About FACTS Devices Unlocking
Flexible AC Transmission Systems (FACTS) devices are revolutionizing modern power grids by enhancing transmission efficiency, stability, and reliability. These advanced power electronics-based systems help utilities optimize power flow, reduce transmission losses, and improve voltage regulation, making them critical in integrating renewable energy sources. FACTS devices, such as Static VAR Compensators (SVCs), Static Synchronous Compensators (STATCOMs), and Unified Power Flow Controllers (UPFCs), are increasingly being adopted to mitigate grid congestion, voltage fluctuations, and power quality issues. and The market for FACTS devices is experiencing robust growth, driven by the rising demand for grid modernization, increased electricity consumption, and the growing share of renewables in the energy mix. Governments and utilities worldwide are investing in these technologies to enhance grid flexibility and efficiency while ensuring compliance with stringent regulatory standards. The Asia-Pacific region, led by China and India, is witnessing significant adoption due to rapid industrialization and urbanization. North America and Europe are also expanding their FACTS infrastructure to improve energy transmission and integrate renewable sources like wind and solar.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global FACTS Devices Unlocking market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Siemens Energy (Germany), GE Vernova (United States), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Alstom Grid (France), NR Electric Co., Ltd. (China), Hyosung Heavy Industries (South Korea), Rongxin Power Electronic Co., Ltd. (RXPE) (China) and American Superconductor Corporation (AMSC) (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Infineon Technologies (Germany), Eaton Corporation ( Ireland), Schneider Electric (France), Hyundai Electric & Energy Systems Co., Ltd. (South Korea) and FACTS Engineering (United States).
Segmentation Overview
AMA Research has segmented the market of Global FACTS Devices Unlocking market by , Application (Voltage Stability Enhancement, Power Flow Control & Optimization, Grid Modernization & Smart Grids, Renewable Energy Integration, Reactive Power Compensation and Load Balancing & Network Security) and Region.
On the basis of geography, the market of FACTS Devices Unlocking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology Type, the sub-segment i.e. Shunt Compensation will boost the FACTS Devices Unlocking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Utilities & Power Transmission will boost the FACTS Devices Unlocking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Voltage , the sub-segment i.e. Low Voltage (up to 132 kV) will boost the FACTS Devices Unlocking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration with Smart Grids
Market Growth Drivers:
Increasing integration of renewable energy sources and Rising demand for electricity in emerging economies
Challenges:
High initial investment costs
Restraints:
Cybersecurity Risks
Opportunities:
Integration of artificial intelligence (AI) and machine learning (ML) and Increasing adoption of HVDC transmission technologies
Market Leaders and their expansionary development strategies
In May 2024, GE announced plans to install two 525 kV Flexible Series Compensation (FSC) banks to support power delivery across a 414-mile stretch of the existing transmission network. The project encompasses comprehensive services, including project management, engineering studies, equipment design, supply, delivery, installation supervision, testing, and commissioning.
In April 2024, the European Union, under the Horizon Europe strategic plan for 2025-2027, agreed to continue participation in the Partnership for Research and Innovation in the Mediterranean Area (PRIMA). This initiative aims to foster collaborative research and innovation in the region, potentially impacting the development and deployment of FACTS technologies.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Neonatal Intensive Care, Venture Capitalists and Private Equity Firms and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.