Global Static Synchronous Compensator (STATCOM) Market by Type (Low Voltage STATCOM, High Voltage STATCOM), By Application (Renewable Energy, Electric Utilities, Industrial & Manufacturing, Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

                                          

                                                                                       
Market Overview:

STATCOM is a type of power electronic device used for voltage regulation and harmonic filtering in an electrical grid. It compensates for the fluctuations in voltage by injecting or absorbing reactive power into or from the grid. A STATCOM can also provide damping to control oscillations in the grid. The global STATCOM market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth of this market is mainly driven by increasing demand for renewable energy sources and rising need for voltage stability and harmonic filtering in electrical grids. Additionally, growing industrialization and urbanization are also contributing to the growth of this market. However, high initial cost associated with installation of STATCOMs may restrain the growth of this market to some extent. The global STATCOM market can be segmented on the basis of type, application, and region. On the basis of type, it can be divided into low voltage STATCOMs and high voltage STATCOMs . Low voltageSTAT COMs are used mainly for applications such as renewable energy , electric utilities , industrial & manufacturing , others . HighvoltageSTAT COMs are used mainly fortransmission applications .).



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Product Definition:

STATCOM stands for Static Synchronous Compensator. It is a power electronics converter that provides voltage and reactive power support to a power system. STATCOMs are used to improve the voltage stability of transmission systems, provide fast-acting dynamic reactive compensation and mitigate transient faults.

Low Voltage STATCOM:

STATCOM is a device that compensates for the effects of noise and distortion in electrical power systems. It does this by converting the fluctuating power supply to steady DC. The basic function of STATCOM is to provide an output with constant voltage and current, which can be used as an input into another device (such as a battery).

High Voltage STATCOM:

High voltage STATCOM is a power electronic device which converts the low voltage AC to DC and vice-versa. It is used in various applications such as static synchronous compensator (STATCOM) or power electronics for Synchronous Electric Motor (SEM). The major application of high voltage STATCOM devices are transformers, switch mode power supply, inverter circuits and electric motor drives.

Application Insights:

The electric utilities segment accounted for the largest revenue share in 2016 and is projected to continue its dominance over the forecast period. STATCOMs are used as a safeguard against power line abnormalities that may lead to an increase in electricity costs. The devices also help reduce power consumption during peak hours by operating as a compensator, which reduces the need for additional investments in energy generation and transmission capacity.

The renewable energy segment is expected to witness significant growth over the forecast period owing to rising government support for various solar & wind projects across countries such as Germany, China, India and Brazil. Investments made by these companies have helped them achieve economies of scale that will enable them to drive down production costs significantly over time; this trend is expected to continue through 2018 until 2030 when new technologies become commercially viable at lower prices than conventional fossil-fueled generators do now (in terms of both hardware cost and lifetime cost).

Regional Analysis:

North America dominated the global market in terms of revenue share in 2016. The region is expected to continue its dominance over the forecast period owing to increasing investments and favorable government policies for deployment of STATCOMs. Asia Pacific is anticipated to witness significant growth over the next eight years due to rising demand for clean energy generation, along with growing industrialization and electric utilities sector across countries such as China, India, Indonesia, South Korea & Japan. Moreover, supportive government initiatives are also expected to drive regional market growth during the forecast period. Europe accounted for a major share in 2016 owing to high penetration of renewable energy sources across countries such as Germany and Spain coupled with stringent regulations by governments about emission control standards set by European Union (EU).

Growth Factors:

Increasing demand for electricity due to population growth and industrialization
Rapid deployment of renewable energy sources such as solar and wind power
Stringent regulations on carbon emissions driving the need for more efficient power grids
Growing popularity of electric vehicles which require a stable supply of electricity
Development of smart grid technologies that enable real-time monitoring and control of the electrical grid


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Scope Of The Report
Report Attributes
Report Details
Report Title
Static Synchronous Compensator (STATCOM) Market Research Report
By Type
Low Voltage STATCOM, High Voltage STATCOM
By Application
Renewable Energy, Electric Utilities, Industrial & Manufacturing, Others
By Companies
ABB, Siemens, Rongxin, Hitachi, Mitsubishi Electric, S&C Electric, GE, Sieyuan Electric, AMSC, Ingeteam, Comsys AB, Beijing In-power Electric Co., Ltd, Merus Power
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
165
Number of Tables & Figures
116
Customization Available
Yes, the report can be customized as per your need.

Global Static Synchronous Compensator (STATCOM) Market Report Segments:
The global Static Synchronous Compensator (STATCOM) market is segmented on the basis of:
Types
Low Voltage STATCOM, High Voltage STATCOM
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Renewable Energy, Electric Utilities, Industrial & Manufacturing, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
ABB
Siemens
Rongxin
Hitachi
Mitsubishi Electric
S&C Electric
GE
Sieyuan Electric
AMSC
Ingeteam
Comsys AB
Beijing In-power Electric Co., Ltd
Merus Power



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Highlights of The Static Synchronous Compensator (STATCOM) Market Report:
The market structure and projections for the coming years.
Drivers, restraints, opportunities, and current trends of market.
Historical data and forecast.
Estimations for the forecast period 2030.
Developments and trends in the market.
By Type:
Low Voltage STATCOM
High Voltage STATCOM
By Application:
Renewable Energy
Electric Utilities
Industrial & Manufacturing
Others
Market scenario by region, sub-region, and country.
Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Static Synchronous Compensator (STATCOM) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
Correctly Positioning New Products
Market Entry Strategies
Business Expansion Strategies
Consumer Insights
Understanding Competition Scenario
Product & Brand Management
Channel & Customer Management
Identifying Appropriate Advertising Appeals



8 Reasons to Buy This Report
Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
Implemented Robust Methodology to Prepare the Report
Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
Provides Information About the Top-winning Strategies Implemented by Industry Players.
In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
Customization of the Report Available

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