Global Statcom Market

Statcom Market Size, Share, Growth Analysis, By Product Type(Mineral, Synthetic, Natural), By Application(Candles, Packaging, Plastic & Rubber, Pharmaceuticals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2134 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 66 | Figures: 75

Statcom Market Regional Insights

In 2021, the Asia Pacific region accounted largest statcom market share of the global statcom market. Growing demand from renewable energy markets, such as those from solar panel installations, wind farms, and solar farms, as well as growing government investments and attempts to deliver electricity across countries are anticipated to drive the market expansion in the APAC region.

Also, North America is dominating the global market during the forecast period due to presence of steel manufacturing and oil & gas companies working in this region.

China, Japan, India, and South Korea are the major key player in this market and they contribute in the growth of the market. Europe is developing new technologies in steel manufacturing, which is one of the key factors for the significant CAGR in this region.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Statcom Market size was valued at USD 603.3 billion in 2019 and is poised to grow from USD 633.3 billion in 2023 to USD 941.2 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

statcom market is fairly concentrated. Major players which are focusing on adopting the strategies such as innovation, mergers & acquisitions, recent developments, joint venture, partnership, and collaborations are including 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. 'ABB', 'General Electric Energy Ltd', 'Siemens AG', 'Mitsubishi Electric Corporation', 'Eaton Corporation', 'Schneider Electric SE', 'Bharat Heavy Electricals Limited (BHEL)', 'Rongxin Power Electronic Co. Ltd.', 'NR Electric Co. Ltd.', 'American Superconductor Corporation', 'Advanced Energy Industries, Inc.', 'Hyosung Corporation', 'Comsys AB', 'Mitsubishi Heavy Industries, Ltd.', 'Power System Engineering, Inc.', 'LS Industrial Systems Co. Ltd.', 'Toshiba Corporation', 'S&C Electric Company', 'Arteche Group', 'Hitachi, Ltd.'

The statcom market is driven by growing industrial sector, increasing demand for power, rising government initiatives, and product innovations. For instance, in December 2019, GE Renewable Energy, a leading grid solutions provider, made history by powering the Bolney substation. The substation is one of three substations considered to be the largest STATCOM system in Europe. To integrate more renewable energy into their grids. At the Bolney Substation of National GRID, the solution should promote the reliability of the HVDC interconnection as well as resilience in the event of a breakdown. In addition, it will support the European Union's strategy to achieve competitive advantage and better integration of the European energy market on a scale. Product innovations along with growing demand for renewable energy are expected to drive the market growth over the forecast period

In comparison to earlier designs, the advanced digital control (ADC) system for shunt and series compensation can control and safeguard any linked equipment with performance ratings that are nearly ten times higher. ADC offers excellent performance for running complicated utility and industrial compensation algorithms because to hybrid processing technology (microprocessor + field-programmable gate array, or FPGA), as well as high-speed serial communication. Modern voltage source converters based on insulated gate bipolar transistors (IGBT) can be controlled thanks to such real-time performance, which only needs a sub-microsecond response time.

In 2021, the Asia Pacific region accounted largest statcom market share of the statcom market. Growing demand from renewable energy markets, such as those from solar panel installations, wind farms, and solar farms, as well as growing government investments and attempts to deliver electricity across countries are anticipated to drive the market expansion in the APAC region.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Regtech Market
Buy Now GET FREE SAMPLE
BFSI Contact Center Analytics Market
Buy Now GET FREE SAMPLE
Platinum Market
Buy Now GET FREE SAMPLE
Marketing Analytics Software Market
Buy Now GET FREE SAMPLE
Business Analytics Software Market
Buy Now GET FREE SAMPLE
Oleum Market
Buy Now GET FREE SAMPLE
Airborne Satcom Market
Buy Now GET FREE SAMPLE
Pacemakers Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Statcom Market

Report ID: SQMIG15E2134

$5,300
BUY NOW GET FREE SAMPLE