Flexible AC transmission systems or FACTS are power electronic-based system, poised of static equipment, which is used for the electrical energy’s AC transmission. FACTS provide power transfer ability and collective controllability of the network, and also results in reduced power supply costs. However, the complexity in networks has amplified the issues in power supply quality, reliability, and flexibility.
In a flexible AC transmission system, the capability to transfer AC power is limited by various factors such as thermal limits, short circuit current limit, voltage limit, transient stability limit, etc. These limits define the maximum electric power, which can be effectively transmitted through the transmission line devoid of causing any damage to the transmission lines and electrical equipment.
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COVID-19 Impact and Key Developments in the Global Market
The COVID-19 pandemic has negatively impacted the global flexible AC transmission systems market owing to the restrictions imposed on passengers on travelling through railways in order to spot the coronavirus spread. However, the prominent players of the market are adopting several strategies such as business and geographical expansion to sustain in the pandemic period.
For instance, in May 2020, GE energized first-of-its-kind and the biggest STATCOM scheme in Europe for National Grid in the UK. The ‘DRC’ (Dynamic Reactive Compensator) scheme is corresponded across three separate sites in the UKs National Grid network. The STATCOM scheme by the company delivers enhanced operator reliability and greater network stability to support the development of interconnectors with Europe
Moreover, the major market players are adopting numerous growth strategies such as partnerships, mergers & acquisitions, collaborations, and business expansion to obtain a robust position in the overall market, which is ultimately supporting the flexible AC transmission market to grow at a swift pace.
For instance, Rongxin Huiko Electric (RXHK), in October 2019 received a contract to deliver 1 set of converter valves: ±400kV 1,100MW VSC HVDC for China’ demonstration project namely Three Gorges’ (CGN)/CTG Rudong Offshore Wind Farm. The equipment and construction installation are anticipated to be scheduled by 2020.
In July 2020, ABB completed the divestment of 80.1% of its Power Grids business to Hitachi. The divestment enables ABB to focus on customer needs and key market trends such as the electrification of transport, digital solutions, automated manufacturing, and enhanced sustainable productivity.
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Forecast Analysis of Flexible AC Transmission Systems Market
Global flexible AC transmissions systems market is anticipated to witness a robust growth over the period of forecast owing to the increasing demand for transmission systems across the globe to transfer, accommodate, and carry bulk electrical energy mainly in railway sector. Moreover, the continuous developments in FACTS devices is estimated to create massive growth opportunities in the global market. Conversely, high investments costs are required initially in the incorporation of flexible AC transmission systems is predicted to restrict the market growth over the forecast period.
The rise in demand for advanced energy systems controllability and huge investments in the development of power transmission systems are the main factors anticipated to bolster the growth of the global flexible AC transmission systems market by 2027. Research Dive in its latest published report estimates that the flexible AC transmission market will generate a revenue of $1,229.6 million throughout the forecast period. The North America region is likely to hold a dominant share in the global market in the projected timeframe primarily due to the increasing investments on replacement of existed energy transmission and distribution infrastructures with high-quality integration of energy renewable sources. The major players of the global industry include ABB, Adani Group, Alstom, cgglobal.com, Eaton, General Electric, HYOSUNG, Mitsubishi Electric Corporation, NR Electric Co., Ltd. and Siemens.
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