Newark, NJ, May 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global IGBT Based STATCOM market is expected to grow from USD 361.30 million in 2017 and expected to reach USD 637.21 million by 2025 at a CAGR of 7.73% during the forecast period 2018-2025.
The STATCOM industry is expected to witness significant growth as these devices will witness wide adoption in interface unit and load reactive power compensator between the renewable energy source and the grid as an effective method for power exchange between grid, renewable energy source and dynamic load system. This mounting demand for electricity along with the need to modernize substation and grid drives the need for STATCOM to enhance grid security. Furthermore, promising transmission & distribution network expansions across the globe, are also anticipated to drive industry growth over the coming years. In addition, an escalating market for power generation from renewable energy sources creates several avenues for the key industry players to broaden their product portfolio.
A static synchronous compensator (STATCOM), also known as a static synchronous condenser (STATCON), is a regulating device used on alternating current electricity transmission networks. It is based on a power electronics voltage-source converter and can act as either sink of reactive AC power or a source to an electricity network. It can also provide active AC power, when it is connected to a source of power. It is inherently modular and electable and a member of the FACTS family of devices.
Global IGBT Based STATCOM market is expected to witness rapid growth over the forecast period, owing to growing investments in transmission & distribution infrastructures. The rising number of retrofit projects and the augmented power consumption, has led the new infrastructure projects to be endowed with huge investments. This, in turn, increases the demand for electricity, which impels the incorporation of STATCOM devices, thereby spurring the market growth. However, high cost and various technical challenges, while operating IGBT Based STATCOM, is anticipated to hinder the market growth over the forecast period.
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Key players operating in the global IGBT Based STATCOM market include ABB, Siemens AG, Mitsubishi Electric Corporation, General Electric Company, Comsys AB, Mersus Power, American Superconductor Corporation (AMSC), Ingeteam Corporación, S.A, Beijing In-Power Electric Co. Ltd., Montnets Rongxin Technology Group Co., Ltd., Sieyuan Electric Co., Ltd, Hitachi, Ltd., and Hyosung Heavy Industries among others. To enhance their market position in the global IGBT Based STATCOM market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, partnership, and collaborations.
- For instance, in April 2017, AMSC announced four new d-var STATCOM system orders valued at over USD 8 million. Two of the orders serve the renewable energy sector and are expected to be used for to provide voltage regulation by responding dynamically to varying load conditions and connection of wind power plants to the electric grid in the United Kingdom.
- In March 2017, ABB announced the launch of expert digital distribution transformers (300 kva - 10 Mva). It is a digital solution that provides asset performance analysis and ensures data accuracy.
High voltage STATCOM segment held largest market share of 56.81% in 2017
Type segment includes low voltage STATCOM and high voltage STATCOM. High voltage STATCOM segment held largest market share of 56.81% in 2017. High power Static Synchronous Compensator (STATCOM) breaks new ground in the provision of high-power density, high-redundancy reactive power compensation. The high voltage STATCOM is at the pinnacle of innovation in high-power semiconductors and converter topologies. Its proven capabilities are attracting much attention from renewable energy organisations and utilities for handling challenging large-scale projects. Ongoing projects include Burbo Bank wind farms and Dong Energy’s Race Bank in the UK as well as the Lake Turkana Wind Power Project in Kenya and PGCIL projects in India, is expected to provide potential opportunities for the market.
Electric utilities held the largest market share of 36.43% in 2017
Application segment includes renewable energy, electric utilities, industrial & manufacturing and others. Electric utilities held the largest market share of 36.43% in 2017. STATCOM helps utilities in three different domains. First, to increase power quality and system stability by reactive power control, power oscillation damping, providing voltage control and support, and increased power transfer capacity. Next, it enables electro-intensive industrial processes to obtain a grid connection by controlling harmonic voltage distortion, flicker level, and voltage unbalance. Finally, it allows renewables to be connected to the grid in compliance with grid code requirements by providing fault ride through high voltage control.
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Regional Segment Analysis of the IGBT Based STATCOM Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the largest market share of 36.21% in the year 2017. The North American market will witness a growing demand for IGBT Based STATCOM devices with a rise in investments across industrial and infrastructural development. The development and expansion of power infrastructure with mounting electricity demand also necessitates the adoption of STATCOM devices for safety purpose and ensure voltage security. In addition to this, Asia Pacific region is likely to grow at significant CAGR in the global IGBT Based STATCOM market, owing to increasing investment in the renewable energy projects in China and India.
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About the report:
The global IGBT Based STATCOM market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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