Flexible AC Transmission Systems Market 2025 | Regional Insights & Growth Forecast
Flexible AC transmission systems (FACTS) market share is expected to witness notable growth in the forthcoming years owing to the increasing presence of smart grid network systems and distributed generation technologies.
Increased development of industries, commercial establishments, and residential spaces has fueled the demand for a robust and reliable power transmission systems and infrastructure. Approximately 4,171 kWh of electricity was produced in the U.S. in the year 2018. Flexible AC transmission systems (FACTS) market share is expected to witness notable growth in the forthcoming years owing to the increasing presence of smart grid network systems and distributed generation technologies.
Over the years, initiatives have been undertaken by the governments to support the expansion of electricity grid technology along with the establishment of micro-grid projects in regions with limited or no electricity. The Ministry of Power, Government of India launched the National Smart Grid Mission that focuses on planning, implementing and monitoring of regulations and programs linked to Smart Grid activities across India.
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One such project is the Kochi smart grid project that covers more than 90 thousand people and aims at deploying smart grid infra coupled with establishing EV charging infrastructures and solar PV generation. Reportedly, the total cost of the project is valued at close to USD 1.28 million. Similar efforts in other developing nations is poised to fuel global flexible AC transmission systems industry forecast.
Mounting demand for steady-state flexible AC transmission system
With respect to the scope of application, FACTS industry is bifurcated into steady-state and dynamic. Steady-state is one of the most lucrative application segments of the market and include loading margin improvement, voltage control, congestion management and ATC enhancement.
One of the leading operational aims of FACTS is to ensure improved power transmission abilities along with voltage control during the connection to power network. Heavily loaded and faulty power solutions are prone to voltage collapse. Growing complexities in the power systems worldwide along with the rise in demand for reliable, secured, cost-effective and controlled power grid systems globally are reinforcing FACTS market outlook across steady-state applications.
Based on configuration, combined controller units are witnessing widespread popularity over the years. These systems are the combination of shunt controllers and separate series that operate in a coordinated manner. Once unified, they ensure power exchange between the series and shunt controllers via a common DC power link. Various advantages associated with its use include enhanced power transfer capability and improved voltage regulations.
Emerging automobile industry in Europe to fuel application trends
Regionally, Europe will dominate flexible AC transmission system industry size over the next few years. Reportedly in the year 2017, the total consumption of electricity grew by 23 Terawatt hours across all European countries. Mounting industrial production in the region along with the establishment of various manufacturing units has driven the demand for electricity among the member nations.
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The automobile sector is witnessing robust developments owing to the demands of the people due to high disposable income and improved standards of living. In 2018, nearly 19.2 million vehicles were produced in Europe. Developments and technological advancements in the European automotive industry has led to the production of electric vehicles to drive sustainability goals of the region.
According to Forbes, the EU will offer 214 electric vehicle models by the end of 2021 and will witness burgeoning adoption due to the growing awareness regarding growing carbon emission levels and resulting environmental degradation. These developments will undoubtedly surge power demand in the region and impact the adoption of FACTS.
The power grids in Europe require a techno-economic and environmental solution. The use of flexible AC transmission mechanisms will lead to an enhanced transient and dynamic stability of power transmission technologies, driving the system’s demand across the region.
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