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Static Synchronous Compensator (STATCOM) Market Size

Report ID: GMI5296
Published Date: Aug 2022
Report Format: PDF

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Static Synchronous Compensator (STATCOM) Market Size

Static Synchronous Compensator (STATCOM) Market size crossed USD 800 million in 2021 and is anticipated to record more than 13% CAGR during 2022 to 2030.

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A STATCOM is a regulating device that stabilizes the network and power supply. The growing demand for these devices in high-voltage direct current systems, for regulating the voltage and absorbing reactive current, is driving the STATCOM market growth. The product delivers the required power stability to HVDC devices and prevents commutation failures when coupled to a weak AC system. A surge in renewable energy adoption worldwide will create new opportunities for industry players.

Conventional static synchronous compensator solutions have two steady-state operating modes, which can be used only for low frequencies, thereby limiting their use in the market. However, advancements in STATCOM technologies, such as the introduction of hybrid STATCOMs to achieve greater stability in energy systems, will support the industry expansion.

STATCOM Market Report Attributes
Report Attribute	Details
Base Year:	2021
STATCOM Market Size in 2021:	USD 800 million
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	13%
2030 Value Projection:	USD 2 billion
Historical Data for:	2018 to 2021
No. of Pages:	184
Tables, Charts & Figures:	136
Segments covered:	Type, Application
Growth Drivers:	Growing use for Static Synchronous Compensator (STATCOM) in High Voltage Direct Current (HVDC) system Growing adoption of STATCOM Solutions in renewable energy industries. Increasing adoption of STATCOMs for electric utility applications High demand for STATCOM from the expanding industrial sector The rising use of STATCOM in photovoltaic generation
Pitfalls & Challenges:	Presence of only two possible steady- state operating modes in traditional STATCOMS Huge Investment costs to install STATCOM solutions

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of STATCOM valued at USD 800 million in 2021 and is anticipated to record more than 13% CAGR from 2022 to 2030, says this GMI report.

Global STATCOM industry value from the electricity network application will surpass USD 1.5 billion by 2030 due to the rising need for regulating devices that stabilize the power supply and network functioning.

APAC market is expected to hold around 55% of the revenue share by 2030 with the growing demand for electricity and a new energy mix, which consists of different fuel and renewable energy sources.

Siemens, Hitachi, GE Energy, Mitsubishi, Eaton Corporation, and American Superconductor, among others, are the leading players in the static synchronous compensator industry.