STATCOM Market 2024 – Global Industry Analysis, Size, Share, Growth by 2024

STATCOM or static synchronous compensator is a power electronic device using force commutated devices like GTO, IGBT etc. to regulate the reactive power flow through a power network and thereby increasing the stability of power network. STATCOM is a shunt device i.e. it is allied in shunt with the line. A Static Synchronous Compensator (STATCOM) is also known as a Static Synchronous Condenser (STATCON). It is a member of the Flexible AC Transmission System (FACTS) family of devices. Usually a STATCOM is mounted to support electrical networks that have a poor power factor and often poor voltage regulation. The most common use of STATCOM is for voltage stability. A STATCOM is a voltage source converter (VSC) based device, with the voltage source behind a reactor.

Voltage stability is one of the biggest problems in power systems. Engineers and researchers are trying to consolidate a definition regarding to voltage stability, besides proposing techniques and methodologies for their analysis. The growing focus of global demand for electricity, often remote from load centers, thermal plant retirements coupled with an increase in renewable generation, stringent requirements by regulatory authorities on power quality, interconnected grids, and aging transmission infrastructure is pouring the growth of the STATCOM market. However, the necessity of huge capital asset for the installation of STATCOM solutions may hamper the market growth.

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The global STATCOM market is segmented on the basis of, product type, end use industry, and geographical region. On the basis of product type, the market is segmented into low voltage STATCOM (less than 20Mvar), medium voltage STATCOM (20 – 100 Mvar) and high voltage STATCOM (greater than 100 Mvar). On the basis of end use industry the global market is segmented power distribution, mining, offshore oil and gas, steel manufacturing, automobile manufacturing and power transmission. The power distribution and power transmission is expected to have largest market share during estimated period. By geographical region the global STATCOM market is split up into North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to have largest market share during estimated period and is expected to witness significant growth owing to the presence of large manufacturing, steel manufacturing, and oil & gas companies working in this region. The region, along with Europe, is one of the developers in adopting new technologies in steel manufacturing, which is also one of the key factors for the high CAGR in this region.

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Acquisitions and Merger, new product introductions, investments, and corporations & developments are the key strategies adopted by market companies to ensure their growth in the STATCOM market. The key players are 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., JEMA Energy USA LLC, Crompton Greaves Limited, Mitsubishi Electric India Pvt. Ltd., Statcom Solutions,  Signotron India Pvt. Ltd., and Power One Micro Systems Pvt. Ltd. are some major players in the STATCOM market.

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