The North America Flexible AC Transmission System Market would witness market growth of 4.9% CAGR during the forecast period (2023-2030).
The market is a growing and dynamic sector within the electrical power industry. FACTS technologies enhance AC power transmission systems' efficiency, reliability, and controllability. These systems help overcome traditional power transmission limitations, such as line losses, voltage stability issues, and system congestion. SVCs regulate voltage and improve power factors in AC transmission systems. These systems are designed to provide FACTS functionality at a distribution level, improving the reliability and efficiency of local power distribution.
The increasing necessity for electricity in emerging economies and the demand to transmit power over long distances necessitate more efficient and controllable transmission systems. As power grids age, there is a need to modernize and upgrade them to meet the requirements of a digitalized and decentralized energy landscape. The integration of renewable energy sources like solar and wind into the grid requires advanced technologies like FACTS to maintain grid stability. FACTS technologies help reduce transmission losses and improve the overall energy efficiency of the grid. Voltage instability is a common issue in power systems. FACTS devices help maintain stable voltage levels. Enhancing the reliability of power transmission is crucial for industrial processes and minimizing downtime.
North American utilities are investing in grid modernization efforts to replace aging infrastructure and improve grid reliability. FACTS devices play a vital role in achieving these goals by enhancing grid stability and power quality. The integration of renewable energy sources, such as wind and solar, into the North American grid has created the need for advanced grid management solutions. FACTS technologies help manage the variability and intermittency of renewable generation, ensuring grid stability. FACTS devices contribute to energy efficiency by reducing transmission losses and optimizing power flow. This is consistent with efforts to decrease greenhouse gas emissions and enhance the overall efficacy of the electrical grid. Extreme weather and natural disasters have the potential to disrupt electrical grids. Due to such factors, the market will rise significantly in this region.
The US market dominated the North America 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 $442.8 Million by 2030. The Canada market is experiencing a CAGR of 7.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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
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