Pune, India, May 23, 2022 (GLOBE NEWSWIRE) — The global STATCOM market size is likely to gain momentum backed by increasing demand for renewable energy and technological advancements in electronics, automation, and robotics. Fortune Business Insights, publish this information, in its latest report, titled “STATCOM Market Size, Share & Industry Analysis, By Product Type (Low voltage STATCOM (less than 20 Mvar), Medium voltage STATCOM (20 – 100 Mvar), High voltage STATCOM (greater than 100 Mvar)), By End-User (Power Transmission & Distribution, Mining, Steel Manufacturing, Automobile Manufacturing, Oil and Gas, Others) others and Regional Forecast, 2019-2026.”
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STATCOM stands for static synchronous compensator. An electronic device, STATCOM involves use of force-commutated devices such as GTO and IGBT to regulate the reactive power flow through a powerful network. In addition to this, it increases the stability of power network largely. Furthermore, it efficiently supports electrical networks in improving poor power factor and poor voltage regulation. Moreover, STATCOMs are primarily used in heavy industries, large power sub stations, and long-distance transmission systems that face constant problems of voltage stability. Adoption of technology to improve renewable energy systems is expected to propel the growth of the market during the forecast period.
What does the Report Offer?
The market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period.
Moreover, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
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Drivers and Restraints:
Product Innovations to Bode Well for Growth
In December 2019, GE Renewable Energy, a leading grid solutions provider, created history by energizing the Bolney substation. The substation is a part of three substations believed to be the largest STATCOM scheme for Europe. Fabrice Jullien, Global FACTS Business Leader for GE Grid Solution’s business, says “The improved network stability that is furnished by GE’S STATCOM solution forges confidence in customers to plan or integrate more renewable energy in their grids. At National Grid’s Bolney substation, the solution is expected to propel HVDC interconnection reliability along with resilience for fault occurrences. Furthermore, it will support the European Union’s strategy for achieving a competitive edge and better integration of European energy market place globally.” Product innovations along with increasing demand for renewable energy is expected to drive the growth of the market during the forecast period.
Increasing Investment for Renewable Sector in North America to Aid Growth
Among the regions, North America is expected to remain dominant during the forecast period. This is ascribable to factors such as increasing investment in renewable energy sector from countries such as the US, and Canada.
Furthermore, presence of steel manufacturing and oil & gas companies in North America will contribute to the growth of the market during the projected horizon. Europe, on the other hand, will register promising growth during the forecast period. This is attributable to factors such as adoption of technological advancements in manufacturing sectors and growing demand for renewable energy in the region between 2019 and 2026.
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Procuring Orders for Product Development to Fuel Demand
In November 2019, AMSC, a leading energy solutions provider, received orders worth $20 million for the D-VAR STATCOM system from the renewable energy sector in the U.S. The D-VAR systems provide able voltage regulation by responding dynamically to fluctuating load conditions and further successfully connects the wind power plants to the electric grid.
According to Daniel P. McGahn, Chairman, CEO OF AMSC, the new D-VAR systems will strengthen the company’s backlog and extend the grid visibility into fiscal 2020. Adoption of strategies such as expansion of product offering, and product development by the companies to cement market presence and gain maximum STATCOM market revenue will surge the demand for the market during the forecast period.
List of the Companies Proliferating in the Market:
- Ingeteam S.A.
- Toshiba Corporation
- S&C Electric Company
- Schneider Electric
- Jema Energy
- CG Power
- Industrial Solutions Limited
- Mitsubishi Electric
- By Product Type
- Low voltage STATCOM (less than 20 Mvar)
- Medium voltage STATCOM (20 – 100 Mvar)
- High voltage STATCOM (greater than 100 Mvar)
- By End-User
- Power Transmission & Distribution
- Steel Manufacturing
- Automobile Manufacturing
- Oil and Gas
- By Geography
- North America (the U.S. and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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