Flexible AC Transmission Systems (FACTS) Market

Market Leadership - Flexible AC Transmission Systems (FACTS) Market

The FACTS market is projected to reach USD 1.5 billion in 2025 from USD 1.2 billion in 2020; it is expected to grow at a CAGR of 5.4% during the forecast period. Factors such as increasing benefits offered by FACTS and growth in transmission lines are driving the growth of the market during the forecast period.

ABB (Hitachi) is one of the technology leaders with comprehensive offerings in electrification, industrial automation, motion, and robotics, and discrete automation. The company serves customers in utilities, industry, and transport & infrastructure globally. ABB was founded in 1988 as a result of a merger between ASEA Brown Boveri (Germany) and BBC Brown Boveri (Switzerland). The company has its headquarters in Zurich, Switzerland. ABB operates in more than 100 countries.  ABB offers FACTS under its Power Grids business. However, in December 2018, ABB announced an agreement to divest 80.1%of its Power Grids business to Hitachi Ltd. (Hitachi), valuing the business at USD 11 billion. ABB’s FACTS offerings are based on 3 technologies series compensation, dynamic shunt compensation, and dynamic energy storage and provide more power and control in existing AC as well as green-field networks with minimal environmental impact. Major application areas of FACTS include utilities, renewables, smart grids, railways, metal industries, mining, and oil & gas verticals.

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Rongxin is one of the leading developers and providers of high voltage power electronic solutions. RXPE operates as a subsidiary of Rongxin Huiko Electric Technology Co. Ltd. The company offers various solutions such as Flexible AC Transmission Systems (FACTS), Smart VSC-HVDC Transmission, and Voltage Source Converters (VSCs). RXPE has a strong presence in the FACTS market space, with more than 800 installations of STATCOM across the globe. Through its FACTS solutions, which include SVC, STATCOM, and Maxivar STATCOM the company caters to various applications such as energy, power & utility, and renewables. Moreover, the company has a strong R&D team and spend multi-millions on power management technologies. Further, Baiyun Power Group (BPG), a top 100 Chinese Machinery Enterprise, invested USD 18.9 million into Rongxin Huiko Electric Technology Co. Ltd (RXHK), a parent company of RXPE in February 2018. This investment helped the company to strengthen its product offering and development. Furthermore, the company has successfully completed various FACTS projects for Power Grid Corporation of India Ltd; Ørsted A/S (formerly DONG Energy); DIRAM and so on. This would help the company to increase its presence in the FACTS market.

General Electric (GE) is one of the world’s leading high-tech industrial companies, with products and services ranging from power generation, aircraft engines, medical imaging, financing and industrial products, oil& gas production equipment. It was formed in 1892 by the merger of Edison General Electric Company (US) and Thomson-Houston Electric Company (US) and served customers in over 180 countries worldwide. GE has its headquarters in Fairfield, Connecticut (US). GE provides FACTS based solutions under its Power division that offer grid operators the ability to provide reactive power support, enhance controllability, improve stability, and increase power transfer capability of AC transmission systems. GE’s FACTS portfolio includes Static Synchronous Compensator solution (STATCOM), Static Var Compensator (SVC), Series Compensation System, and Synchronous Condenser Systems.

Related Reports:

Flexible AC Transmission Systems (FACTS) Market with Covid-19 Impact Analysis by Compensation Type (Shunt, Series, and Combined), Generation Type, Vertical, Component, Application, Functionality, and Geography - Global Forecast to 2025

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Report Code
SE 2099
RI Published ON
8/13/2020
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