The Latin America, Middle East and Africa Flexible AC Transmission System Market would witness market growth of 10.5% CAGR during the forecast period (2023-2030).
Flexible alternating current transmission system (FACTS) appliances are a group of power electronic components and systems used in electrical power transmission networks to improve the control and flexibility of alternating current (AC) power transfers. These devices are intended to increase power transmission systems' overall performance and efficacy by regulating voltage, preserving power flow stability, and boosting transmission lines' transfer capacity. FACTS devices are typically installed at critical points within the power grid, such as substations or transmission lines, where they may actively regulate the electrical signals' voltage, impedance, and phase angle. By manipulating these parameters, these devices can mitigate voltage fluctuations, line congestion, and power factor problems. This allows utilities to maximize existing transmission infrastructure, improve system stability, and optimize real-time electricity transmission.
The market is expected to see substantial growth during the projection period due to the development of the electric power transmission system, the rise in demand for controllability of power systems, and the requirement for high dependability in the event of unexpected occurrences. Moreover, the market will benefit from the emergence of smart infrastructures and a rise in reliance on renewable energy sources over the forecast period. In contrast, the market is expected to be restrained during the forecast period by the high initial cost of installation.
Latin America has significant renewable energy potential, particularly in wind, solar, and hydropower. FACTS technologies are essential for effectively integrating these variable and intermittent energy sources into the grid while ensuring stability and mitigating grid fluctuations. FACTS devices can provide dynamic reactive power support to stabilize the grid, maintain voltage levels, and improve overall power quality. FACTS technologies can help reduce transmission and distribution losses, which is significant in some parts of Latin America. Therefore, the market expansion will increase in the coming years in this region due to the abovementioned factors.
The Brazil market dominated the LAMEA 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 $36.1 Million by 2030. The Argentina market is showcasing a CAGR of 11.1% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 10.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Flexible AC Transmission System Market is Projected to reach USD 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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