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In 2023, the size of the worldwide STATCOM market was USD 603.3 million. The market is anticipated to increase by USD 941.2 million by 2029, representing a CAGR of 5.9% over the forecast period, from USD 633.3 million in 2022. The COVID-19 pandemic has had an unprecedented and shattering impact on the world, and STATCOM has shown lower demand than expected in all regions compared to pre-pandemic levels. According to our data, the global market showed a 2.3% fall from 2019 to 2020.
The Global STATCOM Market Size, Scope, and Forecast 2023-2029 report has been added to the Market research collection of Market Intelligence Data. Industry experts and researchers have offered an authoritative and concise analysis of the STATCOM Market with respect to various aspects such as growth factors, challenges, restraints, developments, and opportunities for growth. This report provides a pin-point analysis of changing dynamics and emerging trends in the STATCOM Market. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Worldwide STATCOM Market in the coming years.
The market has experienced significant growth as a result of an enormous increase in the roll-out of smart metres and smart grid infrastructure, both of which are expected to quicken the industry's pace. For instance, the U.S. Department of Energy introduced the“Building a Better Grid” project in January 2022 to spur the nationwide construction of new and updated high-capacity electric transmission lines. In order to assess the needs of national transmission and support the construction of high voltage, long-distance transmission facilities, which are essential for reaching the target of 100% clean power by 2035, the initiative will collaborate with industry and community partners. In the upcoming years, it is projected that such government measures will accelerate product uptake
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Some of the key players profiled in the study 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 and other Prominent players.
November 2021 – Hitachi Energy rolled out IdentiQ. The product is a type of STATCOM that exhibits the property of the digital twin of the HVDC converter station. Along with 3D interactive visualization, IdentiQ offers all the relevant information on operational data, analytics, assets, and others. May 2021 – Siemens Energy announced that it received an order for two static synchronous compensators systems for grid stabilization from Italian transmission system operator Terna. S.p.A. Both the STATCOM systems formed part of the company's SVC PLUS series and will be constructed in Latina (Lazio region) and Villanova (Abruzzo region). The units will contribute to interconnections between mainland Italy and Sardinia and Montenegro and Italy
Competition is an important issue in any market research analysis . With the help of the competitive analysis provided in the report, players can easily study the key strategies employed by leading players in the STATCOM market. The major and emerging players of the STATCOM Market are closely studied considering their market share, production, sales, revenue growth, gross margin, product portfolio, and other important factors . This will help players familiarize themselves with the movements of their toughest competitors in the STATCOM market.
The segmental analysis section of the report includes a thorough research study on key type and application segments of the STATCOM market.
STATCOM Market ( By Type )
Low Voltage STATCOM
High Voltage STATCOM
STATCOM Market ( By Application )
Renewable Energy
Electric Utilities
Industrial & Manufacturing
Others
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Important years considered in the STATCOM study:
Historical year – 2017-2023; Base year – 2023; Forecast period ** – 2023 to 2029 [** unless otherwise stated]
If opting for the Global version of STATCOM Market; then the below country analysis would be included:
– North America (the USA, Canada, and Mexico)
– Europe ( Europe is the second-largest market. An increase in smart grid infrastructure development in countries across the region, along with the growing demand for renewable electricity, is surging the product demand. The North America market is driven by growing electricity consumption across industrial, commercial, and residential sectors. The region also focuses on increasing electricity generation from renewable sources such as wind and solar. Also, the presence of leading manufacturers makes the region a prominent destination. Latin America and the Middle East & Africa markets are still not in line, although leading manufacturers, such as Siemens and GE, are involved in several regional projects. )
– Asia-Pacific (The market in Asia Pacific stood at USD 201.5 million in 2021 and is anticipated to hold the largest market value share over the forecast period. Asia Pacific is the largest region for electricity production and consumption. Additionally, the region also has the largest capacity for renewable electricity generation. The region is also rich in steel manufacturing; many global and regional steel manufacturers operate across Asia Pacific. An increase in electricity generation and renewable investment is the primary reason behind the growing product demand across the region.)
– South America (Brazil, Argentina, Chile, Colombia, the Rest of the countries, etc.)
– the Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)
Reasons to Procure this Report:
(A) The research would help top administration/policymakers/professionals/product advancements/sales managers and stakeholders in this market in the following ways.
(B) The report provides STATCOM market revenues at the worldwide, regional, and country levels with a complete analysis to 2029 permitting companies to analyze their market share and analyze projections, and find new markets to aim for.
(C) The research includes the STATCOM market split by different types, applications, technologies, and end-uses. This segmentation helps leaders plan their products and finances based on the upcoming development rates of each segment.
(D) STATCOM market analysis benefits investors by knowing the scope and position of the market giving them information on key drivers, challenges, restraints, and expansion chances of the market and moderate threats.
(E) This report would help to understand competition better with a detailed analysis and key strategies of their competitors and plan their position in the business.
(F) The study helps evaluate STATCOM business predictions by region, key countries, and top companies' information to channel their investments.
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What is new in 2023?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the STATCOM market.
– Updated financial information and product portfolios of players operating in the STATCOM market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
The new edition of the report consists of trends/disruptions on customer's business, tariff and regulatory landscape, pricing analysis, and a market ecosystem map to enable a better understanding of the market dynamics for STATCOM.
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