The global Flexible AC Transmission System Market is experiencing significant expansion, driven by the increasing demand for efficient and reliable power transmission solutions. Valued at approximately USD 1.45 billion in 2023, the market is projected to reach USD 2.30 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.83% during the forecast period .

Leading Companies in the FACTS Market

Several companies have established themselves as leaders in the FACTS market, contributing to its growth:

1. ABB Ltd (Hitachi): A global technology leader, ABB offers comprehensive FACTS solutions under its Power Grids business. In December 2018, ABB announced an agreement to divest 80.1% of its Power Grids business to Hitachi Ltd., valuing the business at USD 11 billion .

2. General Electric Company (GE): GE provides a wide range of FACTS solutions, including Static VAR Compensators (SVCs) and Static Synchronous Compensators (STATCOMs), catering to various industries and applications.

3. Siemens AG: Siemens offers advanced FACTS technologies, including Unified Power Flow Controllers (UPFCs) and Thyristor Controlled Series Capacitors (TCSCs), enhancing the stability and efficiency of power transmission systems.

4. Mitsubishi Electric Corporation: Mitsubishi Electric provides FACTS solutions such as STATCOMs and SVCs, supporting the integration of renewable energy sources and improving grid reliability.

5. NR Electric Co., Ltd.: NR Electric specializes in high-voltage power electronic solutions, offering FACTS devices like STATCOMs and SVCs, with over 800 installations globally .

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Recent Mergers and Acquisitions

The FACTS market has witnessed strategic mergers and acquisitions to enhance technological capabilities and market presence:

• Eaton Corporation: In a significant move, Eaton Corporation acquired electrical equipment supplier Cooper Industries to form a premier global power management company. This acquisition aimed to facilitate easier entry into the power infrastructure sector and strengthen Eaton's position in the FACTS market .

Technological Advancements and Market Developments

Recent developments in FACTS technologies include:

• High-Capacity STATCOMs: Mitsubishi Electric received an order for a ±700 MVA STATCOM from Tohoku Electric Power Network Co., Inc., marking the largest capacity class for STATCOMs. This development aims to enhance grid stability and support renewable energy integration .

• Flexible Large Power Transformers: In collaboration with Prolec GE, GE Research developed and installed a flexible large power transformer at a major substation in Columbia, Mississippi, improving grid flexibility and resilience .

Investments and Funding

The FACTS market is attracting investments to support technological advancements and infrastructure development:

• Adani Transmission Ltd: In September 2021, Adani Transmission Ltd announced an investment of USD 160 million in eastern Madhya Pradesh to strengthen the power transmission system for MP Power Management Company Ltd (MPPMCL), enhancing grid reliability and capacity .

Conclusion

The FACTS market is poised for substantial growth, driven by technological innovations, strategic investments, and increasing demand for efficient power transmission solutions. Companies like ABB Ltd (Hitachi), General Electric Company, Siemens AG, Mitsubishi Electric Corporation, and NR Electric Co., Ltd. are at the forefront of this transformation, offering advanced products that cater to the diverse needs of the power industry. As the market continues to evolve, stakeholders must focus on innovation, efficiency, and sustainability to ensure the widespread adoption of FACTS technologies.