rest of Europe
12.4 APAC
12.4.1 China
12.4.1.1 China to Hold Largest Share of FACTS Market in APAC During Forecast Period
12.4.2 India
12.4.2.1 Government Support for Expansion of Transmission Network to Drive FACTS Market in India
12.4.3 South Korea
12.4.3.1 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
12.5.1.1 Growing Number of Oil & Gas Industries in Middle East to Drive FACTS Market
12.5.2 Africa
12.5.2.1 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
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 Sa
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/11isrm
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.