The Global Flexible AC Transmission System Market size is expected to reach $1.8 billion by 2030, rising at a market growth of 6.2% CAGR during the forecast period.
FACTS devices, including STATCOMs and SVCs, help maintain stable voltage levels under varying operating conditions, improving grid resilience. STATCOMs are solid-state devices that provide fast-reacting, precise, and continuous voltage regulation in power systems. Consequently, the STATCOMs segment would generate approximately 24.8% share of the market by 2030. They are often used with other FACTS devices and control systems to ensure the reliable and efficient operation of the electrical grid, particularly in areas with high-voltage transmission lines or complex network configurations. Some of the factors affecting the market are the increase in demand for controllability of power systems, the need for high reliability during contingencies, and the high initial cost of facts installation.
Controllability is essential for maintaining grid stability, especially as power systems become more complex and incorporate a higher penetration of renewable energy sources. FACTS devices, such as STATCOMs and SVCs, provide rapid and precise control of reactive power, helping to stabilize voltage and prevent grid instability. Controlling voltage levels is critical for ensuring the reliable operation of power systems. FACTS technologies allow utilities to regulate voltage across the grid, ensuring that it stays within acceptable limits, even during variations in load or disturbances. Furthermore, FACTS devices enhance the fault tolerance of the grid. They can help isolate and mitigate faults by dynamically controlling power flows, reducing the impact of disturbances on the overall grid. By maintaining grid stability during contingencies, FACTS devices help utilities avoid the need for widespread load shedding, which can impact consumers and industries. Renewable energy sources such as solar power and wind have become a more significant part of the energy mix, and maintaining grid reliability during intermittent is crucial. As a result, utilities and grid operators continue to invest in FACTS technologies to enhance grid resilience and ensure reliable electricity delivery, thereby driving the growth of the market.
However, Utility companies and grid operators often have limited budgets for infrastructure upgrades and investments. The high initial cost of FACTS devices can strain these budgets, making it challenging for them to allocate resources for such projects. Decision-makers in utility companies typically assess any grid improvement project's return on investment (ROI). The lengthy payback periods associated with FACTS installations can deter investments, especially compared to other, potentially quicker-to-implement solutions. Securing financing for FACTS projects can be challenging, particularly in regions or countries with limited access to capital markets or where the regulatory environment does not incentivize grid upgrades. Due to such factors, the market growth will decline.
Controller Outlook
Based on controller, the market is fragmented into static synchronous compensator (STATCOM), static VAR compensator (SVC), unified power flow controller (UPFC), thyristor-controlled series compensator (TCSC), and others. In 2022, the static VAR compensator (SVC) segment held the highest revenue share in the market. A Static VAR Compensator (SVC) is a power electronics-based device used in electric power systems to regulate and control voltage and reactive power. SVCs play a crucial role in maintaining voltage stability and improving the overall performance of electrical grids.
Vertical Outlook
By vertical, the market is classified into oil & gas, electric utility, railways, and others. The oil & gas segment covered a considerable revenue share in the market in 2022. FACTS systems can be controlled remotely, allowing for real-time monitoring and control of electrical parameters at remote oil and gas facilities. This capability enhances operational efficiency and reduces the need for on-site personnel. FACTS devices can mitigate voltage sags and swells, which can damage sensitive electronic equipment commonly used in control systems and instrumentation in the oil and gas industry.
Compensation Outlook
On the basis of compensation type, the market is segmented into series compensation, shunt compensation, and combined series-shunt compensation. The shunt compensation segment acquired a substantial revenue share in the market in 2022. Shunt compensation is used in electric power transmission and distribution systems to improve the grid's efficiency, voltage control, and overall performance. It involves installing reactive components, such as capacitors and reactors, parallel (shunt) with the transmission or distribution system. The primary goal of shunt compensation is to regulate voltage levels, improve power factor, and enhance the overall stability of the power system.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired a substantial revenue share in the market in 2022. Rising concerns regarding environmental sustainability and growing petroleum-based fuel prices have resulted in a rapid shift towards the production of green energy using renewable sources, especially across China and India. Hence, governments in these countries are undertaking numerous programs and initiatives to increase renewable energy production. In addition, the launch of massive green energy generation plants is expected to bolster the demand for electrical devices such as flexible AC transmission systems across the Asia Pacific market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, Adani Power Limited, Alstom SA, CG Power and Industrial Solutions Limited, Eaton Corporation PLC, General Electric Company, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co., Ltd., Siemens AG.
Scope of the Study
Market Segments covered in the Report:
By Controller
- Static VAR Compensator (SVC)
- Static Synchronous Compensator (STATCOM)
- Unified Power Flow Controller (UPFC)
- Thyristor Controlled Series Compensator (TCSC)
- Others
By Vertical
- Electric Utility
- Oil & Gas
- Railways
- Others
By Compensation Type
- Series Compensation
- Combined series-shunt Compensation
- Shunt Compensation
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled
- ABB Group
- Adani Power Limited
- Alstom SA
- CG Power and Industrial Solutions Limited.
- Eaton Corporation PLC
- General Electric Company
- Hyosung Corporation
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
- Siemens AG
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Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Flexible AC Transmission System Market, by Controller
- 1.4.2 Global Flexible AC Transmission System Market, by Vertical
- 1.4.3 Global Flexible AC Transmission System Market, by Compensation Type
- 1.4.4 Global Flexible AC Transmission System Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.3 Porter's Five Forces Analysis
Chapter 4. Global Flexible AC Transmission System Market, by Controller
- 4.1 Global Static VAR Compensator (SVC) Market, by Region
- 4.2 Global Static Synchronous Compensator (STATCOM) Market, by Region
- 4.3 Global Unified Power Flow Controller (UPFC) Market, by Region
- 4.4 Global Thyristor Controlled Series Compensator (TCSC) Market, by Region
- 4.5 Global Others Market, by Region
Chapter 5. Global Flexible AC Transmission System Market, by Vertical
- 5.1 Global Electric Utility Market, by Region
- 5.2 Global Oil & Gas Market, by Region
- 5.3 Global Railways Market, by Region
- 5.4 Global Others Market, by Region
Chapter 6. Global Flexible AC Transmission System Market, by Compensation Type
- 6.1 Global Series Compensation Market, by Region
- 6.2 Global Combined series-shunt Compensation Market, by Region
- 6.3 Global Shunt Compensation Market, by Region
Chapter 7. Global Flexible AC Transmission System Market, by Region
- 7.1 North America Flexible AC Transmission System Market
- 7.1.1 North America Flexible AC Transmission System Market, by Controller
- 7.1.1.1 North America Static VAR Compensator (SVC) Market, by Country
- 7.1.1.2 North America Static Synchronous Compensator (STATCOM) Market, by Country
- 7.1.1.3 North America Unified Power Flow Controller (UPFC) Market, by Country
- 7.1.1.4 North America Thyristor Controlled Series Compensator (TCSC) Market, by Country
- 7.1.1.5 North America Others Market, by Country
- 7.1.2 North America Flexible AC Transmission System Market, by Vertical
- 7.1.2.1 North America Electric Utility Market, by Country
- 7.1.2.2 North America Oil & Gas Market, by Country
- 7.1.2.3 North America Railways Market, by Country
- 7.1.2.4 North America Others Market, by Country
- 7.1.3 North America Flexible AC Transmission System Market, by Compensation Type
- 7.1.3.1 North America Series Compensation Market, by Country
- 7.1.3.2 North America Combined series-shunt Compensation Market, by Country
- 7.1.3.3 North America Shunt Compensation Market, by Country
- 7.1.4 North America Flexible AC Transmission System Market, by Country
- 7.1.4.1 US Flexible AC Transmission System Market
- 7.1.4.1.1 US Flexible AC Transmission System Market, by Controller
- 7.1.4.1.2 US Flexible AC Transmission System Market, by Vertical
- 7.1.4.1.3 US Flexible AC Transmission System Market, by Compensation Type
- 7.1.4.2 Canada Flexible AC Transmission System Market
- 7.1.4.2.1 Canada Flexible AC Transmission System Market, by Controller
- 7.1.4.2.2 Canada Flexible AC Transmission System Market, by Vertical
- 7.1.4.2.3 Canada Flexible AC Transmission System Market, by Compensation Type
- 7.1.4.3 Mexico Flexible AC Transmission System Market
- 7.1.4.3.1 Mexico Flexible AC Transmission System Market, by Controller
- 7.1.4.3.2 Mexico Flexible AC Transmission System Market, by Vertical
- 7.1.4.3.3 Mexico Flexible AC Transmission System Market, by Compensation Type
- 7.1.4.4 Rest of North America Flexible AC Transmission System Market
- 7.1.4.4.1 Rest of North America Flexible AC Transmission System Market, by Controller
- 7.1.4.4.2 Rest of North America Flexible AC Transmission System Market, by Vertical
- 7.1.4.4.3 Rest of North America Flexible AC Transmission System Market, by Compensation Type
- 7.2 Europe Flexible AC Transmission System Market
- 7.2.1 Europe Flexible AC Transmission System Market, by Controller
- 7.2.1.1 Europe Static VAR Compensator (SVC) Market, by Country
- 7.2.1.2 Europe Static Synchronous Compensator (STATCOM) Market, by Country
- 7.2.1.3 Europe Unified Power Flow Controller (UPFC) Market, by Country
- 7.2.1.4 Europe Thyristor Controlled Series Compensator (TCSC) Market, by Country
- 7.2.1.5 Europe Others Market, by Country
- 7.2.2 Europe Flexible AC Transmission System Market, by Vertical
- 7.2.2.1 Europe Electric Utility Market, by Country
- 7.2.2.2 Europe Oil & Gas Market, by Country
- 7.2.2.3 Europe Railways Market, by Country
- 7.2.2.4 Europe Others Market, by Country
- 7.2.3 Europe Flexible AC Transmission System Market, by Compensation Type
- 7.2.3.1 Europe Series Compensation Market, by Country
- 7.2.3.2 Europe Combined series-shunt Compensation Market, by Country
- 7.2.3.3 Europe Shunt Compensation Market, by Country
- 7.2.4 Europe Flexible AC Transmission System Market, by Country
- 7.2.4.1 Germany Flexible AC Transmission System Market
- 7.2.4.1.1 Germany Flexible AC Transmission System Market, by Controller
- 7.2.4.1.2 Germany Flexible AC Transmission System Market, by Vertical
- 7.2.4.1.3 Germany Flexible AC Transmission System Market, by Compensation Type
- 7.2.4.2 UK Flexible AC Transmission System Market
- 7.2.4.2.1 UK Flexible AC Transmission System Market, by Controller
- 7.2.4.2.2 UK Flexible AC Transmission System Market, by Vertical
- 7.2.4.2.3 UK Flexible AC Transmission System Market, by Compensation Type
- 7.2.4.3 France Flexible AC Transmission System Market
- 7.2.4.3.1 France Flexible AC Transmission System Market, by Controller
- 7.2.4.3.2 France Flexible AC Transmission System Market, by Vertical
- 7.2.4.3.3 France Flexible AC Transmission System Market, by Compensation Type
- 7.2.4.4 Russia Flexible AC Transmission System Market
- 7.2.4.4.1 Russia Flexible AC Transmission System Market, by Controller
- 7.2.4.4.2 Russia Flexible AC Transmission System Market, by Vertical
- 7.2.4.4.3 Russia Flexible AC Transmission System Market, by Compensation Type
- 7.2.4.5 Spain Flexible AC Transmission System Market
- 7.2.4.5.1 Spain Flexible AC Transmission System Market, by Controller
- 7.2.4.5.2 Spain Flexible AC Transmission System Market, by Vertical
- 7.2.4.5.3 Spain Flexible AC Transmission System Market, by Compensation Type
- 7.2.4.6 Italy Flexible AC Transmission System Market
- 7.2.4.6.1 Italy Flexible AC Transmission System Market, by Controller
- 7.2.4.6.2 Italy Flexible AC Transmission System Market, by Vertical
- 7.2.4.6.3 Italy Flexible AC Transmission System Market, by Compensation Type
- 7.2.4.7 Rest of Europe Flexible AC Transmission System Market
- 7.2.4.7.1 Rest of Europe Flexible AC Transmission System Market, by Controller
- 7.2.4.7.2 Rest of Europe Flexible AC Transmission System Market, by Vertical
- 7.2.4.7.3 Rest of Europe Flexible AC Transmission System Market, by Compensation Type
- 7.3 Asia Pacific Flexible AC Transmission System Market
- 7.3.1 Asia Pacific Flexible AC Transmission System Market, by Controller
- 7.3.1.1 Asia Pacific Static VAR Compensator (SVC) Market, by Country
- 7.3.1.2 Asia Pacific Static Synchronous Compensator (STATCOM) Market, by Country
- 7.3.1.3 Asia Pacific Unified Power Flow Controller (UPFC) Market, by Country
- 7.3.1.4 Asia Pacific Thyristor Controlled Series Compensator (TCSC) Market, by Country
- 7.3.1.5 Asia Pacific Others Market, by Country
- 7.3.2 Asia Pacific Flexible AC Transmission System Market, by Vertical
- 7.3.2.1 Asia Pacific Electric Utility Market, by Country
- 7.3.2.2 Asia Pacific Oil & Gas Market, by Country
- 7.3.2.3 Asia Pacific Railways Market, by Country
- 7.3.2.4 Asia Pacific Others Market, by Country
- 7.3.3 Asia Pacific Flexible AC Transmission System Market, by Compensation Type
- 7.3.3.1 Asia Pacific Series Compensation Market, by Country
- 7.3.3.2 Asia Pacific Combined series-shunt Compensation Market, by Country
- 7.3.3.3 Asia Pacific Shunt Compensation Market, by Country
- 7.3.4 Asia Pacific Flexible AC Transmission System Market, by Country
- 7.3.4.1 China Flexible AC Transmission System Market
- 7.3.4.1.1 China Flexible AC Transmission System Market, by Controller
- 7.3.4.1.2 China Flexible AC Transmission System Market, by Vertical
- 7.3.4.1.3 China Flexible AC Transmission System Market, by Compensation Type
- 7.3.4.2 Japan Flexible AC Transmission System Market
- 7.3.4.2.1 Japan Flexible AC Transmission System Market, by Controller
- 7.3.4.2.2 Japan Flexible AC Transmission System Market, by Vertical
- 7.3.4.2.3 Japan Flexible AC Transmission System Market, by Compensation Type
- 7.3.4.3 India Flexible AC Transmission System Market
- 7.3.4.3.1 India Flexible AC Transmission System Market, by Controller
- 7.3.4.3.2 India Flexible AC Transmission System Market, by Vertical
- 7.3.4.3.3 India Flexible AC Transmission System Market, by Compensation Type
- 7.3.4.4 South Korea Flexible AC Transmission System Market
- 7.3.4.4.1 South Korea Flexible AC Transmission System Market, by Controller
- 7.3.4.4.2 South Korea Flexible AC Transmission System Market, by Vertical
- 7.3.4.4.3 South Korea Flexible AC Transmission System Market, by Compensation Type
- 7.3.4.5 Singapore Flexible AC Transmission System Market
- 7.3.4.5.1 Singapore Flexible AC Transmission System Market, by Controller
- 7.3.4.5.2 Singapore Flexible AC Transmission System Market, by Vertical
- 7.3.4.5.3 Singapore Flexible AC Transmission System Market, by Compensation Type
- 7.3.4.6 Malaysia Flexible AC Transmission System Market
- 7.3.4.6.1 Malaysia Flexible AC Transmission System Market, by Controller
- 7.3.4.6.2 Malaysia Flexible AC Transmission System Market, by Vertical
- 7.3.4.6.3 Malaysia Flexible AC Transmission System Market, by Compensation Type
- 7.3.4.7 Rest of Asia Pacific Flexible AC Transmission System Market
- 7.3.4.7.1 Rest of Asia Pacific Flexible AC Transmission System Market, by Controller
- 7.3.4.7.2 Rest of Asia Pacific Flexible AC Transmission System Market, by Vertical
- 7.3.4.7.3 Rest of Asia Pacific Flexible AC Transmission System Market, by Compensation Type
- 7.4 LAMEA Flexible AC Transmission System Market
- 7.4.1 LAMEA Flexible AC Transmission System Market, by Controller
- 7.4.1.1 LAMEA Static VAR Compensator (SVC) Market, by Country
- 7.4.1.2 LAMEA Static Synchronous Compensator (STATCOM) Market, by Country
- 7.4.1.3 LAMEA Unified Power Flow Controller (UPFC) Market, by Country
- 7.4.1.4 LAMEA Thyristor Controlled Series Compensator (TCSC) Market, by Country
- 7.4.1.5 LAMEA Others Market, by Country
- 7.4.2 LAMEA Flexible AC Transmission System Market, by Vertical
- 7.4.2.1 LAMEA Electric Utility Market, by Country
- 7.4.2.2 LAMEA Oil & Gas Market, by Country
- 7.4.2.3 LAMEA Railways Market, by Country
- 7.4.2.4 LAMEA Others Market, by Country
- 7.4.3 LAMEA Flexible AC Transmission System Market, by Compensation Type
- 7.4.3.1 LAMEA Series Compensation Market, by Country
- 7.4.3.2 LAMEA Combined series-shunt Compensation Market, by Country
- 7.4.3.3 LAMEA Shunt Compensation Market, by Country
- 7.4.4 LAMEA Flexible AC Transmission System Market, by Country
- 7.4.4.1 Brazil Flexible AC Transmission System Market
- 7.4.4.1.1 Brazil Flexible AC Transmission System Market, by Controller
- 7.4.4.1.2 Brazil Flexible AC Transmission System Market, by Vertical
- 7.4.4.1.3 Brazil Flexible AC Transmission System Market, by Compensation Type
- 7.4.4.2 Argentina Flexible AC Transmission System Market
- 7.4.4.2.1 Argentina Flexible AC Transmission System Market, by Controller
- 7.4.4.2.2 Argentina Flexible AC Transmission System Market, by Vertical
- 7.4.4.2.3 Argentina Flexible AC Transmission System Market, by Compensation Type
- 7.4.4.3 UAE Flexible AC Transmission System Market
- 7.4.4.3.1 UAE Flexible AC Transmission System Market, by Controller
- 7.4.4.3.2 UAE Flexible AC Transmission System Market, by Vertical
- 7.4.4.3.3 UAE Flexible AC Transmission System Market, by Compensation Type
- 7.4.4.4 Saudi Arabia Flexible AC Transmission System Market
- 7.4.4.4.1 Saudi Arabia Flexible AC Transmission System Market, by Controller
- 7.4.4.4.2 Saudi Arabia Flexible AC Transmission System Market, by Vertical
- 7.4.4.4.3 Saudi Arabia Flexible AC Transmission System Market, by Compensation Type
- 7.4.4.5 South Africa Flexible AC Transmission System Market
- 7.4.4.5.1 South Africa Flexible AC Transmission System Market, by Controller
- 7.4.4.5.2 South Africa Flexible AC Transmission System Market, by Vertical
- 7.4.4.5.3 South Africa Flexible AC Transmission System Market, by Compensation Type
- 7.4.4.6 Nigeria Flexible AC Transmission System Market
- 7.4.4.6.1 Nigeria Flexible AC Transmission System Market, by Controller
- 7.4.4.6.2 Nigeria Flexible AC Transmission System Market, by Vertical
- 7.4.4.6.3 Nigeria Flexible AC Transmission System Market, by Compensation Type
- 7.4.4.7 Rest of LAMEA Flexible AC Transmission System Market
- 7.4.4.7.1 Rest of LAMEA Flexible AC Transmission System Market, by Controller
- 7.4.4.7.2 Rest of LAMEA Flexible AC Transmission System Market, by Vertical
- 7.4.4.7.3 Rest of LAMEA Flexible AC Transmission System Market, by Compensation Type
Chapter 8. Company Profiles
- 8.1 ABB Group
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Segmental and Regional Analysis
- 8.1.4 Research & Development Expense
- 8.1.5 SWOT Analysis
- 8.2 Adani Power Limited
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental and Regional Analysis
- 8.2.4 Research & Development Expenses
- 8.2.5 SWOT Analysis
- 8.3 Alstom SA
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Segmental and Regional Analysis
- 8.3.4 Research & Development Expenses
- 8.3.5 SWOT Analysis
- 8.4 CG Power & Industrial Solutions Ltd. (Murugappa Group)
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 SWOT Analysis
- 8.5 Eaton Corporation PLC
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Segmental and Regional Analysis
- 8.5.4 Research & Development Expense
- 8.5.5 SWOT Analysis
- 8.6 General Electric Company
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expense
- 8.6.5 Recent strategies and developments:
- 8.6.5.1 Product Launches and Product Expansions:
- 8.6.6 SWOT Analysis
- 8.7 Hyosung Corporation
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Research & Development Expenses
- 8.7.4 SWOT Analysis
- 8.8 Mitsubishi Electric Corporation
- 8.8.1 Company Overview
- 8.8.2 Financial Analysis
- 8.8.3 Segmental and Regional Analysis
- 8.8.4 Research & Development Expense
- 8.8.5 Recent strategies and developments:
- 8.8.5.1 Product Launches and Product Expansions:
- 8.8.6 SWOT Analysis
- 8.9 NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
- 8.9.1 Company Overview
- 8.9.2 SWOT Analysis
- 8.10. Siemens AG
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Segmental and Regional Analysis
- 8.10.4 Research & Development Expense
- 8.10.5 Recent strategies and developments:
- 8.10.5.1 Acquisition and Mergers:
- 8.10.6 SWOT Analysis
Chapter 9. Winning imperatives of Flexible AC Transmission System Market: