The Europe Flexible AC Transmission System Market would witness market growth of 6.0% CAGR during the forecast period (2023-2030).
The regional adoption of FACTS technologies varies. Due to their well-established power infrastructure and grid modernization initiatives, developed economies have been early adopters of FACTS devices. Consequently, such market trends are observed in developing countries. Market participants are progressively forming strategic alliances and partnerships to improve their technological capabilities, widen their market reach, and provide integrated solutions. These collaborations seek to leverage the expertise of various value chain stakeholders and accelerate market expansion.
Population growth and urbanization have led to an increase in electricity demand, especially in emergent economies. This rise in electricity demand in emerging economies propels the market to expand. With population growth and urbanization expansion, the need for dependable and efficient power transmission is paramount. FACTS devices are essential to meeting this demand by optimizing power flow, enhancing grid stability, and increasing transmission capacity. Rapid urbanization and industrialization in emerging economies significantly strain the extant power infrastructure. The implementation of FACTS technologies permits utilities to enhance the effectiveness and dependability of their power transmission networks. By moderating voltage, managing power flow, and mitigating grid issues, FACTS devices contribute to tackling the challenges posed by rising electricity demand.
Europe heavily invests in renewable energy sources like wind and solar power. FACTS technologies can facilitate the integration of these intermittent energy sources by enhancing grid stability, managing voltage fluctuations, and optimizing power flow. Europe is moving toward a more decentralized energy grid, with increased use of distributed energy resources (DERs) and microgrids. FACTS devices can be crucial in managing power flows and maintaining grid stability in this evolving landscape. Europe actively pursues cross-border interconnection projects to promote energy sharing and grid stability across nations. FACTS technologies facilitate power exchange and help maintain grid reliability in interconnected systems. Electric vehicles (EVs) growth requires grid upgrades to support increased charging infrastructure. FACTS devices help regulate voltage and manage power flow, ensuring grid stability when renewable generation fluctuates. Thus, due to these factors, the regional market will expand.
The Germany market dominated the Europe 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 $131.8 Million by 2030. The UK market is exhibiting a CAGR of 5.1% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 6.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Flexible AC Transmission System Market will Hit $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.
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