Static Synchronous Compensator (STATCOM) Market is anticipated to exceed USD 2 billion in value by 2030, according to latest research report by Global Market Insights Inc.
The study mentions that growing awareness about the benefits of adopting renewable power is fueling the STATCOM industry expansion. Static synchronous compensators provide better stability while responding to voltage fluctuations in power systems, which makes them suitable for renewable energy distribution. Wind & solar power are intermittent energy sources, which can have effects on the performance and dependability of an electrical network.
Governments in regions such as North America and Asia Pacific are increasing their investments in a wide range of renewable energy technologies to promote their uses across industries. For example, according to the IEEFA, renewable investments made by the Government of India saw a record 125% growth in 2021 - 22 as compared to the previous year.
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The medium voltage segment held around 55% of the STATCOM market share in 2021. Medium voltage devices have numerous high-end properties, such as flicker mitigation, harmonic compensation, fast & stable response time, and low switching losses. These capabilities will spur the adoption of this type of STATCOMs in heavy industries, the renewable energy & utility sectors, and railway traction lines.
Based on application, the photovoltaic generation segment is predicted to observe over 15% CAGR during 2022 - 2030. Increasing environmental concerns have led to the rising requirement of solar power. Various end users including utilities, telecom, industrial, and other sectors will likely accept green energy, which will drive the installation of STATCOM machines.
Browse key industry insights spread across 184 pages with 101 market data tables and 35 figures & charts from the report “Static Synchronous Compensator (STATCOM) Market Size By Type (Low Voltage, Medium Voltage, High Voltage), By Application (Electricity Networks, Photovoltaic Generation, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents
According to the new report, the Europe STATCOM industry size is expected to attain over 13% gains through 2030. Growing advancements in the electronics, automation, robotics, and renewable energy sectors will influence the regional growth. Governments are also taking initiatives to improve the wind power output by using advanced Static Var compensators that utilize gate turn-off thyristor technology.
Leading companies offering STATCOM systems include Ingeteam S.A., Siemens, Sieyuan Electric, Hitachi, GE Energy, Mitsubishi, RXHK, Hyosung Heavy Industries, American Superconductor, and Eaton Corporation. The study discusses the key strategies used by the STATCOM market players, such as collaborations, product development, and mergers & acquisitions, to gain a competitive edge and expand their customer base.