Statcom Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Statcom Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Statcom Market

The STATCOM market size was valued at USD 643.66 million in 2023, and the market is now projected to grow from USD 677.32 million in 2024 to USD 1,096.05 million by 2032, exhibiting a CAGR of 6.20% during the forecast period of 2024-2032.

The pandemic moderately affected the market, slowing power grid installations and hindering business activities. Travel restrictions stalled rail electrification projects, while reduced industrial activity impacted steel demand and STATCOM adoption. Despite this, government investments in renewable energy emphasized the need for robust power grids, driving growth in the STATCOM market growth.

Focus on voltage stability fuels STATCOM market share, tackling power system challenges. FACTS devices manipulate grid points, offering rapid response and stability enhancement. STATCOM provides dynamic reactive compensation during contingencies, ensuring voltage support and widespread adoption for stability.

The global market is increasingly focusing on renewable sources of energy, and governments across the world are trying to give importance to clean electricity for emissions reduction. For example, organization such as the UNFCCC through the COP28 process plans to triple the capacity of renewable energy by 2030. Transitioning to renewables, particularly wind power necessitates expanded overland lines for long-distance electricity transmission and resolving power supply bottlenecks. Grid operators are thus investing more in robust power grids, speeding up STATCOM adoption.

Comprehensive Analysis of Statcom Market

The STATCOM market and power & energy industry are experiencing rapid growth due to market segmentation, which addresses supply and demand dynamics. This expansion offers detailed insights into the factors influencing the power & energy sector, segmented by rated power and end-users. The rated power include, Low Power STATCOM, Medium Power STATCOM, and High Power STATCOM and the end users include, Utility, Steel Manufacturing, Renewable Energy, Mining, Hydrogen Power Plant, and Others.

Asia Pacific is expected to dominate the market share throughout the forecast period, attributed to its status as the largest region for electricity production and consumption, driven by its sizable population. Moreover, it boasts the highest capacity for renewable electricity generation and hosts numerous global and regional steel manufacturers. Government initiatives supporting increased electricity generation and renewable investment have fueled product demand in the region.

Key market players are pivotal in driving industrial growth and establishing market benchmarks in the power and energy sector. These players includes, GE (U.S.), ABB (Switzerland), Ingeteam SA (Spain), Siemens (Germany), NIDEC (Japan), Hitachi Energy (Switzerland), Hyosung Heavy Industries Corporation (South Korea), Jema Energy (Spain), Mitsubishi Electric (Japan), Sieyuan (China), American Superconductor (U.S.), Rongxin Power Ltd (RXHK) (U.K.) and NR Electric Co. (China)

In July 2023, TECO Electric & Machinery Co., Ltd. has obtained a USD 149.6 million contract from Taipower for a STATCOM engineering project in Changhua County which is expected to finish by the first half of 2027. The project involves constructing a step-up substation and a 161 kV STATCOM with a capacity of 400 MVAR, half of Taipower's total STATCOM capacity.

Segmentation Table

GlobalSTATCOM Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 6.20% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Rated Power, End-User, and Region

By Rated Power Low Power STATCOM

Medium Power STATCOM

High Power STATCOM

By End-User Utility

Steel Manufacturing

Renewable Energy

Mining

Hydrogen Power Plant

Others

By Region North America (By Rated Power, By End-User, and by Country)

- U.S. (End-User)

- Canada (End-User)

Europe (By Rated Power, By End-User, and by Country)

- U.K. (End-User)

- Germany (End-User)

- Russia (End-User)

- France (End-User)

- Italy (End-User)

- Rest of Europe (End-User)

Asia Pacific (By Rated Power, By End-User, and by Country)

- Japan (End-User)

- China (End-User)

- India (End-User)

- Australia (End-User)

- Rest of Asia Pacific (End-User)

Latin America (By Rated Power, By End-User, and by Country)

- Brazil (End-User)

- Mexico (End-User)

- Rest of Latin America (End-User)

Middle East & Africa (By Rated Power, By End-User, and by Country)

- GCC Countries (End-User)

- Rest of the Middle East & Africa (End-User)