STATCOM Market is expected to grow at a CAGR of 7.73% during the forecast period and it is expected to reach US$ 1413.46 Mn. by 2029. The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.STATCOM market Definition
A STATCOM stands for static synchronous compensator. It is a voltage regulating device which is generally used in flexible alternating current electricity transmission systems (FACTS). It is also known as STATCON that is static synchronous condenser.To know about the Research Methodology :- Request Free Sample Report
STATCOM market Dynamics
A global STATCOM market has witnessed tremendous growth from the past few years. The growth of STATCOM market is attributed to the large scale adoption of STATCOM regulating devices for applications such as in renewable energy markets, wind and solar farms, rolling mills, mining and heavy industry and in electric arc furnaces applications. An increasing demand for electricity in developing economies, rising industrialization and urbanization, rising integration of STATCOM with energy storage devices and ongoing technological advancements in electronics, robotics and automation systems are expected to improve the growth of the market during the forecast period. The STATCOM device provides some benefits such as superior performance, steady voltage of power grid applications and improved transmission capacity, which are ultimately propelling the growth of the market. However, high initial cost related with installations of STATCOM solutions is the major restraining factor that could hinder the growth of market.STATCOM Market: Segment Analysis:
By industry, power transmission segment dominated the market in 2022 and is projected to witness fast growth at a CAGR of xx% during the forecast period. A growing installation of STATCOM solutions in transmission grids to provide grid operators with fast response time, enhanced options of functioning voltage, reactive power compensation and small footprints is attributed to the growth of the market. Additionally, benefits such as robust recovery support and high reactive output is making them more demandable in power transmission industry. An increasing need to efficiently transmit and generate power and electricity using transmission line to different consumers across the globe and rising demand to improve the voltage profile of transmission system is expected to impel the growth of the market during the forecast period.STATCOM Market: Regional Analysis:
Region-wise, Asia Pacific held the largest market share in 2022 and is expected to maintain its dominance at a CAGR of xx% during the forecast period. Countries such as China, Japan, India, and South Korea are the major key contributors behind the growth of the market. The growth is attributed to the rising installations of STATCOM solutions in power grid applications. Increasing demand for power and electricity in developing economies, rising demand from renewable energy markets such as from solar panel installations, wind farms, solar farms markets and increasing government’s investments and initiatives to provide electricity across the countries is expected to propel the growth of the market in APAC region. According to MMR study, in June 2018, Siemens Company has commissioned world largest STATCOM solutions with 400 kV and worth of approximately €78 million, at Power Grid Corporation of India’s (PGCIL) substation in Odisha. In March 2019, NR Electric Co. Ltd has effectively commissioned STATCOM system with 120MVar at Gujirat Energy Transmission Corporation Limited (GETCO) in India. The objective of the report is to present a comprehensive analysis of the Global STATCOM Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global STATCOM Market dynamics, structure by analyzing the market segments and projects the Global STATCOM Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global STATCOM Market make the report investor’s guide.STATCOM Market Scope: Inquire before buying
STATCOM Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2017 to 2022 Market Size in 2022: US $ 839.32 Mn. Forecast Period 2023 to 2029 CAGR: 7.73% Market Size in 2029: US $ 1413.4 Mn. Segments Covered: by Product Low Voltage STATCOM (less than 20Mvar) Medium Voltage STATCOM (20 – 100Mvar) High Voltage STATCOM (greater than 100Mvar) by End User Power Distribution Mining Offshore Oil and Gas Steel Manufacturing Automobile Manufacturing Power Transmission STATCOM Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)STATCOM Market Key Players:
1. Bharat Heavy Electricals Limited (BHEL) 2. General Electric India Ltd 3. Veeral Controls Pvt. Ltd 4. NR Energy Solutions India Pvt. Ltd 5. Ingeteam, Inc 6. Siemens AG 7. Toshiba Corporation 8. NR Electric Co., Ltd 9. S&C Electric Company 10. ABB India Limited 11. Schneider Electric India Pvt. Ltd 12. JEMA Energy USA LLC 13. Crompton Greaves Limited 14. Mitsubishi Electric India Pvt. Ltd 15. Statcom Solutions 16. Signotron India Pvt. Ltd 17. Power One Micro Systems Pvt. Ltd Frequently Asked Questions: 1. Which region has the largest share in Global STATCOM Market? Ans: Asia Pacific region holds the highest share in 2022. 2. What is the growth rate of Global STATCOM Market? Ans: The Global STATCOM Market is growing at a CAGR of 7.73% during forecasting period 2022-2027. 3. What is scope of the Global STATCOM market report? Ans: Global STATCOM Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global STATCOM market? Ans: The important key players in the Global STATCOM Market are – Bharat Heavy Electricals Limited, 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. 5. What is the study period of this market? Ans: The Global STATCOM Market is studied from 2023 to 2029.
1. STATCOM Market: Research Methodology 2. STATCOM Market Introduction 2.1. Study Assumption and Market Definition 2.2. Scope of the Study 2.3. Executive Summary 3. STATCOM Market: Dynamics 3.1. STATCOM Market Trends by Region 3.1.1. North America STATCOM Market Trends 3.1.2. Europe STATCOM Market Trends 3.1.3. Asia Pacific STATCOM Market Trends 3.1.4. Middle East and Africa STATCOM Market Trends 3.1.5. South America STATCOM Market Trends 3.2. STATCOM Market Dynamics by Region 3.2.1. North America 3.2.1.1. North America STATCOM Market Drivers 3.2.1.2. North America STATCOM Market Restraints 3.2.1.3. North America STATCOM Market Opportunities 3.2.1.4. North America STATCOM Market Challenges 3.2.2. Europe 3.2.2.1. Europe STATCOM Market Drivers 3.2.2.2. Europe STATCOM Market Restraints 3.2.2.3. Europe STATCOM Market Opportunities 3.2.2.4. Europe STATCOM Market Challenges 3.2.3. Asia Pacific 3.2.3.1. Asia Pacific STATCOM Market Drivers 3.2.3.2. Asia Pacific STATCOM Market Restraints 3.2.3.3. Asia Pacific STATCOM Market Opportunities 3.2.3.4. Asia Pacific STATCOM Market Challenges 3.2.4. Middle East and Africa 3.2.4.1. Middle East and Africa STATCOM Market Drivers 3.2.4.2. Middle East and Africa STATCOM Market Restraints 3.2.4.3. Middle East and Africa STATCOM Market Opportunities 3.2.4.4. Middle East and Africa STATCOM Market Challenges 3.2.5. South America 3.2.5.1. South America STATCOM Market Drivers 3.2.5.2. South America STATCOM Market Restraints 3.2.5.3. South America STATCOM Market Opportunities 3.2.5.4. South America STATCOM Market Challenges 3.3. PORTER’s Five Forces Analysis 3.4. PESTLE Analysis 3.5. Technology Roadmap 3.6. Regulatory Landscape by Region 3.6.1. North America 3.6.2. Europe 3.6.3. Asia Pacific 3.6.4. Middle East and Africa 3.6.5. South America 3.7. Key Opinion Leader Analysis for STATCOM Industry 3.8. Analysis of Government Schemes and Initiatives for the STATCOM Industry 3.9. The Pandemic Impact on STATCOM Market 4. STATCOM Market: Global Market Size and Forecast by Segmentation (by Value in USD Million) (2022-2029) 4.1. STATCOM Market Size and Forecast, by Type (2022-2029) 4.1.1. Low Voltage STATCOM (less than 20Mvar) 4.1.2. Medium Voltage STATCOM (20 – 100Mvar) 4.1.3. High Voltage STATCOM (greater than 100Mvar) 4.2. STATCOM Market Size and Forecast, by End User (2022-2029) 4.2.1. Power Distribution 4.2.2. Mining 4.2.3. Offshore Oil and Gas 4.2.4. Steel Manufacturing 4.2.5. Automobile Manufacturing 4.2.6. Power Transmission 4.3. STATCOM Market Size and Forecast, by Region (2022-2029) 4.3.1. North America 4.3.2. Europe 4.3.3. Asia Pacific 4.3.4. Middle East and Africa 4.3.5. South America 5. North America STATCOM Market Size and Forecast by Segmentation (by Value in USD Million) (2022-2029) 5.1. North America STATCOM Market Size and Forecast, by Type (2022-2029) 5.1.1. Low Voltage STATCOM (less than 20Mvar) 5.1.2. Medium Voltage STATCOM (20 – 100Mvar) 5.1.3. High Voltage STATCOM (greater than 100Mvar) 5.2. North America STATCOM Market Size and Forecast, by End User (2022-2029) 5.2.1. Power Distribution 5.2.2. Mining 5.2.3. Offshore Oil and Gas 5.2.4. Steel Manufacturing 5.2.5. Automobile Manufacturing 5.2.6. Power Transmission 5.3. STATCOM Market Size and Forecast, by Country (2022-2029) 5.3.1. United States 5.3.1.1. STATCOM Market Size and Forecast, by Type (2022-2029) 5.3.1.1.1. Low Voltage STATCOM (less than 20Mvar) 5.3.1.1.2. Medium Voltage STATCOM (20 – 100Mvar) 5.3.1.1.3. High Voltage STATCOM (greater than 100Mvar) 5.3.1.2. STATCOM Market Size and Forecast, by End User (2022-2029) 5.3.1.2.1. Power Distribution 5.3.1.2.2. Mining 5.3.1.2.3. Offshore Oil and Gas 5.3.1.2.4. Steel Manufacturing 5.3.1.2.5. Automobile Manufacturing 5.3.1.2.6. Power Transmission 5.3.2. Canada 5.3.2.1. Canada STATCOM Market Size and Forecast, by Type (2022-2029) 5.3.2.1.1. Low Voltage STATCOM (less than 20Mvar) 5.3.2.1.2. Medium Voltage STATCOM (20 – 100Mvar) 5.3.2.1.3. High Voltage STATCOM (greater than 100Mvar) 5.3.2.2. Canada STATCOM Market Size and Forecast, by End User (2022-2029) 5.3.2.2.1. Power Distribution 5.3.2.2.2. Mining 5.3.2.2.3. Offshore Oil and Gas 5.3.2.2.4. Steel Manufacturing 5.3.2.2.5. Automobile Manufacturing 5.3.2.2.6. Power Transmission 5.3.3. Mexico 5.3.3.1. Mexico STATCOM Market Size and Forecast, by Type (2022-2029) 5.3.3.1.1. Low Voltage STATCOM (less than 20Mvar) 5.3.3.1.2. Medium Voltage STATCOM (20 – 100Mvar) 5.3.3.1.3. High Voltage STATCOM (greater than 100Mvar) 5.3.3.2. Mexico STATCOM Market Size and Forecast, by End User (2022-2029) 5.3.3.2.1. Power Distribution 5.3.3.2.2. Mining 5.3.3.2.3. Offshore Oil and Gas 5.3.3.2.4. Steel Manufacturing 5.3.3.2.5. Automobile Manufacturing 5.3.3.2.6. Power Transmission 6. Europe STATCOM Market Size and Forecast by Segmentation (by Value in USD Million) (2022-2029) 6.1. Europe STATCOM Market Size and Forecast, by Type (2022-2029) 6.2. Europe STATCOM Market Size and Forecast, by End User (2022-2029) 6.3. Europe STATCOM Market Size and Forecast, by Country (2022-2029) 6.3.1. United Kingdom 6.3.1.1. United Kingdom STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.1.2. United Kingdom STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.2. France 6.3.2.1. France STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.2.2. France STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.3. Germany 6.3.3.1. Germany STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.3.2. Germany STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.4. Italy 6.3.4.1. Italy STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.4.2. Italy STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.5. Spain 6.3.5.1. Spain STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.5.2. Spain STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.6. Sweden 6.3.6.1. Sweden STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.6.2. Sweden STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.7. Austria 6.3.7.1. Austria STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.7.2. Austria STATCOM Market Size and Forecast, by End User (2022-2029) 6.3.8. Rest of Europe 6.3.8.1. Rest of Europe STATCOM Market Size and Forecast, by Type (2022-2029) 6.3.8.2. Rest of Europe STATCOM Market Size and Forecast, by End User (2022-2029) 7. Asia Pacific STATCOM Market Size and Forecast by Segmentation (by Value in USD Million) (2022-2029) 7.1. Asia Pacific STATCOM Market Size and Forecast, by Type (2022-2029) 7.2. Asia Pacific STATCOM Market Size and Forecast, by End User (2022-2029) 7.3. Asia Pacific STATCOM Market Size and Forecast, by Country (2022-2029) 7.3.1. China 7.3.1.1. China STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.1.2. China STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.2. S Korea 7.3.2.1. S Korea STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.2.2. S Korea STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.3. Japan 7.3.3.1. Japan STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.3.2. Japan STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.4. India 7.3.4.1. India STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.4.2. India STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.5. Australia 7.3.5.1. Australia STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.5.2. Australia STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.6. Indonesia 7.3.6.1. Indonesia STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.6.2. Indonesia STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.7. Malaysia 7.3.7.1. Malaysia STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.7.2. Malaysia STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.8. Vietnam 7.3.8.1. Vietnam STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.8.2. Vietnam STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.9. Taiwan 7.3.9.1. Taiwan STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.9.2. Taiwan STATCOM Market Size and Forecast, by End User (2022-2029) 7.3.10. Rest of Asia Pacific 7.3.10.1. Rest of Asia Pacific STATCOM Market Size and Forecast, by Type (2022-2029) 7.3.10.2. Rest of Asia Pacific STATCOM Market Size and Forecast, by End User (2022-2029) 8. Middle East and Africa STATCOM Market Size and Forecast by Segmentation (by Value in USD Million) (2022-2029) 8.1. Middle East and Africa STATCOM Market Size and Forecast, by Type (2022-2029) 8.2. Middle East and Africa STATCOM Market Size and Forecast, by End User (2022-2029) 8.3. Middle East and Africa STATCOM Market Size and Forecast, by Country (2022-2029) 8.3.1. South Africa 8.3.1.1. South Africa STATCOM Market Size and Forecast, by Type (2022-2029) 8.3.1.2. South Africa STATCOM Market Size and Forecast, by End User (2022-2029) 8.3.2. GCC 8.3.2.1. GCC STATCOM Market Size and Forecast, by Type (2022-2029) 8.3.2.2. GCC STATCOM Market Size and Forecast, by End User (2022-2029) 8.3.3. Nigeria 8.3.3.1. Nigeria STATCOM Market Size and Forecast, by Type (2022-2029) 8.3.3.2. Nigeria STATCOM Market Size and Forecast, by End User (2022-2029) 8.3.4. Rest of ME&A 8.3.4.1. Rest of ME&A STATCOM Market Size and Forecast, by Type (2022-2029) 8.3.4.2. Rest of ME&A STATCOM Market Size and Forecast, by End User (2022-2029) 9. South America STATCOM Market Size and Forecast by Segmentation (by Value in USD Million) (2022-2029) 9.1. South America STATCOM Market Size and Forecast, by Type (2022-2029) 9.2. Middle East and Africa STATCOM Market Size and Forecast, by End User (2022-2029) 9.3. Middle East and Africa STATCOM Market Size and Forecast, by Country (2022-2029) 9.3.1. Brazil 9.3.1.1. Brazil STATCOM Market Size and Forecast, by Type (2022-2029) 9.3.1.2. Brazil STATCOM Market Size and Forecast, by End User (2022-2029) 9.3.2. Argentina 9.3.2.1. Argentina STATCOM Market Size and Forecast, by Type (2022-2029) 9.3.2.2. Argentina STATCOM Market Size and Forecast, by End User (2022-2029) 9.3.3. Rest Of South America 9.3.3.1. Rest Of South America STATCOM Market Size and Forecast, by Type (2022-2029) 9.3.3.2. Rest Of South America STATCOM Market Size and Forecast, by End User (2022-2029) 10. Global STATCOM Market: Competitive Landscape 10.1. MMR Competition Matrix 10.2. Competitive Landscape 10.3. Key Players Benchmarking 10.3.1. Company Name 10.3.2. Service Segment 10.3.3. End-user Segment 10.3.4. Revenue (2022) 10.3.5. Company Locations 10.4. Leading STATCOM Market Companies, by Market Capitalization 10.5. Market Structure 10.5.1. Market Leaders 10.5.2. Market Followers 10.5.3. Emerging Players 10.6. Mergers and Acquisitions Details 11. Company Profile: Key Players 11.1. Bharat Heavy Electricals Limited (BHEL) 11.1.1. Company Overview 11.1.2. Business Portfolio 11.1.3. Financial Overview 11.1.4. SWOT Analysis 11.1.5. Strategic Analysis 11.1.6. Recent Developments 11.2. General Electric India Ltd 11.3. Veeral Controls Pvt. Ltd 11.4. Ingeteam, Inc 11.5. Siemens AG 11.6. Toshiba Corporation 11.7. NR Electric Co., Ltd 11.8. S&C Electric Company 11.9. ABB India Limited 11.10. Schneider Electric India Pvt. Ltd 11.11. JEMA Energy USA LLC 11.12. Statcom Solutions 11.13. Power One Micro Systems Pvt. Ltd 12. Key Findings 13. Industry Recommendations