Product ID: SQMIG15E2134
Global Statcom Market Size, Share, Growth Analysis, By Product Type(Mineral, Synthetic), By Application(Candles, Packaging) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2134 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
66 |
Figures:
75
Global Statcom Market Insights
Statcom Market size was valued at USD 603.3 billion in 2019 and is poised to grow from USD 633.3 billion in 2023 to USD 941.2 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
STATCOM or static synchronous compensator is a power electronic device using force commutated devices like GTO, IGBT etc. to regulate the reactive power flow through a power network and thereby increasing the stability of power network.
Usually a STATCOM is mounted to support electrical networks that have a poor power factor and often poor voltage regulation. The most common use of STATCOM is voltage stability. A STATCOM is a voltage source converter (VSC) based device, with the voltage source behind a ballast.
Global statcom market is expected to witness rapid growth over the forecast period, owing to growing investments in transmission & distribution infrastructures. The rising number of retrofit projects and the augmented power consumption, has led the new infrastructure projects to be endowed with huge investments. This, in turn, increases the demand for electricity, which impels the incorporation of STATCOM devices, thereby spurring the market growth. However, high cost and various technical challenges, while operating IGBT Based STATCOM, is anticipated to hinder the statcom market growth over the forecast period.
In 2017, high voltage Statcom segment held the largest share of 58.81%. High power Static Synchronous Compensator (STATCOM) breaks new ground in the provision of high-power density, high-redundancy reactive power compensation. The high voltage STATCOM is at the pinnacle of innovation in high-power semiconductors and converter topologies. Its proven capabilities are attracting much attention from renewable energy organisations and utilities for handling challenging large-scale projects.
US Statcom Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Statcom Market Segmental Analysis
Global statcom market is segmented based on product type, application, and region. Based on product type Statcom Market is categorized into: Low Voltge STATCOM (less than 20Mvar), medium voltage STATCOM (20-100 Mvar) and High Voltage STATCOM (greater than 100 Mvar). By application Statcom Market is categorized into: Renewable Energy, Electric Utilities, Industrial & Manufacturing, Long Distance Power Transmission, Power Substations, Oil & Gas, Steel Manufacturing, Mining, Automobile Industry, Others. Based on region, Statcom Market is categorized into: North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Statcom Market Analysis by Product Type
By 2028, the high voltage market is expected to grow significantly. Power factor correction and voltage support are the two benefits that high voltage STATCOMs provide that are anticipated to increase their use in a variety of applications.
Statcom Market Analysis by Application
In 2021, the statcom market was led by the power transmission segment. The expansion of the market is related to an increase in the installation of STATCOM solutions in transmission grids to give grid operators quick response times, improved options for operational voltage, reactive power correction, and small footprints. In the power transmission business, advantages like strong recovery support and high reactive output are increasing their demand. During the anticipated period, the market is predicted to see expansion due to rising demand for transmission system voltage profile improvement and an increase in the necessity to transport and generate power and electricity efficiently to various consumers around the world.
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Global Statcom Market Regional Insights
In 2021, the Asia Pacific region accounted largest statcom market share of the global statcom market. Growing demand from renewable energy markets, such as those from solar panel installations, wind farms, and solar farms, as well as growing government investments and attempts to deliver electricity across countries are anticipated to drive the market expansion in the APAC region.
Also, North America is dominating the global market during the forecast period due to presence of steel manufacturing and oil & gas companies working in this region.
China, Japan, India, and South Korea are the major key player in this market and they contribute in the growth of the market. Europe is developing new technologies in steel manufacturing, which is one of the key factors for the significant CAGR in this region.
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Global Statcom Market Dynamics
Statcom Market Driver
- The statcom market is driven by growing industrial sector, increasing demand for power, rising government initiatives, and product innovations. For instance, in December 2019, GE Renewable Energy, a leading grid solutions provider, made history by powering the Bolney substation. The substation is one of three substations considered to be the largest STATCOM system in Europe. To integrate more renewable energy into their grids. At the Bolney Substation of National GRID, the solution should promote the reliability of the HVDC interconnection as well as resilience in the event of a breakdown. In addition, it will support the European Union's strategy to achieve competitive advantage and better integration of the European energy market on a global scale. Product innovations along with growing demand for renewable energy are expected to drive the market growth over the forecast period
Statcom Market Restraint
- Availability of substitutes such as static VAR compensator (SVC) UPS technology used in parts of the country. Also, high capital cost for the installation of statcom solutions is also expected to hamper statcom market growth.
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Global Statcom Market Competitive Landscape
Global statcom market is fairly concentrated. Major players which are focusing on adopting the strategies such as innovation, mergers & acquisitions, recent developments, joint venture, partnership, and collaborations are including ABB, Siemens AG, Mitsubishi Electric Corporation, General Electric Company, Comsys AB, Mersus Power, American Superconductor Corporation (AMSC), Ingeteam Corporación, S.A, Beijing In-Power Electric Co. Ltd., Montnets Rongxin Technology Group Co., Ltd.
Top Players in the Global Statcom Market
- ABB
- General Electric Energy Ltd
- Siemens AG
- Mitsubishi Electric Corporation
- Eaton Corporation
- Schneider Electric SE
- Bharat Heavy Electricals Limited (BHEL)
- Rongxin Power Electronic Co. Ltd.
- NR Electric Co. Ltd.
- American Superconductor Corporation
- Advanced Energy Industries, Inc.
- Hyosung Corporation
- Comsys AB
- Mitsubishi Heavy Industries, Ltd.
- Power System Engineering, Inc.
- LS Industrial Systems Co. Ltd.
- Toshiba Corporation
- S&C Electric Company
- Arteche Group
- Hitachi, Ltd.
Statcom Market Recent Developments
- In April 2017, American Superconductor Corporation (AMSC) announced four new d-var STATCOM system orders valued at over USD 8 million. Two of the orders serve the renewable energy sector and are expected to be used for to provide voltage regulation by responding dynamically to varying load conditions and connection of wind power plants to the electric grid in the United Kingdom.
- In March 2017, ABB announced the launch of expert digital distribution transformers (300 kva - 10 Mva). It is a digital solution that provides asset performance analysis and ensures data accuracy.
Global Statcom Key Market Trends
- In comparison to earlier designs, the advanced digital control (ADC) system for shunt and series compensation can control and safeguard any linked equipment with performance ratings that are nearly ten times higher. ADC offers excellent performance for running complicated utility and industrial compensation algorithms because to hybrid processing technology (microprocessor + field-programmable gate array, or FPGA), as well as high-speed serial communication. Modern voltage source converters based on insulated gate bipolar transistors (IGBT) can be controlled thanks to such real-time performance, which only needs a sub-microsecond response time.
Global Statcom Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by product type, the high voltage market is expected to grow significantly. Region-wise, the Asia Pacific region accounted for highest market share in 2021.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 603.3 billion |
| Market size value in 2031 | USD 941.2 billion |
| Growth Rate | 5.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Statcom Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Statcom Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Statcom Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Statcom Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Statcom Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Statcom Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Statcom Market Report Snapshots
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