The global flexible AC transmission system market is anticipated to reach USD 1.7 billion by 2027 from USD 1.22 billion in 2020, thus expected to grow at a CAGR of 5.6% during the forecast period 2021-2027.

Flexible AC Transmission System (FACTS) is a power electronics-based system composed of static equipment used to transmit AC power. It aims to improve the controllability and increase the power transmission capacity of the network. The global flexible AC transmission system (FACTS) market is anticipated to grow significantly owing to an increase in demand for modern energy systems and an increase in investments for energy transmission systems.

Flexible AC transmission systems support dynamic reactive or inductive power, improves system stability, and controls real and reactive power to the grid. This ensures efficient machine operation and increases system utilization. Nevertheless, an increase in penetration of FACTS as a lucrative electric transmission technology will meet the demand for a reliable supply of power, supports environmental sustainability, and brings cost and financial advantage.

The global flexible Ac transmission system market is experiencing rapid growth owing to increasing investment for modernization of transmission lines and rising demand for advanced controllability of energy systems. These two factors have played a substantial role in system stability and reactive power support, which augments the demand for FACTS devices.

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Harmonic minimization, rapid voltage regulation, improved energy supply, and short-term amortization are estimated to drive the growth of the flexible AC transmission system market during the forecast period.

Europe accounts for the largest share of the flexible AC transmission systems market in 2020 owing to increasing industrial production, expanding population resulting in an increase in demand for electricity, and government regulations for carbon-free power transmission and grid code in Europe thus will boost the FACTS market in this region.

Key players in the flexible AC transmission systems market are focusing on organic and inorganic strategies such as mergers & acquisitions, product development, R&D, tie-ups & collaborations to have a competitive edge in the global market.

GE Renewable Energy's grid solutions business has fueled the Dynamic Reactive Compensator (DRC) project for the UK's National Grid. The project is part of Europe's largest utility-level STATCOM initiative.

Some of the key players operating in the flexible AC transmission system market: Siemens, ABB, NR Electric Co., Ltd., General Electric, Mitsubishi Electric Corporation, HYOSUNG HEAVY INDUSTRIES, Adani Group, Alstom, CG Power and Industrial Solutions Limited, and Infineon Technologies AG.

Source: VynZ Research