Flexible AC Transmission Systems (FACTS) are a type of advanced power electronics technology used to control power flow on high voltage power transmission systems. FACTS technology uses power electronics based equipment to improve the controllability and reliability of the power system, allowing for more efficient use of existing transmission lines.
FACTS technology is used to improve system stability and reduce transmission losses, increase power transfer capability, increase power sharing between utilities, and provide remedial action for system faults. FACTS technology is also used to reduce voltage and reactive power oscillations, improve power quality, and reduce voltage instability.
FACTS technology is widely used in many countries around the world and is growing in popularity as power systems are becoming increasingly interconnected and complex. The main applications of FACTS technology include static var compensation (SVC), static synchronous compensators (STATCOM), unified power flow controllers (UPFC), and thyristor-based phase shifting transformers (T-PST).
FACTS technology is also being used to enable the integration of renewable energy sources into the power system by providing reactive power support, and by helping to maintain system stability through the use of advanced control strategies.
The global Flexible AC Transmission Systems (FACTS) market was valued at US$ 1506.9 million in 2022 and is anticipated to reach US$ 1973.7 million by 2029, witnessing a CAGR of 4.6% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Flexible AC Transmission Systems (FACTS) Market available at: https://www.themarketreports.com/report/global-flexible-ac-transmission-systems-facts-market-research-report
This report aims to provide a comprehensive presentation of the global market for Flexible AC Transmission Systems (FACTS), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Flexible AC Transmission Systems (FACTS).
The leading manufactures mainly are ABB, Siemens, RXPE, Sieyuan Electric, Mitsubishi Electric, GE, Toshiba, AMSC and Hyosung. ABB is the largest manufacturer; its revenue of global market exceeds 31%.
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