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Global STATCOM market

Global STATCOM market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of ~15% during the forecast period.

Global STATCOM Market

The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.

Market Definition

A STATCOM stands for static synchronous compensator. It is a voltage regulating device which is generally used in flexible alternating current electricity transmission systems (FACTS). It is also known as STATCON that is static synchronous condenser.

Market Dynamics

A global STATCOM market has witnessed tremendous growth from the past few years. The growth of STATCOM market is attributed to the large scale adoption of STATCOM regulating devices for applications such as in renewable energy markets, wind and solar farms, rolling mills, mining and heavy industry and in electric arc furnaces applications. An increasing demand for electricity in developing economies, rising industrialization and urbanization, rising integration of STATCOM with energy storage devices and ongoing technological advancements in electronics, robotics and automation systems are expected to improve the growth of the market during the forecast period. The STATCOM device provides some benefits such as superior performance, steady voltage of power grid applications and improved transmission capacity, which are ultimately propelling the growth of the market.

However, high initial cost related with installations of STATCOM solutions is the major restraining factor that could hinder the growth of market.

Global STATCOM Market: Segmentation Analysis

By industry, power transmission segment dominated the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. A growing installation of STATCOM solutions in transmission grids to provide grid operators with fast response time, enhanced options of functioning voltage, reactive power compensation and small footprints is attributed to the growth of the market. Additionally, benefits such as robust recovery support and high reactive output is making them more demandable in power transmission industry. An increasing need to efficiently transmit and generate power and electricity using transmission line to different consumers across the globe and rising demand to improve the voltage profile of transmission system is expected to impel the growth of the market during the forecast period.

Global STATCOM Market: Regional Analysis

Region-wise, Asia Pacific held the largest market share in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. Countries such as China, Japan, India, and South Korea are the major key contributors behind the growth of the market. The growth is attributed to the rising installations of STATCOM solutions in power grid applications.

Increasing demand for power and electricity in developing economies, rising demand from renewable energy markets such as from solar panel installations, wind farms, solar farms markets and increasing government’s investments and initiatives to provide electricity across the countries is expected to propel the growth of the market in APAC region.

According to MMR study, in June 2018, Siemens Company has commissioned world largest STATCOM solutions with 400 kV and worth of approximately €78 million, at Power Grid Corporation of India’s (PGCIL) substation in Odisha.

In March 2019, NR Electric Co. Ltd has effectively commissioned STATCOM system with 120MVar at Gujirat Energy Transmission Corporation Limited (GETCO) in India.

The objective of the report is to present a comprehensive analysis of the Global STATCOM Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global STATCOM Market dynamics, structure by analyzing the market segments and projects the Global STATCOM Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global STATCOM Market make the report investor’s guide.
The Scope of Global STATCOM Market

Global STATCOM Market, By Product Type

• Low Voltage STATCOM (less than 20Mvar)
• Medium Voltage STATCOM (20 – 100Mvar)
• High Voltage STATCOM (greater than 100Mvar)
Global STATCOM Market, By Industry

• Power Distribution
• Mining
• Offshore Oil and Gas
• Steel Manufacturing
• Automobile Manufacturing
• Power Transmission
Global STATCOM Market, By Region

• North America
 US
 Canada
• Europe
 UK
 France
 Germany
 Italy
 Spain
 Norway
 Russia
• Asia Pacific
 China
 India
 Japan
 South Korea
 Australia
 Malaysia
 Indonesia
• South America
 Brazil
 Mexico
 Argentina
• Middle East and Africa
Global STATCOM Market, Key Players

• Bharat Heavy Electricals Limited (BHEL)
• General Electric India Ltd
• Veeral Controls Pvt. Ltd
• NR Energy Solutions India Pvt. Ltd
• Ingeteam, Inc
• Siemens AG
• Toshiba Corporation
• NR Electric Co., Ltd
• S&C Electric Company
• ABB India Limited
• Schneider Electric India Pvt. Ltd
• Crompton Greaves Limited
• Mitsubishi Electric India Pvt. Ltd
• Statcom Solutions
• Signotron India Pvt. Ltd
• Power One Micro Systems Pvt. Ltd
• XX
• XX
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