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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 to increase the stability of the power network. STATCOM is a shunt device, i.e., it is allied in shunt with the line. A Static Synchronous Compensator (STATCOM) is also known as a Static Synchronous Condenser (STATCOM). It is mounted to support electrical networks to improve poor power factor and often poor voltage regulation. It is a voltage source converter ( VSC) based device with a voltage source behind the reactor. It is usually used in long-distance transmission systems, power substations, and heavy industries where voltage stability is the major factor.
STATCOM for the renewable energy market is segmented based on type as low voltage, medium voltage, and high voltage. The low voltage segment is expected to dominate the market owing to its application in maintaining the stability of the power network for residential and commercial sectors. Also, the introduction of new solar-powered electronics in the market and their adoption opens doors for growth of the low voltage STATCOM market.
Further, based on the application, the STATCOM for the renewable energy market is segmented into solar, wind, hydro, and others. The solar segment currently holds a significant share in the market and is expected to lead the market owing to the increased utilization of solar at residential locations. Solar energy at residential locations is used for various applications such as solar heaters, solar electricity, and others.
The key market driver of the market is the increasing adoption of renewable energy for various end-use applications. Other factors driving the market include stringent requirements on the power quality by the regulatory authority, construction of new transmission and distribution networks for wind and solar, and technological advancements in the electronics industry preferring solar power.
The key market restraint that hampers the market is a huge capital cost for the installation of STATCOM solutions. The renewable market is still being adopted across regions, and the investment required is high, considering it to be a new variation in power generation.
Key Market Driver -
Increasing adoption of renewable energy for varied applications.
Key Market Restraint -
Huge capital cost for the installation of STATCOM solutions.
Some of the major companies in STATCOM for renewable energy market include Bharat Heavy Electricals Limited, GE, Veeral Controls Pvt Ltd., Ingeteam S.A., Siemens, Toshiba Corporation, NR Electric Co., Ltd., S&C Electric Company, ABB, Schneider Electric, JEMA Energy, Crompton GreavesConsumerElectricalsLimited, Mitsubishi Electric Automation, Inc.,Statcom Solutions, SIGNOTRON, and Power One Micro Systems (Private) Limited.
The global STATCOM for renewable energy market covers different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to be the leading region for the market, owing to the maximum adoption of renewable energy sources. Also, the region has had certain advancements in technology that prefer renewable sources like solar for electronics such as a solar watch. Following Europe, Asia Pacific is expected to be the leading region in the adoption of the STATCOM as the power generation trend in the region has shifted from conventional fuels to renewable. Substantial investments are being made for renewable energy such as offshore wind projects, large solar farm projects, and hydro projects. North America will also see healthy growth in the market with the rising adoption of solar energy in the region. Hydro projects play a significant role in the energy sector and will drive the adoption of fo STATCOM’s in the coming years. In terms of renewable energy adoption, Latin America and the Middle East posses huge growth opportunities for the market as these stand as regions having huge potential but not that significant investments being made in recent years.
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