The majority of electricity transmission systems in service today 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). 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.