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," offers a comprehensive analysis of the industry, which comprises insights on the flexible AC transmission system (FACTS) market. The report also includes competitor and regional analysis, and contemporary advancements in the 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.
Flexible AC Transmission System (FACTS) Market Outlook:
A flexible AC transmission system (FACTS) is utilized in power transmission systems to optimize efficiency and control the flow of electricity. Its purpose is to enhance power transfer capability, minimize power losses, and improve the overall stability and reliability of the power grid. The system is composed of power electronics and advanced control systems that enable real-time control of voltage, current, and reactive power on the transmission line, which in turn helps regulate power flow, stabilize the grid, and mitigate voltage instability and grid oscillations. It suits various transmission systems, including direct high-voltage current (HVDC) systems, alternating current (AC) transmission lines, and power transformers. Furthermore, it can integrate renewable energy sources, such as wind and solar power into the grid. The benefits of FACTS technology include enhanced power quality, increased power transfer capability, reduced transmission losses, and improved grid stability and reliability, making it increasingly popular in the power and energy industry.
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Flexible AC Transmission System (FACTS) Market Trends:
The rising demand for electricity majorly drives the global market. This can be supported by the widespread adoption of FACTS technology to increase power transfer capacity and enhance grid reliability, making it a suitable option for meeting the increasing electricity demand. Along with this, the rising government expenditure on building smart grids to replace the aging power grid infrastructure in several countries is significantly supporting the market. Additionally, the growing concerns about the environment leading to the widespread adoption of renewable energy sources such as wind and solar power are also driving the demand. Apart from this, the growing demand for FACTS technology to regulate power flow and improve grid stability, mitigating the intermittent nature of renewable energy, is contributing to the market. Moreover, the increasing need for power system controllability in industries, such as oil and gas, railways, and electric utilities is creating a positive market outlook. Some of the other factors driving the market include rising mergers and acquisition activities and continual technological advancements.
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