The STATCOM market is on the rise as energy demand surges globally, according to a new report by a leading market research firm. The report, titled “STATCOM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” provides an in-depth analysis of the market’s current state and future prospects.
STATCOM, or Static Synchronous Compensator, is a power electronics-based device used to regulate the voltage of power systems. It is used to mitigate voltage fluctuations and improve the stability and reliability of power grids. The increasing demand for reliable and efficient power supply and the growing adoption of renewable energy sources are some of the major factors driving the growth of the STATCOM market.
According to the report, the global STATCOM market was valued at $1.1 billion in 2020 and is projected to reach $1.8 billion by 2026, growing at a CAGR of 8.1% during the forecast period. The high voltage segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for high voltage power transmission and distribution systems.
Geographically, the Asia-Pacific region is expected to witness the fastest growth in the STATCOM market during the forecast period, owing to the increasing demand for electricity and the growing adoption of renewable energy sources in countries such as China and India. North America and Europe are also expected to hold significant shares of the market, owing to the presence of major players in the region and the increasing adoption of advanced power transmission and distribution technologies.
The report profiles some of the key players operating in the global STATCOM market, including ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, General Electric Company, and Schneider Electric SE. These players are adopting various strategies such as mergers and acquisitions, product launches, and partnerships to expand their market share and strengthen their position in the market.
In conclusion, the STATCOM market is on the rise as energy demand surges globally, driven by the increasing demand for reliable and efficient power supply and the growing adoption of renewable energy sources. The report provides valuable insights into the market’s current state and future prospects, enabling stakeholders to make informed decisions and stay ahead of the competition.
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