Selbyville, Delaware, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global static synchronous compensator (STATCOM) market is expected to cross USD 2 billion by 2030, according to the latest market research study by Global Market Insights Inc. Increased power demand in smart homes and industries such as healthcare and manufacturing, is fueling industry value. Static Var compensators (SVCs) and synchronous static compensators are widely used to control the AC voltage of the utility power grid, among other functions.
Power electronic devices, such as Thyristor-Controlled Reactors (TCRs) and Thyristor Switch Capacitors (TSCs), have gained prominence among end-users. They are effective in supplying dynamic reactive power with fast response time and low maintenance. Increasing urbanization and industrialization across the globe are creating business opportunities for STATCOM solution providers. Also, rising integration of the products and energy-storage devices in the robotic and automation systems will drive the STATCOM market forecast.
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Based on type, the STATCOM market is bifurcated into low, medium, and high voltage products. Static synchronous compensator industry share from the high voltage segment is expected to surpass USD 600 million in valuation by end of 2030. High voltage synchronous static compensators offer multiple advantages such as power factor correction, fast active & reactive load current extraction, and voltage support, among others. These features will boost the use of high voltage STATCOMs in heavy industries such as electric arc furnaces, rolling mills, and transmission lines.
Speaking about the applications, STATCOM industry is classified into electricity network, photovoltaic generation, and others. The other applications held more than 5% of global STATCOM market share in 2021. There is a robust demand for these devices in heavy industries, such as steel manufacturing, rolling mills, and automotive production. Many companies are increasing the adoption of STATCOMs that stabilize the voltage of a power network by absorbing or generating reactive power according to the requirements.
As per the new study, Latin America STATCOM industry value is predicted to be worth USD 90 million by 2030. There is a growing espousal of industry 4.0 by numerous enterprises in the distinct sectors. The rising acceptance of autonomous technologies is accelerating LATAM synchronous static compensators market progress. Increasing government initiatives in smart infrastructure and smart cities to improve public facilities for citizens are further amplifying the usage of different electricity network devices in the region.
Key companies operating in STATCOM market include, Siemens, Hitachi, GE Energy, Mitsubishi, Sieyuan Electric, Hyosung Heavy Industries, Ingeteam S.A., American Superconductor, Eaton Corporation, and RXHK. These firms are teaming up with industrial players to integrate STATCOMs into their ecosystems. This move will allow them to diversify their product portfolio as well as customer base in the long run. For example, in March 2022, Ingeteam confirmed plans to invest more than USD 214 million in R&D over the next three years. Another investment of over USD 71.5 million was aimed at strengthening the company’s existing product portfolio.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 STATCOM industry 3600 synopsis, 2018 - 2030
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Application trends
Chapter 3 STATCOM Industry Insights
3.1 Impact analysis of coronavirus (COVID-19) pandemic
3.2 Impacts of Russia-Ukraine war on the STATCOM market
3.3 Industry Ecosystem Analysis
3.4 Technology & innovation landscape
3.5 Regulatory Landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Growing use for Static Synchronous Compensator (STATCOM) in High Voltage Direct Current (HVDC) system
3.6.1.2 Growing adoption of STATCOM Solutions in renewable energy industries.
3.6.1.3 Increasing adoption of STATCOMs for electric utility applications
3.6.1.4 High demand for STATCOM from the expanding industrial sector
3.6.1.5 The rising use of STATCOM in photovoltaic generation
3.6.2 Pitfalls and Challenges
3.6.2.1 Presence of only two possible steady- state operating modes in traditional STATCOMS
3.6.2.2 Huge Investment costs to install STATCOM solutions
3.7 Investment Landscape
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/statcom-market
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