Top Statcom Companies

As electricity networks continue to grow more complex, the necessity for enhanced power quality and grid stability only intensifies the demand for STATCOM systems. The increased integration of intermittent renewable energy sources (wind and solar) into electricity networks has also driven greater efforts among utilities and grid operators to develop solutions for voltage and reactive power regulation using STATCOM technology.

Industry Overview

According to SkyQuest Technology “Statcom Market By Voltage (Low, Medium, High), By End User (Utility, Steel Manufacturing, Renewable Energy, Mining, Hydrogen Power Plant), By Application (Electricity Networks, Photovoltaic Generation), By Region- Industry Forecast 2025-2032,” Global Statcom Market is projected to grow at a CAGR of over 8.3% by 2032, on account of urgent need for automating quantified data. The ongoing growth of smart grid investments, the construction of additional high-voltage electric transmission systems providing interconnections between regions, and the rapid expansion of industrialisation within emerging markets are also driving increased demand for STATCOM solutions.

Top 10 Global Statcom Companies

1. Hitachi Energy (Switzerland)

The leader in HVDC and FACTS worldwide, with their SVC Light being the benchmark for grid stabilization on a large scale. After Hitachi acquired ABB's Power Grids division, they combined their extensive portfolio for the integration of large offshore wind farms and the stabilization of cross-border interconnectors.

2. Siemens Energy (Germany)

Siemens Energy has been a leader in MMC (Modular Multilevel Convertor) Technology with its SVC PLUS product line, having compact systems with low levels of Harmonic Distortion that are ideal for urban substations with limited space. They also lead many activities within the European and North American "Green Energy Corridor" projects.

3. GE Vernova (USA)

GE Vernova's Grid Solutions is a new company in 2024. They are heavily focused on decarbonization efforts in North America and Europe. Recently, they launched the FACTSFLEX series with supercapacitor-based energy storage integrated with the STATCOM.

4. ABB (Switzerland)

Although the largest utility-level STATCOMs are now manufactured by Hitachi Energy, ABB continues to lead the industrial and medium voltage sector. Their PCS 6000 series is one of the most popular systems used in hard to abate sectors like steel and mining. A significant reason for ABB's continued success is their ability to digitally integrate and offer productized services and advanced monitoring of industrial facilities around the world.

5. Mitsubishi Electric Corporation (Japan)

Since its introduction of the first Utility Scale STATCOM system in 1991, Mitsubishi Electric Corporation has been considered a leader in providing innovative solutions for Electric Utility Applications. Mitsubishi Electric uses its patented "SVC-Diamond" technology to ensure superior reliability and performance when integrating the very High Voltage Static-VAR-Compensator with your grid.

6. NR Electric (China)

NR Electric has emerged as a leading supplier for the rapid growth of the Chinese Power Grid. NR Electric supplies a variety of products including; Ultra-High Voltage (UHV) Power Supplies and specializes in supplying High-Capacity Electric Power Supply Systems to companies engaged in UHV Transmission Line Operations. NR Electric has developed a High-Capacity PCS-9580, which is used to provide high-capacity electric power supply to UHV power lines.

7. Ingeteam (Spain)

Ingeteam is the only Company in the world that specializes exclusively in Renewable Energy Integration. While other Companies focus on providing products and services to Transmission Systems, Ingeteam's INGECON SUN product line provides Renewable Energy Integration specifically designed for Solar Power and Wind Energy Applications.

8. Hyosung Heavy Industries (South Korea)

Hyosung Heavy Industries is a recognized leader in the Asia-Pacific Region and North America providing various products and services across both regions. Hyosung was the first Company to successfully develop Localized Manufacturing of MMC-STATCOM Technology in Korea. For 2024, Hyosung's strategy will focus on the development of "Turnkey" Substation Solutions providing Utilities with both the necessary Static VAR Compensator (STATCOM) and the associated Transformer & Switchgear Products, allowing Utility Companies to procure equipment more efficiently.

9. Sieyuan Electric

Sieyuan Electric headquartered in China, is one of the fastest-growing companies in the world in Static Var Generator (SVG) and grid-forming technology. In 2024, Sieyuan generated approximately $3.2 billion in revenue, primarily due to acquiring supercapacitor technology. One notable technology of the E-STATCOM series is "Inertia Support." This feature allows the E-STATCOM to act like a traditional spinning turbine and thereby stabilizes modern grids that rely on inverters.

10. RXPE (Rongxin Power Electronics)

Rongxin Power Electronic (RXPE) is an industrial-focused specialist with a strong presence in both metallurgy and rail transportation. RXPE systems were designed to offset the "flicker" associated with electric arc furnaces and large voltage swings created by high-speed rail operations. RXPE has a huge installed base of products used in heavy industry throughout China, India, and Brazil.

Other Leading Global Statcom Companies

• Hopewind Electric
• JEMA Energy
• Comsys AB
• Schneider Electric
• Eaton Corporation
• LS Electric
• CG Power and Industrial Solutions
• Beijing In-power Electric
• Shandong Taikai Power Electronic
• Anhui Zhongdian Electric
• ZDDQ Electric
• Diram Electronics

Conclusion

The global market is predicted to keep growing as electric utilities around the world shift toward a greater use of renewable energy technologies and an increasing focus on building electric grids. As such, the use of STATCOMs will be essential in providing voltage stabilization, reliability, and overall system performance. Ongoing growth in the development of power electronic devices along with ongoing developments in government programs aimed at increasing renewable energy and decreasing reliance on fossil fuels will support the long-term growth of STATCOM's in both utility and industrial and renewable sources of production.