The FACTS, which were deployed in the late 1920s, mitigated voltage drops on the power grid and the growth of large-scale renewable energy projects is driving increased demand for the systems.
According to the report, the capital costs and uncertainty associated with new transmission grid and high-voltage substation construction are very high, particularly in distributed renewable energy resources.
Transmission grid operators and utilities plan to mitigate voltage drops over long-haul transmission lines with new, large-scale FACTS deployments.
Navigant Research senior research analyst James McCray said: "The majority of electricity transmission systems in service today rely on many of the same technologies that existed at their conception more than a century ago.
"Sophisticated FACTS technologies demonstrate tremendous potential to provide solutions to problems, such as localized voltage sag, power factor fluctuations, and flicker,that are caused by renewables intermittency, increasing industrial loads, and power plant retirements."
