Static Synchronous Compensator (STATCOM) Market Analysis

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.