According to IMARC Group's latest research report, titled "Flexible AC Transmission System (FACTS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," presents a comprehensive analysis of the industry, covering flexible AC transmission system (FACTS) market share, statistics size, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
The global flexible AC transmission system (FACTS) market size reached US$ 1.33 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.86 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
A flexible AC transmission system (FACTS) refers to a technology used in power transmission systems to enhance their efficiency and control the flow of electricity. These devices are utilized to improve power transfer capability, reduce energy losses, and upgrade the overall stability and reliability of the grid. They comprise the use of power electronics and advanced control systems. They can also be applied in numerous distribution networks, including high-voltage direct current (HVDC) systems, alternating current (AC) transmission lines, and power transformers. As a result, FACTS is widely used in the power and energy sector.
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The escalating demand for electricity is resulting in the development of electrified infrastructures and distribution lines, which is among the key factors stimulating the flexible AC transmission system (FACTS) market. Moreover, the rising adoption of this technology, as it enables utilities to increase power transfer capacity and improves grid reliability, is also propelling the market growth. Besides this, the growing investments by government bodies in building smart grids, on account of the aging power grid infrastructures in several countries, are acting as significant growth-inducing factors. Furthermore, the inflating need for renewable energy sources, such as wind and solar power, owing to the increasing consumer environmental concerns, is bolstering the use of FACTS technology that can aid in mitigating the intermittent nature of sustainable energy by regulating power flow and enhancing grid stability, which is positively influencing the global market. Apart from this, strategic collaborations among key market players to strengthen their foothold are anticipated to fuel the flexible AC transmission system (FACTS) market over the forecasted period.
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