Analysis of the STATCOM Market?

A STATCOM is an apparatus that functions as a control mechanism to ensure stability in the network and power distribution. The increasing need for these devices in high-voltage direct current systems, to control voltage and absorb reactive current, is propelling the growth of the STATCOM market. The product ensures the necessary power stability for HVDC devices and mitigates commutation failures when connected to a vulnerable AC system. The global increase in the usage of renewable energy will generate fresh prospects for participants in the industry.

Traditional static synchronous compensator solutions provide two steady-state working modes that are exclusively suitable for low frequencies, thereby restricting their applicability in the market. Nevertheless, the industry expansion will be facilitated by the progress in STATCOM technology, including the implementation of hybrid STATCOMs to enhance stability in energy systems.

The global market revenue for low voltage STATCOM is projected to experience a growth of over 9% until 2030. These items provide the ability to generate numerous inc utilising low harmonic distortion. Provision of electrical voltage and rapid adjustment of power factor. it will enhance their adoption, There is a significant rise in the utilisation of low-voltage STATCOMs to ensure the stability of power networks in small factories and residential and commercial businesses.

The energy network application is projected to drive the STATCOM market value to exceed USD 1.5 billion by 2030. Power consumption is increasing in emerging nations, encompassing the household, industrial, and commercial sectors. The increasing investments in renewable energy will enhance the need for transmission and distribution components.

Asia Pacific is expected to represent more than 55% of the worldwide STATCOM market by the conclusion of 2030, in terms of regional distribution. The region is experiencing a constant increase in the demand for electricity. Utility companies in nations like China, India, and Japan are embracing a diverse energy mix that includes a combination of different fuel sources and renewable energy.

Market share of the Static Synchronous Compensator (STATCOM)

Prominent firms in the STATCOM market landscape are Siemens, Hitachi, GE Energy, and Mitsubishi. Strong Power

Sieyuan Electric, Hyosung Heavy Industries, Ingeteam S.A., American Superconductor, Eaton Corporation, and RXHK are all companies.

The companies are collaborating with utility and industrial players to incorporate STATCOMs into their systems. This strategic decision will enable them to increase their market share in the long term.

Market, categorised by type

  • Insufficient electrical potential
  • High voltage
  • Elevated electrical potential

Market Segmentation, Based on Application:

1. Electricity networks

2. Photovoltaic generation

3. And so on.