STATCOM Market Size, Share, and Analysis, By Type (Low Voltage, Medium Voltage, and High Voltage), By Application (Electricity Network, Renewable Energy, Industrial, and Commercial), By Region (North America, Europe, Asia-Pacific, and Rest of the World),

STATCOM Market Size, Share, and Analysis, By Type (Low Voltage, Medium Voltage, and High Voltage), By Application (Electricity Network, Renewable Energy, Industrial, and Commercial), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

STATCOM Market Size, Share, and Analysis, By Type (Low Voltage, Medium Voltage, and High Voltage), By Application (Electricity Network, Renewable Energy, Industrial, and Commercial), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

PRODUCT OVERVIEW

STATCOM Market is anticipated to grow at a CAGR of 9.0% in the forecast period (2024-2034), with the market size valued at USD 0.86 billion in 2023 and projected to reach USD 2.23 billion by 2034.

STATCOM or static synchronous compensator, is an important component in modern power systems, that offers voltage regulation, along with improved power quality and stability in the system. STATCOMs use voltage source converters to inject or absorb reactive power into the grid and balance the levels of voltage. This capability provides a fast response to voltage fluctuations that are caused by changes in load or disturbances in the grid. Thus, by maintaining stable voltage levels, STATCOMs reduce voltage instability issues such as sags or swells and improve the efficiency of power transmission. Furthermore, it simplifies integrating renewable energy sources by ensuring smooth and reliable operation. Therefore, STATCOMs are essential in modernizing power systems by offering precise control over reactive power compensation.

MARKET HIGHLIGHTS

STATCOM Market is anticipated to reach USD 2.23 billion, growing at a CAGR of 9.0% during the forecast period, owing to the growing demand for efficient power transmission and distribution infrastructure. This surge in demand is attributed to high investments in renewable energy integration and the pressing increasing need for better power quality. Moreover, key players in the market are focusing on innovations and modular designs to improve the performance and reliability of products. In addition, industry leaders are frequently using strategic alliances and acquisitions to expand their market reach and profit. Therefore, the STATCOM industry will witness long-term growth, which is driven by growing power requirements and the essential need for grid stability.

STATCOM Market Segments:

• By Type
• Low Voltage
• Medium Voltage
• High Voltage
• By Application
• Electricity Network,
• Renewable Energy
• Industrial
• Commercial

MARKET DYNAMICS

Growth Drivers

Integration of Renewable Energy Sources With STATCOM is Essential for Growth

Grid Modernization Initiatives Will Provide a High Rate of STATCOM Adoption

Restraint

High Initial Installation Costs Can Impact the Growth of the STATCOM Market

Key Players

• ABB
• GE
• Siemens
• Mitsubishi Electric
• Toshiba
• Eaton
• Schneider Electric
• WEG
• NR Electric
• T&D India
• NR Electric
• Hitachi ABB Power Grids
• Hyundai Heavy Industries
• Power Electronics International
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Global Laboratory Temperature Control Units Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.

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