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STATCOM or static synchronous compensator is a power electronic device that uses force commutated devices such as GTO and IGBT to regulate the reactive power flow through a power network results in increase the stability of the power network. STATCOM is a shunt device i.e., it is placed in shunt with the line. A Static Synchronous Compensator (STATCOM) is also called as a Static Synchronous Condenser (STATCON). It is a member of the Flexible AC Transmission System (FACTS) family of devices. It is mounted to support electrical networks to improve poor power factor and often poor voltage regulation. It is usually used in long-distance transmission systems, power substations and heavy industries where voltage stability is the major factor. It absorbs as well as generate a reactive power in synchronization with the demand to stabilize the voltage of the power network. It is a voltage source converter (VSC) based device, with voltage source behind a reactor.
The STATCOM market is segmented into product type, end-user, and geography. Based on the product type, the market is segmented into Low voltage STATCOM (less than 20 Mvar), Medium voltage STATCOM (20 – 100 Mvar), and High voltage STATCOM (greater than 100 Mvar). Based on end-user, the market is segmented into power transmission and distribution, mining, steel manufacturing, automobile manufacturing, oil and gas, and others. The power transmission & distribution segment is expected to hold the largest market share during the forecasted period.
Key Market Driver -
Increasing advancements in electronics, and automation & robotics
Key Market Restraint -
Huge Capital Cost for the Installation of STATCOM Solutions
Increasing focus on frequent advancements in electronics and automation & robotics and the moving trend towards renewable energy generation are the primary factors attributed to fuel the demand for STATCOM thereby increases the market growth during the projected period. There has been a consistent focus and significant investment in research & development for improving the stability of voltage through STATCOM, which holds a promising opportunity for the growth of the market. However, huge capital cost is required for the installation of STATCOM solutions, which hampers the market growth.
The major players in the STATCOM market are GE, ABB, Ingeteam S.A., Siemens, Toshiba Corporation, S&C Electric Company, Schneider Electric, Jema Energy, CG Power and Industrial Solutions Limited, and Mitsubishi Electric.
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The STATCOM market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is dominating the market, which is majorly from the US and Canada, as these countries are experiencing substantial investment in the renewable energy sector and have the presence of steel manufacturing, large manufacturing, and oil & gas companies which drives the demand for STATCOM market. Europe is also growing the demand for STATCOM due to the adoption of new technologies in the manufacturing sector and moving trend towards renewable energy. Hence, increasing investments in the manufacturing sector where STATCOM’s are deployed propel the demand for the STATCOM market during the forecast period.
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