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

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 or static synchronous compensator is a power electronic device using force commutated devices like GTO, IGBT etc. to regulate the reactive power flow through a power network and thereby increasing the stability of power network.

Usually a STATCOM is mounted to support electrical networks that have a poor power factor and often poor voltage regulation. The most common use of STATCOM is voltage stability. A STATCOM is a voltage source converter (VSC) based device, with the voltage source behind a ballast.

Global statcom market is expected to witness rapid growth over the forecast period, owing to growing investments in transmission & distribution infrastructures. The rising number of retrofit projects and the augmented power consumption, has led the new infrastructure projects to be endowed with huge investments. This, in turn, increases the demand for electricity, which impels the incorporation of STATCOM devices, thereby spurring the market growth. However, high cost and various technical challenges, while operating IGBT Based STATCOM, is anticipated to hinder the statcom market growth over the forecast period.

In 2017, high voltage Statcom segment held the largest share of 58.81%. High power Static Synchronous Compensator (STATCOM) breaks new ground in the provision of high-power density, high-redundancy reactive power compensation. The high voltage STATCOM is at the pinnacle of innovation in high-power semiconductors and converter topologies. Its proven capabilities are attracting much attention from renewable energy organisations and utilities for handling challenging large-scale projects.

US Statcom Market  is poised to grow at a sustainable CAGR for the next forecast year.