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Static Synchronous Compensator (STATCOM) Market Size
- Report ID: GMI5296
- Published Date: Aug 2022
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| STATCOM Market Size in 2021: | USD 800 million |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 13% |
| 2030 Value Projection: | USD 2 billion |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 184 |
| Tables, Charts & Figures: | 136 |
| Segments covered: | Type, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
STATCOM Market Scope
