The Asia Pacific Flexible AC Transmission System Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030).
Flexible alternating current transmission system (FACTS) devices, such as static var compensators (SVC) and static synchronous compensators (STATCOM), are utilized in power systems to regulate voltage levels and maintain voltage stability. They compensate for reactive power and mitigate voltage fluctuations caused by variable load conditions or grid disturbances. Flexible alternating current transmission system (FACTS) components, like thyristor-controlled series capacitors (TCSC), unified power flow controllers (UPFC), and static synchronous series compensators (SSSC), enable active and reactive power flow control in transmission lines. They can adjust line impedance, enhance power transfer capacity, and optimize power flow distribution within the grid.
Demand for grid optimization, renewable energy integration, and power quality enhancement has steadily increased over the years, propelling the growth of the market. The market size is expected to increase over the next few years. Grid modernization initiatives, which seek to upgrade aging infrastructure and enhance grid flexibility and dependability, have been a significant factor in deploying FACTS devices. Governments and utilities are investing in modernizing transmission systems, creating a tremendous opportunity for market share of flexible AC transmission systems.
The Asia Pacific region is known for its rapid economic growth and industrialization. As economies expand and urbanize, the demand for electricity rises, necessitating upgrades and enhancements to the power grid. FACTS technologies help optimize existing infrastructure to meet growing energy demands. Many countries in Asia are investing in expanding and modernizing their power grids to improve grid reliability and efficiency. FACTS devices are integral to grid modernization efforts, enabling the efficient use of transmission lines and better power flow management. As a result, the demand for FACTS will increase, and market growth will drive in this region.
The China market dominated the Asia Pacific Flexible AC Transmission System Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $140.8 Million by 2030. The Japan market is registering a CAGR of 6.5% during (2023 - 2030). Additionally, The India market would experience a CAGR of 7.8% during (2023 - 2030).
Based on Controller, the market is segmented into Static VAR Compensator (SVC), Static Synchronous Compensator (STATCOM), Unified Power, low Controller (UPFC), Thyristor Controlled Series Compensator (TCSC), and Others. Based on Vertical, the market is segmented into Electric Utility, Oil & Gas, Railways, and Others. Based on Compensation Type, the market is segmented into Series Compensation, Combined series-shunt Compensation, and Shunt Compensation. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Flexible AC Transmission System Market is Predict to reach $1.8 Billion by 2030, at a CAGR of 6.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, Adani Power Limited, Alstom SA, CG Power and Industrial Solutions Limited, Eaton Corporation PLC, General Electric Company, Hyosung Corporation, Mitsubishi Electric Corporation, NR Electric Co., Ltd., Siemens AG.
By Controller
By Vertical
By Compensation Type
By Country
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