Static Synchronous Compensator Market Size & Share 2022 to 2030
Market Size by Type (Low Voltage, Medium Voltage, High Voltage), by Application (Electricity Networks, Photovoltaic Generation, Others) & Forecast.
Report ID: GMI5296
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Published Date: August 2022
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Static Synchronous Compensator (STATCOM) Market Size
Static Synchronous Compensator (STATCOM) Market size crossed USD 800 million in 2021 and is anticipated to record more than 13% CAGR during 2022 to 2030.
A STATCOM is a regulating device that stabilizes the network and power supply. The growing demand for these devices in high-voltage direct current systems, for regulating the voltage and absorbing reactive current, is driving the STATCOM market growth. The product delivers the required power stability to HVDC devices and prevents commutation failures when coupled to a weak AC system. A surge in renewable energy adoption worldwide will create new opportunities for industry players.
Conventional static synchronous compensator solutions have two steady-state operating modes, which can be used only for low frequencies, thereby limiting their use in the market. However, advancements in STATCOM technologies, such as the introduction of hybrid STATCOMs to achieve greater stability in energy systems, will support the industry expansion.
Static Synchronous Compensator (STATCOM) Market Analysis
The global low voltage STATCOM market revenue is expected to register more than 9% gains through 2030. These products offer multiple benefits including low harmonic distortion, voltage support, and fast power factor correction, which will boost their espousal. There is a notable increase in the implementation of low-voltage STATCOMs to maintain the stability of power networks in small factories and residential & commercial establishments.
The STATCOM market value from the electricity network application is set to surpass USD 1.5 billion by 2030. The demand for power is rising across the residential, industrial, and commercial sectors in emerging economies. Growing investments in renewables will further strengthen the need for T&D components.
Regionally speaking, Asia Pacific is projected to account for over 55% of the global STATCOM market by end of 2030. The demand for electricity is continuously growing in the region. Utilities in countries such as China, India and Japan are accepting a new energy mix, which consists of various fuel sources & renewable energy.
In Japan, for instance, saw the installation of the first wind turbine at its Akita Noshiro wind farm in July 2022. It was planned to be the nation’s very first commercial offshore wind project, representing the fast usage of green energy in APAC. STATCOMs can be integrated in load reactive power compensators and interface unit between renewable power sources and the electricity grid.
Static Synchronous Compensator (STATCOM) Market Share
Major companies operating in the STATCOM market landscape include
The firms are engaged in teaming up with utility & industrial players to integrate STATCOMs into their ecosystems. This move will allow them to expand their share over the long run.
For example, in September 2021, Siemens Energy announced its plans to supply four STATCOM solutions to LS Power Grid California, LLC. This move will allow the company to absorb reactive power and regulate uneven voltage supply at the point of connection in the grid. The firm aims to support the mission of decarbonization in California through an effective energy mix.
Impact of COVID-19 Pandemic
The emergence of COVID-19 in 2020 led to reduced electricity consumption worldwide due to a slowdown in the industrial and commercial sectors. Since the overall power demand was cut down, the STATCOM market witnessed negative impacts to some extent. However, owing to the work-from-home trend, consumption increased in the residential sector, which increased the load on associated transmission & distribution systems. Increasing expenditure to strengthen residential power supply and the gradual surge in industrial activities post-COVID-19 lockdowns will reinforce the demand for STATCOM devices.
This research report on STATCOM market includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2030, for the following segments:
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Market, By Type
Market, By Application
The above information has been provided for the following regions and countries:
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