Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Janelliamartin
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Flexible AC Transmission Systems Market Projected to reach $1.5 billion by 2025

% of readers think this story is Fact. Add your two cents.


The report Flexible AC Transmission Systems (FACTS) Market with Covid-19 Impact Analysis by Compensation Type (Shunt, Series, and Combined), Generation Type, Vertical, Component, Application, Functionality, and Geography – Global Forecast to 2025″ is estimated to grow from USD 1.2 billion in 2020 to USD 1.5 billion by 2025; it is expected to grow at a CAGR of 5.4% from 2020 to 2025.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1228

In a conventional AC transmission system, the ability to transfer AC power is limited by factors such as transient stability, thermal, voltage, and short circuit current limits. These limitations can be overcome with the use of flexible AC transmission systems (FACTSs)—power electronic controllers—as they offer various benefits such as controllability, flexibility and reliability, as well as enhance power transfer capability of the network. FACTS devices help in reducing voltage drops on a transmission line through power electronic devices that manage voltage limits. With the adoption of FACTS, grid operators can ensure reliable and stable grid operations in spite of the growing number of small, decentralized power plants. FACTS not only improves quality and efficiency but also reduces power delivery cost by supplying inductive and reactive power to the grid. With the increasing benefits of FACTS devices, these are widely adopted in verticals such as utilities, railways, renewable, and industrial.

Voltage control dominated facts market, in terms of size, in 2019

Shunt compensation of the FACTS family is used for voltage control applications. Static VAR compensator and STATCOM are used to stabilize the network voltage to keep the network voltage constant at a set reference value. In addition, SVC is used for large industrial loads, such as electric arc furnaces (EAF) and mine drives, to support voltages and improve power quality and power factor. Companies such as GE, American Superconductor, and NR Electric are focusing on voltage control applications. Therefore, utility of shunt compensation for voltage control application coupled with growing key player’s attention on FACTS for voltage control applications drives the market.

Utilities to dominate FACTS market during the forecast period

FACTS are used in electric utilities for the generation, transmission, and distribution of electricity. The applications of FACTS in electrical utilities include voltage control, network stabilization, power oscillation damping, and power flow control, as well as increase transmission capacity. FACTS devices also provide an economical and efficient solution to ease the pressure on existing transmission lines and save high investment costs required for building new network extensions. This is expected to increase the demand for FACTS in utilities. Companies such as ABB, GE, and Siemens provide FACTS devices for the electric utility market because of growing demands for the generation of electricity, globally.

UK is the major consumer of FACTS in Europe

The UK is among the major consumers of FACTS devices in Europe. The rising demand for electricity, along with technological advancements, requires a robust electrical grid system, which, in turn, drives the growth of the FACTS market in the UK. Further, the second-generation device of FACTS, i.e., STATCOM, is mainly deployed in the UK by various companies owing to its benefits such as cost-effectiveness and voltage regulation. For instance, in 2018, AMSC received a contract to offer 3 new D-VAR STATCOM systems. Of which two will serve the renewable energy sector and are expected to be used to connect wind power plants to the electric grid, as well as provide voltage regulation by responding dynamically to varying load conditions, and one will serve the industrial power quality sector.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1228

A few major players in the FACTS market include ABB (HITACHI) (ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens, Germany), Mitsubishi Electric Corporation (Mitsubishi Electric, Japan), Infineon Technologies AG (Infineon, Germany), American Superconductor (AMSC, US), NR Electric Co., Ltd. (NR Electric, China), Hyosung Heavy Industries (Hyosung, South Korea), and Rongxin Power Ltd. (RXPE, UK).



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.