The majority of electricity transmission systems in service are high-voltage alternating current (HVAC) systems that rely on many of the same technologies that existed at their conception more than 100 years ago. Today, however, the rapid worldwide expansion in large-scale wind and solar projects, coupled with the growth of heavy industry in Latin America, South Africa, and other regions, is providing new opportunities for flexible alternating current transmission systems (FACTS). Click to tweet: According to a new report from Navigant Research, worldwide revenue from FACTS will surpass $5 billion annually in 2022.
'Flexible AC transmission systems can be used creatively to help solve some of the most demanding transmission challenges on the power grid,' says James McCray, senior research analyst with Navigant Research. 'These new distributed solutions are showing tremendous potential for helping to correct problems like localized voltage sag, power factor fluctuations, and flicker.'
FACTS include an array of complex engineered solutions, such as series compensation (SC) solutions, static volt-ampere reactive compensators (SVCs), and static synchronous compensators (STATCOMs), that can improve the reliability and stability of the high-voltage transmission grid, according to the report. Additionally, the proliferation of distributed renewable resources on the grid, along with the smart grid focus on pushing distribution automation and control technologies to the edge of the grid, is driving new markets for scaled-down FACTS that can be delivered as modular, containerized solutions.
The report, 'Flexible AC Transmission Systems', analyzes the global market for FACTS technologies, including an analysis of the market issues, drivers, challenges, and regulatory factors related to FACTS systems. Global capacity and revenue forecasts, segmented by converter type and region, extend through 2023, and include base, conservative, and aggressive scenarios. The report also examines the key technologies and use cases associated with FACTS, and provides profiles of key industry players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, 'Flexible AC Transmission Systems,' is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.