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)”, published by MarketsandMarkets, 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 tables and 63 figures spread through 343 pages and in-depth TOC on this report.
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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 forsuperior 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 laidon 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.
The FACTS market segmentation revolves around three major areas: compensation type, industry verticals, and geography. Each of these areas is further divided into individual sub-categories. This report also covers the major components used in FACTS devices; such as power electronic devices, thyristors, reactors, and capacitor banks,as well as the applications (steady state and dynamic applications).This report makes a note of the major devices such as Static Var Compensator (SVC), Static Synchronous Compensator (STATCOM), Fixed Series Capacitor (FSC), Thyristor Controlled Series Capacitor (TCSC), and Unified Power Flow Controller (UPFC). SVC is the most widely used FACTS device, and accounts for more than 90% of the overall shunt compensation (SVC and STATCOM) market revenue in 2013. Among all the FACTS devices, SVC is expected to be the market leader in the coming five years, also; whereas, the applications of UPFC will remain a niche.
The market is also segmented on the basis of industry verticals or end users that include electric utilities, steel industry, mining, and others (wind power, railways). Electric utilities accounts for the maximum market share in terms of the market revenue followed by steel industry and mining. The different factors such as environmental legislations, land availability issues,government regulatory norms in licensing & building of transmission lines, and integration of renewable sources in power grids, are expected to surge the demand of FACTS devices in diverse industry verticals such as wind farms and railways.
This report examines the” Global Flexible AC Transmission System Market” from all the market aspectssuch as drivers, restraints, future opportunities, burning issues, and winning imperatives; in detail. The report also covers all the market sub-segments of the market through detailed classifications,with qualitative and quantitative analysis at each and every aspect of the classification (by Compensation type, Industry vertical & Geography).The company profiles of key market players, component manufacturers, and end-users are also included in the report for an in-depth understanding of the global market scenario. The report further includes the competitive landscape of the global FACTS market that consists of market share analysis, mergers and acquisitions, partnerships, new product developments, and the key growth strategies of the major market players.
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In this report, the global FACTS market is segmented into four major geographical regions, namely Americas, Europe, APAC, and ROW. Presently, Americas is the largest contributor in FACTS market as of 2012; and is forecast to keep a strong position over the forecast period from 2013 to 2018. However, APAC is the emerging and fastest growing market, where countries like China, India, and Australia will be the most promising future markets for the FACTS devices. APAC is expected to overcome Americas in terms of the market revenue during the forecast period from 2013 to 2018.Europe is also projected to be a major market for FACTS, because of the strong government initiatives for integrating windpower in power grids in order to ensure clean energy generation in this region.
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