Research Nester’s recent market research analysis on “Static Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global static synchronous compensator (STATCOM) market in terms of market segmentation by type, application, end-use, and by region.
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Increasing Demand for Electricity to Promote Global Market Share of Static Synchronous Compensator (STATCOM)
The demand for renewable energy continues to grow at a steady pace. To cope with growing demand, countries around the world have already begun to focus on increasing clean energy production. In 2022, India recorded the highest year-on-year increase in solar electricity additions of 9.83%. The installed capacity of photovoltaic energy has increased by 24.4 times in the past 9 years to 67,07 gigawatts as of July 2023.
In addition, the worldwide market is being driven by increasing acceptance of new technologies, e.g. cloud computing and Internet services. Reliable backup power is required, and critical data protection and continuity of operations are essential for these facilities. Also, Continuous improvements have led to more efficient, cost-effective, and compact power electronics, energy storage, and control systems. These advances in technology have broadened their applicability across other industries and raised market demand.
Some of the major growth factors and challenges that are associated with the growth of the global static synchronous compensator (STATCOM) market are:
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Growth Drivers:
• Surge in Focus on Voltage Stability
• Rising Transmission and Distribution Network
Challenges:
COVID-19's global impact on the market is small, as it hinders growth in STATCOM and power grid installations by disrupting supply chains because of raw material shortages and barriers to activities triggered by societal distancing standards. The imposition of travel restrictions had an adverse effect on the railway sector, which was adversely affected by electrification projects. The slowdown in demand for steel, which has resulted in reduced production of steel and an impact on the market for STATCOMs in the steel manufacturing sector, has caused the industry to halt its activity. The need for strong power grids has come to light as a result of increasing efforts towards the development of renewable energy sources in COVID-19. The high cost of implementation and availability of alternatives are some of the major factors anticipated to hamper the global market size of static synchronous compensator (STATCOM).
By type, the global static synchronous compensator (STATCOM) market is segmented into low voltage, medium voltage, and high voltage. The high voltage segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. A number of advantages, such as power factor correction, rapid activation & reactive load current removal, and voltage support, are also available for H.V. Synchronous Static Compensators. These characteristics will make it possible for high-voltage STATCOMs to be used in heavy sectors such as electric arc furnaces, rolling mills, and transmission lines. In an electric arc furnace, a short ton of steel requires about 400 kilowatt-hours and a full ton needs about 440 kWh (1.6 GJ). Theoretically, 300 kWh of energy is needed to melt one ton of scrap steel.
By region, the North American static synchronous compensator (STATCOM) market is to generate significant revenue by the end of 2036. The market is being pushed by rising residential, commercial, and industrial power demand. The area also emphasizes boosting the production of electricity from renewable sources like wind and solar. Additionally, the region is a well-known travel destination due to the presence of top manufacturers.
This report also provides the existing competitive scenario of some of the key players of the global static synchronous compensator (STATCOM) market which includes company profiling of Bharat Heavy Electricals Limited, Siemens Energy, GE Energy, Sieyuan Electric, Hyosung Heavy Industries, Ingeteam S.A., Eaton Corporation, American Superconductor and others.
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