Global Statcom Market

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

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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).

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. '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.'

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

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.

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.

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