Flexible AC transmission system (FACTS) is defined as a technology which consists of power electronics and other static components to increase controllability and power transfer ability of a network. With ever growing electricity demand and high efficiency requirements in diverse applications, the need for advanced measures for providing higher flexibility and reliability of existing power systems is also increasing rapidly. The recent technological developments in the field of power electronics offer innumerable opportunities for systems such as flexible AC transmission systems (FACTS) for optimum deployment of existing systems. Some of the major advantages of flexible AC transmission systems (FACTS) devices include power & voltage control, enhanced system reliability, loss reduction, and increased power quality among many others.
Flexible AC Transmission Systems (FACTS) Market
The significantly increasing adoption of flexible AC transmission systems (FACTS) in the electrical, renewables, and industrial market is the key driver which is propelling the demand for flexible AC transmission systems (FACTS). Increasing demand for voltage and power control solutions, advancement and restoration of existing power infrastructure are major drivers of the flexible AC transmission systems (FACTS) market.
The global FACTS market is valued at USD 985.5 million in 2015 and is expected to register a CAGR of 5.1% between 2015 and 2020. The market in Asia-Pacific is expected to grow at the highest CAGR of 7.02% between 2015 and 2020. The growing demand for flexible AC transmission systems (FACTS) in countries such as India, China are driving the market in this region.
The requirement of flexible AC transmission systems (FACTS) in emerging applications has changed the dynamics of the flexible AC transmission systems (FACTS) market. Market players are expected to increase their offerings through contract, partnership, and joint venture. For instance, Siemens AG (Germany) signed a contract with Sudzucker AG (Germany) in order to supply the complete power supply system. The contract covers the complete turnkey power supply solution, from high-voltage infeed to primary low-voltage distribution in April 2015.
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There is growing demand for flexible AC transmission systems (FACTS) across all markets presently because of its wide range of applications and features. The potential of this market can be gaged by the fact that both major established players and smaller players including start-ups have increased their stakes in the flexible AC transmission systems (FACTS) market. The existing market players include ABB Ltd.(Switzerland), Siemens AG(Germany), Mitsubishi Electric Corp.(Japan), General Electric(U.S.), Eaton Corp PLC (Ireland), Alstom(France), American Electric Power(U.S.), Hyosung(South Korea), NR Electric Co. Ltd.(China) and, Adani Power(India) among others.
