STATCOM Market Overview
STATCOM (Static Synchronous Compensator) is a critical component in modern electrical grids, playing a pivotal role in maintaining grid stability and power quality. As a type of flexible AC transmission system (FACTS), STATCOM devices provide fast and precise reactive power compensation to regulate voltage levels, improve grid reliability, and mitigate power fluctuations caused by intermittent renewable energy sources or dynamic loads. This technology is essential in ensuring grid stability by quickly responding to voltage variations and enhancing the overall efficiency of transmission and distribution systems.
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STATCOM Market Report Scope and Research Methodology
The STATCOM Market Report offers a comprehensive analysis of market trends, technological advancements, regulatory landscapes, and competitive dynamics within the global market for Static Synchronous Compensators (STATCOM). The scope of the report encompasses detailed insights into various segments, including product types (voltage source converters, current source converters), applications (utilities, renewable energy integration, industrial sectors), and geographic regions. It provides in-depth coverage of market size, growth forecasts, and market share analysis, along with a competitive landscape featuring key players, their strategies, and recent developments in STATCOM technology.
STATCOM Market Regional Insights
North America and Europe are often characterized by mature electricity grids and significant investments in grid modernization and renewable energy integration. These regions prioritize technologies like STATCOM to enhance grid stability, manage voltage fluctuations, and ensure reliable electricity supply amid increasing renewable energy generation.
STATCOM Market Segmentation
by Product
Low Voltage STATCOM (less than 20Mvar)
Medium Voltage STATCOM (20 – 100Mvar)
High Voltage STATCOM (greater than 100Mvar)
By industry, power transmission segment dominated the market in 2023 and is projected to witness fast growth at a CAGR of xx% during the forecast period. A growing installation of STATCOM solutions in transmission grids to provide grid operators with fast response time, enhanced options of functioning voltage, reactive power compensation and small footprints is attributed to the growth of the market. Additionally, benefits such as robust recovery support and high reactive output is making them more demandable in power transmission industry. An increasing need to efficiently transmit and generate power and electricity using transmission line to different consumers across the globe and rising demand to improve the voltage profile of transmission system is expected to impel the growth of the market during the forecast period.
by End User
Power Distribution
Mining
Offshore Oil and Gas
Steel Manufacturing
Automobile Manufacturing
Power Transmission
STATCOM Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
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STATCOM Market Key Players
1. Bharat Heavy Electricals Limited (BHEL)
2. General Electric India Ltd
3. Veeral Controls Pvt. Ltd
4. NR Energy Solutions India Pvt. Ltd
5. Ingeteam, Inc
6. Siemens AG
7. Toshiba Corporation
8. NR Electric Co., Ltd
9. S&C Electric Company
10. ABB India Limited
11. Schneider Electric India Pvt. Ltd
12. JEMA Energy USA LLC
13. Crompton Greaves Limited
14. Mitsubishi Electric India Pvt. Ltd
15. Statcom Solutions
16. Signotron India Pvt. Ltd
17. Power One Micro Systems Pvt. Ltd
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Key questions answered in the STATCOM Market are:
• What is STATCOM ?
• What was the STATCOM market size in 2023?
• What is the growth rate of the STATCOM Market?
• Which are the factors expected to drive the STATCOM market growth?
• What are the different segments of the STATCOM Market?
• What growth strategies are the players considering to increase their presence in STATCOM ?
• What are the upcoming industry applications and trends for the STATCOM Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the STATCOM Market?
• What segments are covered in the STATCOM Market?
• Who are the leading companies and what are their portfolios in STATCOM Market?
• What segments are covered in the STATCOM Market?
• Who are the key players in the STATCOM market?
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Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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