Series controller units are predicted to grow at a CAGR of over 6% up to 2025. Growing transmission capacity, lesser installation time and improved system stability are the key features favouring the deployment of series FACTS market. Moreover, consumer tendencies towards a secure living environment in coalition to longer life expectancy of the energy infrastructure will further stimulate the industry outlook.
Low installation cost when compared to the available counterparts, improved efficiency along with higher rating across distribution circuits are the few indispensable features favouring the demand for shunt systems. Moreover, lack of effective electric network across developing countries coupled with a paradigm shift toward the refurbishment of existing infrastructure have further infused a favourable business scenario.
In the current industrial regime, static synchronous compensator holds a major share owing to power factor and improved stability across utility systems. Capability to offer capacitive reactive power at the time of abnormal voltage drops & faults coupled with faster response subject to thyristor firing are the key factors favouring the product penetration.
The capability to limit voltage fluctuations, power oscillations, resonance for unbalanced loads across varying active or reactive supply have infused a positive scenario for SVC units. Rising integration of energy efficient, reliable, secure, fire-resistant and advanced electric devices have further energized the flexible AC transmission systems market growth.
The incorporation of sustainable energy infrastructure has compelled utilities and installers to focus on refurbishment of the prevailing electrical network. The conventional systems are being developed and enhanced dependent on the resonating frequencies & bandwidth to endure the volatility across sustainable networks. Henceforth, favourable consumer & regulatory inclination pertaining to the adoption of renewable electricity network will boost the overall industry growth.
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> 220 kV to 660 kV units have gained substantial impetus owing to the retrofitting of small-scale industrial platforms and large-scale commercial establishment across developing regions. In addition, suburban migration leads to the growth of large residential complexes and multi-storey apartments, enhancing the product penetration. Rising dependence on large industries which include manufacturing facilities and power generation has further nurtured the FACTS market growth.
Increase of thermal loading, power flow control, loop flow control, decrease in short circuit level and post-contingency voltage control are the few indispensable parameters positively swaying the FACTS controller’s growth across the steady state applications. Furthermore, fast acting switching response, improved voltage stability, decreased losses and greater reliability in power systems will favour the global FACTS market.
Dynamic application will witness a significant growth on account of their efficient adoption to offer voltage control, transient stability enhancement, SSR elimination and oscillation damping. Current fluctuations, unbalanced load and harmonic volatility conditions have constantly been hindering grid sustainability and revenue realization across developing nations. Henceforth, increasing peak load demand in line with shifting inclination pertaining to efficient grid network will further boost the technological adoption.
Transportation industry holds an appreciable industry share owing to immense dependability of utilities, government agencies, manufacturers, product suppliers, and similar dealers for the shipment of their processed products. Henceforth, safe and reliable electricity supply across these transport peripherals has gained impetus. In addition, rapid technological enhancements and industrial shift towards the integration of electric powered transportation units, yards and premises will stimulate the overall industry growth.
Utility aided grid infrastructure have been favoured by government & regulatory schemes toward electrical network installation. Positive government directives pertaining to rural electrification & the infusion of decentralized micro-grid setup across remote isolated areas have strengthened the industry potential. Moreover, adoption of sustainable electrical infrastructure positively influenced by investment from local regulatory institutions & authorities including the world bank and similar financial organizations across emerging regions will stimulate the business dynamics.
U.S. FACTS market is anticipated to reach over USD 270 million by 2025. Increasing demand on account of rising fund flow toward the advancement of long-distance grid network & refurbishment of local electric infrastructure have strengthened the industry scenario. In 2017, the U.S. Department of Energy (DOE) announced to invest USD 220 million to upgrade the country’s power grid network over the next three years.
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