What is Global Static Synchronous Compensator (STATCOM) Market?
The Global Static Synchronous Compensator (STATCOM) market is a specialized segment within the broader power electronics and electrical engineering industry. STATCOMs are advanced devices used to regulate voltage and improve the stability of power systems. They achieve this by providing reactive power compensation, which helps maintain the voltage levels within the desired range. This technology is crucial for modern power grids, especially with the increasing integration of renewable energy sources like wind and solar power, which can cause fluctuations in voltage. STATCOMs are also used in industrial applications to enhance the power quality and efficiency of electrical systems. The market for STATCOMs is driven by the growing demand for reliable and efficient power supply, the need to integrate renewable energy sources, and the modernization of aging power infrastructure. As countries around the world invest in upgrading their power grids and incorporating more renewable energy, the demand for STATCOMs is expected to grow.
High Voltage STATCOM, Low Voltage STATCOM in the Global Static Synchronous Compensator (STATCOM) Market:
High Voltage STATCOMs and Low Voltage STATCOMs are two primary segments within the Global Static Synchronous Compensator (STATCOM) market, each serving distinct applications and voltage requirements. High Voltage STATCOMs are typically used in large-scale power transmission and distribution networks. They are designed to handle high voltage levels, often exceeding 100 kV, and are essential for maintaining voltage stability in extensive power grids. These devices are crucial for integrating large-scale renewable energy projects, such as wind farms and solar power plants, into the grid. High Voltage STATCOMs help mitigate voltage fluctuations caused by the intermittent nature of renewable energy sources, ensuring a stable and reliable power supply. They are also used in industrial applications where large amounts of reactive power compensation are required, such as in steel mills, mining operations, and other heavy industries. On the other hand, Low Voltage STATCOMs are used in applications where the voltage levels are lower, typically below 100 kV. These devices are commonly found in commercial and residential settings, as well as in smaller industrial applications. Low Voltage STATCOMs are used to improve power quality, reduce harmonic distortion, and enhance the efficiency of electrical systems. They are also used in distributed generation systems, such as small-scale solar power installations, to ensure stable voltage levels and improve the overall performance of the system. Both High Voltage and Low Voltage STATCOMs play a critical role in modern power systems, addressing different voltage requirements and application needs. The choice between High Voltage and Low Voltage STATCOMs depends on the specific requirements of the application, including the voltage levels, the amount of reactive power compensation needed, and the overall system design. As the demand for reliable and efficient power supply continues to grow, the market for both High Voltage and Low Voltage STATCOMs is expected to expand, driven by the increasing integration of renewable energy sources, the modernization of power infrastructure, and the need for improved power quality and efficiency in various applications.
Electric Utilities, Renewable Energy, Industrial & Manufacturing, Others in the Global Static Synchronous Compensator (STATCOM) Market:
The usage of Global Static Synchronous Compensator (STATCOM) technology spans across various sectors, including Electric Utilities, Renewable Energy, Industrial & Manufacturing, and others, each benefiting from its unique capabilities. In the Electric Utilities sector, STATCOMs are essential for maintaining voltage stability and improving the reliability of power transmission and distribution networks. They help manage voltage fluctuations and reactive power, ensuring a stable and efficient power supply. This is particularly important in regions with aging power infrastructure, where STATCOMs can help modernize and enhance the performance of existing systems. In the Renewable Energy sector, STATCOMs play a crucial role in integrating renewable energy sources like wind and solar power into the grid. These sources are inherently variable, causing fluctuations in voltage that can destabilize the power system. STATCOMs provide the necessary reactive power compensation to smooth out these fluctuations, ensuring a stable and reliable power supply. This is vital for the successful integration of renewable energy into the grid, supporting the transition to a more sustainable energy future. In the Industrial & Manufacturing sector, STATCOMs are used to improve power quality and efficiency. Many industrial processes require a stable and reliable power supply to operate efficiently. Voltage fluctuations and poor power quality can lead to equipment malfunctions, production downtime, and increased operational costs. STATCOMs help mitigate these issues by providing reactive power compensation, reducing harmonic distortion, and stabilizing voltage levels. This results in improved equipment performance, reduced downtime, and lower operational costs. Other sectors, such as commercial buildings, data centers, and transportation, also benefit from STATCOM technology. In commercial buildings and data centers, STATCOMs help maintain power quality and ensure a stable power supply, which is critical for the operation of sensitive electronic equipment. In the transportation sector, STATCOMs are used in electric railways and other electrified transportation systems to improve power quality and ensure a reliable power supply. Overall, the usage of STATCOM technology across these various sectors highlights its versatility and importance in modern power systems. As the demand for reliable and efficient power supply continues to grow, the adoption of STATCOM technology is expected to increase, driven by the need for improved power quality, the integration of renewable energy sources, and the modernization of power infrastructure.
Global Static Synchronous Compensator (STATCOM) Market Outlook:
The global Static Synchronous Compensator (STATCOM) market is anticipated to expand from US$ 909.5 million in 2024 to US$ 1190.5 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. Leading players in the STATCOM market include Hitachi, Siemens, Windsun Science Technology, Liaoning Rongxin Xingye Power, Sieyuan Electric, and TBEA, with the top six companies collectively holding approximately 58% of the market share. North America dominates the market for feed grade calcium propionate, accounting for about 83% of the share, followed by Europe and Asia-Pacific with shares of approximately 7% and 6%, respectively. In terms of product types, high voltage STATCOMs represent the largest segment, making up about 97% of the market. Regarding applications, electric utilities constitute the largest segment, with a share of around 40%.
| Report Metric | Details |
| Report Name | Static Synchronous Compensator (STATCOM) Market |
| Accounted market size in 2024 | US$ 909.5 million |
| Forecasted market size in 2030 | US$ 1190.5 million |
| CAGR | 4.6 |
| Base Year | 2024 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Hitachi, Ltd., Siemens Aktiengesellschaft, Windsun Science Technology Co., Ltd., Liaoning Rongxin Xingye Power Technology Co., Ltd., Sieyuan Electric Co., Ltd., TBEA Co., Ltd., Mitsubishi Electric Corporation, General Electric, Nari Technology Co., Ltd., Shandong Taikai Power Electronic Co., Ltd., Shenzhen Hopewind Electric Co., Ltd., American Superconductor Corporation, Ingeteam Inc., Beijing In-power Electric Co., Ltd. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
