Global Flexible AC Transmission (FACT) Systems Market Set to Reach $1.9 Billion by 2030, Driven by Growing Investments in Power Transmission Infrastructure
DUBLIN, July 13, 2023 /PRNewswire/ -- The "Flexible AC Transmission (FACT) Systems: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Flexible AC Transmission (FACT) Systems estimated at US$1.2 Billion in the year 2022, is projected to reach a revised size of US$1.9 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2022-2030.
Shunt, one of the segments analyzed in the report, is projected to record a 6% CAGR and reach US$1.5 Billion by the end of the analysis period.
Taking into account the ongoing post pandemic recovery, growth in the Series segment is readjusted to a revised 5.1% CAGR for the next 8-year period.
The U.S. Market is Estimated at $238.1 Million, While China is Forecast to Grow at 7.5% CAGR
The Flexible AC Transmission (FACT) Systems market in the U.S. is estimated at US$238.1 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$276 Million by the year 2030 trailing a CAGR of 7.5% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$254.1 Million by the year 2030.
Select Competitors (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
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of COVID-19 Pandemic and Looming Global Recession
COVID-19 Impacts Electricity Consumption: Average Annual Growth Rate of Electricity Demand by Select Region/Country for 2001-06, 2006-10, 2011-15 and 2020
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
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
Flexible AC Transmission (FACT) Systems - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Growing Pressure on Power Transmission Grids and Rising Investments in Power Transmission Infrastructure to Benefit FACTS Market
Global Investments into Power Transmission & Distribution Infrastructure (in US$ Billion) for 2010, 2015, 2020, 2030 & 2040
Global Investments into Power T&D Infrastructure by Region (in %) for 2020 and 2040
Surging Energy Consumption and the Resulting Rise in Power Production, Transmission and Distribution: Foundation for Market Growth
Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
China and India Lead the Global Rise in Demand for Electricity: Change in Gross Electricity Demand in TWh for 2017-50
Growing Focus on Renewable Energy-Based Power Projects Augurs Well for Market
Global Energy Mix: 1990 Vs 2020 Vs 2030
Global Renewable Energy Breakdown by Type: 2010 Vs 2030
Global Energy Production: Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share by Energy Source (2030 & 2040)
Trend towards Distributed Power Generation Powers Demand for FACT Devices
With Smart Grid Implementations Gaining Traction, Opportunities in Store for the FACTS Market
Global Market for Smart Grids (in US$ Billion) for the Years 2020E
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
Global Level of Deployment of High-Speed Rail Lines by Select Leading Countries
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
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/2a4eyn
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