According to the new market research report "Flexible AC Transmission System (FACTS) Market by Compensation (Shunt, Series, Combined), Component (Thyristors, Capacitor Banks, Reactors), Application, Industry Vertical (Electric Utilities, Steel, Mining), Global Forecast & Analysis (2013 - 2018)", the value of the FACTS market was $912.85million in 2012, and is expected to reach $1,386.01million in 2018, at an estimated CAGR of 7.23% from 2013 to 2018.
Browse 93 Market Data Tablesand 63 Figures spread through 343 Pages and in-depth TOC on "Flexible AC Transmission System (FACTS) Market by Compensation (Shunt, Series, Combined), Component (Thyristors, Capacitor Banks, Reactors), Application, Industry Vertical (Electric Utilities, Steel, Mining), Global Forecast & Analysis (2013 - 2018)".
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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. FACTS devices provide higher flexibility and increased power transfer capacity on a transmission line, in order to facilitate stable and reliable power supply.
The growing demand for superior quality power supply and network reliability in electric utilities and industrial applications has created numerous opportunities for advanced power electronics based systems such as FACTS. The increasing burden laid on the existing power transmission lines in order to fulfill the ever growing electricity demand, is another factor that drives the growth of FACTS devices. The incidences such as the Northeast blackout (2003) in North America, presented the crucial need for advance methods, such as FACTS, for voltage and power control, in order to avoid further blackouts and power failures. Several research and technological developments are being carried out in the field of power electronics, which further extends the application areas of FACTS equipment.
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Since 1970’s, Flexible AC Transmission Systems are being deployed in electric utilities, to increase the controllability and power transfer ability of a power transmission network. Initially, mechanically switched capacitors, reactors, as well as synchronous generators were used for these applications, but because of their limitations in terms of speed and performance, advanced systems such as FACTS paved their path into the market. The Market consist of power electronics and other static components for controlling the reactive power in an AC transmission network, which further results into optimized utilization of the existing resources. The deregulated environment in electricity industry, increased development in power infrastructure, demand of high quality and reliable power supply, and integration of renewable sources such as wind power in electricity generation— are some of the major drivers responsible for the upsurge of the market, worldwide.
In this report, the global market is segmented on the basis of compensation type, component, application, industry vertical, and geography. Market by compensation type is further divided into devices such as Static Var Compensator (SVC), Static Synchronous Compensator (STATCOM), Fixed Series Capacitor (FSC), and Thyristor Controlled Series Capacitor (TCSC). SVC is the market leader in terms of revenue generation, and it is expected to remain in this position throughout the forecast period from 2013 to 2018. The major application areas of FACTS include electric utilities, steel industry, and mining. Electric utilities hold the maximum market share, and are expected to continue their dominance in the coming future also. Geographically, Americas and Europe, currently, account for the largest market share of the overall revenue of the global market, and are considered as the major revenue pockets in this market, mainly, due to the upgradation and replacement of power infrastructure in these geographies. However, APAC and ROW are expected to be the emerging markets with a tremendous growth potential in the coming future.
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