FACTS Market Forecasts
How will the commercialization landscape of FACTS market change with the rising demand for grid modernization and the surging adoption of renewable energy?
The revenue graph of flexible AC transmission systems market is slated to remain rather exponential in the years to come, on account of the rising need for high-quality power across numerous applications. The demand for high-quality AC transmission of electric energy can be attributed to the need to improve controllability and enhance power transfer capability of the network. There are also several benefits to using flexible AC transmission systems such as increased quality of supply, increased stability as well as financial benefits.
Flexible AC Transmission Systems Market Size, By Configuration, 2018 & 2025 (USD Million)
Given the increasing adoption of various electrical components, the adoption graph of FACTS industry will continue to proliferate in the years to come. Transmissions are required to accommodate large weather-dependent shifts in production within widely dispersed sites of renewable energy generation, which are mostly linked to the main transmission grid. The growing requirement for premium and reliable transmission systems will thus drive the FACTS market.
Global warming will dramatically impact the demands pertaining to transmission systems whose architecture is inherited from an era of fossil fuel dominance. The industry will be characterized by a massive need to upgrade existing grid networks, particularly due to the increasing adoption of clean energy sources. The primary goal behind revamping grids is the flexibility to adapt to new technologies in the grid.
Grid modernization has become a catch-all phrase to refer to changes required in the power grid. Grid modernization always implies the growing application of new technologies that are enhancing the intelligence of the grid. Furthermore, as humanity becomes more dependent on the seamless flow of electricity, the vulnerability of the grid grows by the day. Failure of the system for prolonged durations could have serious consequences. Therefore, increasing efforts and spending toward grid modernization will also contribute toward the enhancing FACTS market share in the coming years.
The rapid adoption of renewable sources for electricity generation serves as another driving factor for the global industry. FACTS devices play a vital role in shifting bulk generation of power to remote areas from the present grid structure to raise the concentration of load-centered generation. Systems dominated by renewable sources will also require new means to bolster and stabilize AC networks without coordinating help from rotating generators.
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Recently, the New York Independent System Operator approved new transmission projects, in order to meet the state’s clean energy standard, and help make the overall system more affordable and reliable. The project is anticipated to benefit the state’s electric consumers by allowing the provision of environmentally desirable power necessary to meet state energy goals. Projects like these have encouraged installers to direct their focus on restructuring the present electrical infrastructure, which has led to an immense surge in the demand for flexible AC transmission systems. Hence, the rising adoption of renewable energy networks will favor the global FACTS industry outlook over the coming years.
The system’s ability to prevent unbalanced loads, voltage fluctuations as well as fluctuations in power will also help contribute substantially toward the industry expansion. Natural disasters often end up destroying poles, grids, transmission lines and transformers leaving millions of people without power. However, installations of FACTS safeguard the system and enhance the operational life of the entire electric network.
For example, in 2017, when hurricane Maria hit America’s territory in the Caribbean, it left millions without power for weeks. Given ongoing outages and the region’s deferred maintenance, the island is set to rebuild a new grid based on a resilient and cleaner model. Recently, the island also pledged to reach 100% renewable energy by 2050 and link new sources of clean energy and microgrids to the main power system. Expansion or upgradation of grid networks in a bid to safeguard the system and enhance the operational life of electric infrastructure will thus boost the global FACTS market share over the coming years.
The global flexible AC transmission systems industry is bound to receive considerable momentum from the paradigm shift observed in the power transmission industry. As per a research report by Global Market Insights, Inc., FACTS market size would exceed $2.5 billion by the end of 2025.
Author Name : Krithika Krishnan