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Global Flexible AC Transmission (FACT) Systems Market Report 2021-2024: Market to Reach $1.9 Billion, Driven by New Approaches to Electricity Transmission
Dublin, March 29, 2021 (GLOBE NEWSWIRE) -- The "Flexible AC Transmission (FACT) Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Flexible AC Transmission (FACT) Systems is projected to reach US$ 1.9 billion by 2024, driven by new approaches to electricity transmission; migration towards bulk power transmission over long distances; growing adoption of renewable energy sources like hydro power which are located far away from consumption centers; stringent climate change regulations and the resulting focus on lossless electricity transmission.
A key factor driving the popularity of FACTS as an attractive electricity transmission technology is its ability to meet the demand for reliable supply of power; support environmental sustainability goals and bring about cost and financial benefits. The advantage of FACTS in transmission can be put to perspective by the fact that they can enhance power transfer capability by as much as 50% or even higher. The technology also helps meet increased demand for energy while simultaneously minimizing the need to build more transmission networks.
Other major factors also poised to drive growth in the growth include liberalization of the electricity market in several countries across the globe; growing government policy led support for smart grids; and rise in energy trading, among others. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 7.7 % over the analysis period.
The growth in the region is driven by factors such as growing population and parallel increase in electricity demanded; strong focus on energy infrastructure expansion and upgrades; stable growth of heavy industries such as mining, construction, manufacturing, oil & gas and the resulting increase in non-utility energy generation.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
Electric Power Transmission and Distribution (T&D) Equipment: A Prelude
Flexible Alternating Current Transmission (FACT) Systems: An Introduction
Evolutionary Scan of FACTS Technology
Generations of FACTS
Types of FACTS Devices
Based on Compensation Type
Based on Voltage Type
Based on Connection Mode
Methods to Connect FACTS with Power System
Series Compensation
Shunt Compensation
Major Benefits of FACTS
Key Applications of FACTS
FACTS Emerges as a Vital Technology for Efficient Bulk Power Transmission
Global Market Prospects & Outlook
Shunt Controller: The Dominant Compensation Type
Voltage Control Applications Lead Global Market
Utilities Emerges as the Largest End-Use Market
Developing Regions to Spearhead Future Growth
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 25 Featured):
Hitachi ABB Power Grids Ltd
American Superconductor
GE Grid Solutions
Hyosung Power & Industrial Systems Performance Group
LS ELECTRIC Co., Ltd
Mitsubishi Electric Corporation
Rongxin Power Engineering
S&C Electric Company
Siemens Energy Global GmbH & Co. KG
Sieyuan Electric Co., Ltd.
Toshiba Energy Systems & Solutions Corporation
3. MARKET TRENDS & DRIVERS
Growing Pressure on Power Transmission Grids and Rising Investments in Power Transmission Infrastructure to Benefit FACTS Market
Surging Energy Consumption and the Resulting Rise in Power Production, Transmission and Distribution: Foundation for Market Growth
Growing Focus on Renewable Energy-Based Power Projects Augurs Well for Market
Trend towards Distributed Power Generation Powers Demand for FACT Devices
With Smart Grid Implementations Gaining Traction, Opportunities in Store for the FACTS Market
Aging Power T&D Infrastructure and Need to Replacement & Upgrade of Obsolete Power Systems to Spur Demand for FACT Equipment
Imperative Need to Prevent Large-Scale Blackouts & Outages Drives Importance of FACT Equipment
As Governments Focus on Development of High-Speed Trains and Bullet Trains, FACTS Market Poised to Grow
Growing Importance of Variable Compensation Technologies
Shift towards Variable Shunt Compensation Equipment
Technology Advancements & Product Developments to Boost Market Prospects
Customer Loyalty Building: Imperative for Sustenance
Challenges Facing FACT Systems Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
UNITED STATES
Transmission & Distribution Market in the US: An Overview
Factors Impacting T&D Market in the US
Focus on Renewable Energy Generation to Drive Demand for FACTS Equipment
Shift towards Variable Shunt Compensation Equipment
Expanding Smart Grid Infrastructure Boosts Demand Augurs Well for the Market
Market Analytics
CANADA
JAPAN
CHINA
Market Overview
Expansion of High-Speed Railway Network: Opportunity for FACTS Deployment
Market Analytics
EUROPE
Market Overview
Market Analytics
FRANCE
GERMANY
Grid Infrastructure Development Creates Opportunities for FACTS suppliers
Market Analytics
ITALY
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
Market Overview
Railway Electrification and High Speed Rail Projects Benefit Market Growth
Market Analytics
AUSTRALIA
INDIA
Overview of India's Power Distribution Sector
FACTS Gains Momentum in India
Market Analytics
SOUTH KOREA
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
IRAN
ISRAEL
SAUDI ARABIA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
AFRICA
IV. COMPETITION
Total Companies Profiled: 78
For more information about this report visit https://www.researchandmarkets.com/r/h1nars
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