Press release
Static Synchronous Compensator (STATCOM) Market Expected to Achieve 8.9% CAGR by 2029: Growth Forecast Insights
Static Synchronous Compensator (STATCOM)
How Large Will the Static Synchronous Compensator (STATCOM) Market Size By 2025?
The market capacity of the static synchronous compensator (Statcom) has expanded significantly in recent past. It is projected to escalate from $1.08 billion in 2024 to $1.18 billion in 2025 with a compound annual growth rate (CAGR) of 9.3%. Factors such as growing demand for voltage regulation, increased funding towards smart grid technologies, escalating usage of power electronics, government efforts towards grid modernizin, and the surge in urbanization and industrial progression have all contributed to the growth during the historic period.
How Big Is the Static Synchronous Compensator (STATCOM) Market Size Expected to Grow by 2029?
The market size for the static synchronous compensator (statcom) is predicted to witness robust growth in the upcoming years, reaching $1.66 billion by 2029 with a compound annual growth rate (CAGR) of 8.9%. Factors such as the escalating demand for voltage stability, burgeoning investments in energy storage integration, a concentrated effort to curb transmission losses, an increasing necessity for real-time grid supervision and control, and a surge in investments in smart grid technologies contribute to this predicted growth during the forecast period. Trends that are expected to make a significant impact in the forecast period include progress in modular statcom designs, the integration of advanced power electronics, pioneering developments in real-time grid monitoring, compatibility with energy storage systems, and the evolution in cooling technologies.
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Which Key Market Drivers Powering Static Synchronous Compensator (STATCOM) Market Expansion and Growth?
The rising need for renewable energy is anticipated to boost the development of the static synchronous compensator (STATCOM) market in the future. This form of energy is harvested from ceaseless natural sources or processes and is defined as inexhaustible. The escalating demand for renewable energy stems primarily from the mounting worries over climate change, pushing governments, businesses, and individuals to opt for cleaner alternatives, in order to slash greenhouse gas emissions and offset global warming effects. The role of STATCOM comes into play by augmenting renewable energy amalgamation via rapid and flexible voltage support, thereby enhancing grid stability and power quality in light of the fluctuating nature of renewable sources. For example, data from a Luxembourg-based governmental agency, Eurostat, in December 2024, indicated that the percentage of energy gleaned from renewable sources in the European Union's transport sector escalated to 10.8% in 2023, witnessing a surge from 9.6% in 2022. Hence, the escalating demand for renewable energy is spurring the growth of the static synchronous compensator (STATCOM) market.
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Which Fast-Growing Trends Are Poised to Disrupt the Static Synchronous Compensator (STATCOM) Market?
Leading corporations in the static synchronous compensator (STATCOM) sector are channeling their efforts towards the creation of novel solutions like alternating current (AC) transmission systems. These systems are instrumental in improving grid stability and power quality. An AC transmission system, capable of transmitting electricity over long distances, offers a steady grid for STATCOM, enabling the regulation of voltage and the augmentation of power quality through swift reactive power compensation. For instance, in August 2024, GE Vernova Inc., an entity based in the US that specializes in manufacturing energy equipment and providing services, unveiled the FACTSFLEX GFMe. This innovative STATCOM solution incorporates supercapacitor-based energy storage to boost grid stability and facilitate the integration of renewable energy sources. This solution tackles the growing problem of voltage variances and frequency disruptions emanating from the unpredictable nature of solar and wind power. Through the provision of virtual inertia and grid-forming capabilities, FACTSFLEX GFMe guarantees efficient and dependable grid operations, especially in areas with substandard infrastructure or high renewable energy utilization.
What Are the Emerging Segments in the Static Synchronous Compensator (STATCOM) Market?
The static synchronous compensator (STATCOM) market covered in this report is segmented -
1) By Type: Low Voltage Static Synchronous Compensator (STATCOM), High Voltage Static Synchronous Compensator (STATCOM)
2) By Component: Power Electronics, Control Systems, Transformers, Filters, Protection Equipment
3) By Technology Type: Voltage Source Converter (VSC) Static Synchronous Compensator, Current Source Converter (CSC) Static Synchronous Compensator, Hybrid Static Synchronous Compensator
4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By End-User: Utility Providers, Industrial Sector, Renewable Energy Developers, Transportation Sector, Commercial Establishments
Subsegments:
1) By Low Voltage Static Synchronous Compensator (STATCOM): Industrial Power Systems, Commercial Power Systems, Renewable Energy Integration, Data Centers, Urban Distribution Networks
2) By High Voltage Static Synchronous Compensator (STATCOM): Utility Transmission Grids, Renewable Energy Plants (Wind, Solar), Industrial Bulk Power Consumers, Smart Grid Infrastructure, Cross-Border Interconnections
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Who Are the Global Leaders in the Static Synchronous Compensator (STATCOM) Market?
Major companies operating in the static synchronous compensator (STATCOM) market are Mitsubishi Electric Corporation, Hitachi Energy Ltd., Siemens AG, General Electric Company (GE), ABB Ltd., Toshiba Corporation, Chint Group Corporation, Eaton Corporation plc, Bharat Heavy Electricals Limited (BHEL), Hyosung Heavy Industries Corporation, Sieyuan Electric Co. Ltd., CG Power and Industrial Solutions Limited, American Superconductor Corporation, LS Electric Co. Ltd., JEMA Energy S.A., HICO America, Merus Power Plc, NR Electric Co. Ltd., Comsys AB, ZDDQ Electric Co. Ltd.
Which are the Top Profitable Regional Markets for the Static Synchronous Compensator (STATCOM) Industry?
Asia-Pacific was the largest region in the static synchronous compensator (STATCOM) market in 2024. The regions covered in the static synchronous compensator (STATCOM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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