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Global Static Synchronous Compensator (STATCOM) Market Key Players Competitive Survey Report 2023

Length- 102 Pages | Published Date - 2023-03-23 | Report Id- 1490
Single Licence $3650.00 | Enterprise License $6200.00 | Multiple Licensee $6200.00
Description Table of Contents Table of Figures
Within the research scope of this report, it shows that the global Static Synchronous Compensator (STATCOM) market had a market size of about 910.89 Million USD in 2022, growing at a CAGR of 10.51% during 2023-2029 to 1833.49 Million USD in 2029.

MARKET COMPETITIVE LANDSCAPE:
Major players in this market include ABB, General Electric, Siemens AG, WindSun Science & Tech, Mitsubishi Electric, and etc.
---The combined market share of the Top 3 players in the global Static Synchronous Compensator (STATCOM) market is about 48.79%.

REGION SHARE:
The report covers the market size information of major regions/Countries around the world, including NA/United States, EU/Germany, APAC/China, LA/SA, MEA and etc.
---In the geographical distribution of Static Synchronous Compensator (STATCOM) market in 2022, the China has the largest market size and its market share is about 34.00%, followed by Europe and its market share is about 32.00%.

SEGMENT OVERVIEW:
This report conducts segment analysis on type and application level. Type segment includes Low Voltage STATCOM, Middle Voltage STATCOM, etc. Application segment includes Electricity Networks, Photovoltaic and Wind Power Generation, etc.
--- High Voltage STATCOM contributes approximately 70.00% share to the market in 2022.
--- Photovoltaic and Wind Power Generation contributes approximately 44.00% share to the market in 2022.

With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Static Synchronous Compensator (STATCOM) market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Static Synchronous Compensator (STATCOM) market in terms of revenue.

On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Static Synchronous Compensator (STATCOM) market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Static Synchronous Compensator (STATCOM) market.

Global Static Synchronous Compensator (STATCOM) Scope and Market Size
Static Synchronous Compensator (STATCOM) market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Static Synchronous Compensator (STATCOM) market will be able to gain the upper hand as they use the report as a powerful resource.

The impact of the outbreak of COVID-19 and the Russia-Ukraine War on the Static Synchronous Compensator (STATCOM) industry is considered in the report, covering the dynamic analysis of the development of the Static Synchronous Compensator (STATCOM) industry, including trends, technologies, opportunities, constraints. To ensure report buyers are able to gain in-depth knowledge of the market.
The market for Static Synchronous Compensators (STATCOM) has been experiencing notable trends in recent years. Here are some key trends in the STATCOM market:

Growing Demand for Grid Stability and Power Quality: STATCOMs play a crucial role in enhancing grid stability and improving power quality. With the increasing penetration of renewable energy sources, such as wind and solar, into the power grid, the intermittent nature of these sources poses challenges to grid stability. STATCOMs provide reactive power compensation, voltage regulation, and dynamic voltage support, helping to maintain grid stability and mitigate voltage fluctuations.

Integration of Renewable Energy: The integration of renewable energy sources into the power grid is a significant driver for the STATCOM market. As renewable energy installations continue to grow, the need for flexible and efficient grid management solutions increases. STATCOMs enable smooth integration of renewable energy by regulating voltage and reactive power, enabling optimal utilization of renewable energy resources.

Focus on Smart Grid Infrastructure: The transition towards smart grid infrastructure, which involves advanced automation, monitoring, and control systems, is driving the demand for STATCOMs. Smart grids require advanced power electronics solutions to enhance grid stability, manage power flow, and enable bidirectional power flow. STATCOMs, with their ability to provide rapid voltage support and reactive power compensation, are well-suited for smart grid applications.

Expansion of High-Voltage Direct Current (HVDC) Systems: HVDC transmission systems are increasingly being used for long-distance power transmission and interconnecting power grids. STATCOMs are often employed in HVDC systems to provide reactive power compensation, voltage control, and grid stabilization. The growth of HVDC installations worldwide contributes to the demand for STATCOMs.

Increasing Investments in Power Infrastructure: Many countries are investing in upgrading and modernizing their power infrastructure to meet the growing energy demands and improve grid resilience. As a result, the demand for STATCOMs is expected to rise, as they offer advantages in terms of enhancing power system stability, reducing transmission losses, and optimizing power flow.

Emphasis on Renewable Energy Integration in Emerging Economies: Emerging economies are witnessing significant growth in renewable energy installations. Governments and power utilities in these economies are actively promoting renewable energy integration to meet sustainability targets and reduce reliance on fossil fuels. STATCOMs are seen as an effective solution for managing the intermittent nature of renewable energy sources and maintaining grid stability.

Technological Advancements: The STATCOM market is characterized by continuous technological advancements. Manufacturers are focusing on developing advanced STATCOM solutions with higher efficiency, improved response time, and enhanced control capabilities. The integration of advanced power electronics, control algorithms, and communication systems in STATCOMs is expected to drive their adoption in various grid applications.

Increasing Application in Industrial and Commercial Sectors: STATCOMs find applications beyond the power transmission and distribution sector. They are increasingly being used in industrial and commercial applications, such as manufacturing facilities, data centers, and large commercial buildings. STATCOMs provide power factor correction, voltage stabilization, and harmonic mitigation, thereby improving the power quality and efficiency of industrial and commercial electrical systems.

Highlights-Regions
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Spain
Nordic
Asia Pacific
China
Japan
South Korea
India
Southeast Asia
Australia
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Egypt
South Africa
UAE
Turkey
Saudi Arabia

Player list
ABB
General Electric
Siemens AG
WindSun Science & Tech
Mitsubishi Electric
Shanghai Siyuan Electric
NR Electric Co., Ltd.
AMSC
RXHK
Ingeteam, Inc.
Bharat Heavy Electricals Limited (BHEL)
JEMA Energy
Statcom Solutions
Veeral Controls Pvt. Ltd.
Others

Types list
Low Voltage STATCOM
Middle Voltage STATCOM
High Voltage STATCOM

Application list
Electricity Networks
Photovoltaic and Wind Power Generation
Other

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