Static Synchronous Compensator Market Size By Type, By Application, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022

Description

List of Tables

The static synchronous compensator (STATCOM) market is set to register significant growth through 2030 owing to widespread product adoption to fulfill the increasing demand for power in smart homes as well as manufacturing and healthcare industries. In addition, rapid industrialization and urbanization are slated to create more business opportunities for STATCOM service providers.

Key industry players have been engaging in strategic partnerships, technological innovation, and product launches to enhance their business presence, thereby improving the overall dynamics of the static synchronous compensator (STATCOM) market. For instance, in September 2021, energy giant Siemens Energy declared that it would provide four STATCOM installations for the substation projects of LS Power Grid in California to strengthen the energy grid's reliability. LS Power's substation in Fresno County hosted two STATCOM systems, while the remaining two were installed at LS Power's newly constructed Fern Road substation.

In another development, in May 2021, Terna S.p.A., an Italian transmission system operator, ordered two STATCOM systems for the stabilization of grids from Siemens Energy. This move was set to help Italy tackle emerging power grid challenges posed by its energy transition. These new STATCOM systems were purposed to reduce the execution time of the project by avoiding approval procedures of buildings as well as help Terna manage the challenges related to intermittency and volatility of wind and solar energy by stabilizing voltage fluctuations. These STATCOMs were based on Siemens Energy's SVC PLUS technology and substantially decreased the risk of blackouts and voltage drops.

The static synchronous compensator (STATCOM) market has been bifurcated in terms of application, type, and region.

On the basis of application, the market has been divided into photovoltaic generation, energy network, and others. The others segment is poised to gain substantial traction in the upcoming time period owing to escalating demand for STATCOMs in industries viz., electric arc furnaces, steel manufacturing, automotive, and rolling mills.

Based on type, the static synchronous compensator (STATCOM) market has been segmented into medium voltage, low voltage, and high voltage. Among these, the high voltage segment is primed to exhibit notable growth through 2030. High voltage STATCOMs offer various advantages, such as power factor correction and voltage support, which is likely to boost their uptake in a wide range of applications.

In the regional context, the STATCOM market in North America was valued at more than $250 million in 2021. This is primarily due to the burgeoning need for a new energy mix and rising demand for electricity. Meanwhile, the Middle East & Africa static synchronous compensator (STATCOM) industry is expected to grow at around 8% CAGR through 2030 due to supportive government initiatives in developing countries across MEA.

Product Code: 5296

Chapter 1 Methodology & Scope

1.1 Scope & definition
1.2 Scope and definitions
1.3 Methodology & forecast parameters
1.4 COVID-19 impact
- 1.4.1 North America
- 1.4.2 Europe
- 1.4.3 Asia Pacific
- 1.4.4 Latin America
- 1.4.5 Middle East & Africa
1.5 Data sources
- 1.5.1 Secondary
- 1.5.2 Primary
1.6 Industry Glossary

Chapter 2 Executive Summary

2.1 STATCOM industry 360 degree synopsis, 2018 - 2030
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Application trends

Chapter 3 STATCOM Industry Insights

3.1 Impact analysis of coronavirus (COVID-19) pandemic
- 3.1.1 Global Outlook
- 3.1.2 Impact by Region
  - 3.1.2.1 North America
  - 3.1.2.2 Europe
  - 3.1.2.3 Asia Pacific
  - 3.1.2.4 Latin America
  - 3.1.2.5 MEA
- 3.1.3 Industry value chain
  - 3.1.3.1 Research and Development (R&D)
  - 3.1.3.2 Manufacturing
  - 3.1.3.3 Marketing
  - 3.1.3.4 Supply
- 3.1.4 Competitive Landscape
  - 3.1.4.1 Strategy
  - 3.1.4.2 Distribution Network
  - 3.1.4.3 Business Growth
3.2 Impacts of Russia-Ukraine war on the STATCOM market
3.3 Industry Ecosystem Analysis
- 3.3.1 Raw material supplier
- 3.3.2 Manufacturer
- 3.3.3 Distributors
- 3.3.4 Service Providers
- 3.3.5 End user
- 3.3.6 Vendor adoption matrix
3.4 Technology & innovation landscape
- 3.4.1 Rising integration of Modular Multilevel Converter (MMC) Technology in STATCOM
- 3.4.2 PV- STATCOM: A smart inverter for voltage control
3.5 Regulatory Landscape
- 3.5.1 International Standards
  - 3.5.1.1 IEC 62927: 2017
  - 3.5.1.2 ISO 17657
  - 3.5.1.3 IEC 61508
- 3.5.2 North America
  - 3.5.2.1 National Institute of Standards and Technology (NIST)
  - 3.5.2.2 Canadian Standard Associations (CSA)
  - 3.5.2.3 AEC-Q100 Qualified and AEC-Q200 Qualified
- 3.5.3 Europe
  - 3.5.3.1 EN 50178
  - 3.5.3.2 CE Compliant
  - 3.5.3.3 The Restriction of Hazardous Substances Directive 2002/95/EC
- 3.5.4 Asia Pacific
  - 3.5.4.1 Waste Electric and Electronic Equipment Directive (2002/96/EC)
  - 3.5.4.2 SNI Mark for Indonesia
  - 3.5.4.3 Certified PSE Mark in Electrical Equipment's- Japan
  - 3.5.4.4 KC Certification, South Korea
- 3.5.5 Latin America
  - 3.5.5.1 NR 10
  - 3.5.5.2 UNIT ISO/ IEC 27000
- 3.5.6 MEA
  - 3.5.6.1 The Electricity and Wiring Regulations
  - 3.5.6.2 South African Bureau of Standards (SABS) and the Independent Communications Authority of South Africa (ICASA)
3.6 Industry impact forces
- 3.6.1 Growth drivers
  - 3.6.1.1 Growing use for Static Synchronous Compensator (STATCOM) in High Voltage Direct Current (HVDC) system
  - 3.6.1.2 Growing adoption of STATCOM Solutions in renewable energy industries.
  - 3.6.1.3 Increasing adoption of STATCOMs for electric utility applications
  - 3.6.1.4 High demand for STATCOM from the expanding industrial sector
  - 3.6.1.5 The rising use of STATCOM in photovoltaic generation
- 3.6.2 Pitfalls and Challenges
  - 3.6.2.1 Presence of only two possible steady- state operating modes in traditional STATCOMS
  - 3.6.2.2 Huge Investment costs to install STATCOM solutions
3.7 Investment Landscape
3.8 Growth potential analysis
3.9 Porter's analysis
- 3.9.1 Supplier power
- 3.9.2 Buyer power
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.9.5 Internal rivalry
3.10 PESTEL analysis
- 3.10.1 Political
- 3.10.2 Economical
- 3.10.3 Social
- 3.10.4 Technological
- 3.10.5 Environmental
- 3.10.6 Legal

Chapter 4 Competitive Landscape, 2021

4.1 Introduction
4.2 Company market share, 2021
4.3 Competitive analysis of major market players
- 4.3.1 Siemens
- 4.3.2 Hitachi Energy Ltd.
- 4.3.3 GE Energy
- 4.3.4 Mitsubishi Electric Corp.
- 4.3.5 Sieyuan Electric
4.4 Competitive analysis of innovative market players, 2021
- 4.4.1 Hyosung Heavy Industries
- 4.4.2 Ingeteam S.A.
- 4.4.3 American Superconductor (AMSC)
- 4.4.4 Eaton Corporation
- 4.4.5 RXHK
4.5 Vendor adoption matrix

Chapter 5 STATCOM Market, By Type

5.1 STATCOM market share, by type, 2021 & 2030
5.2 Low voltage
- 5.2.1 Market estimates & forecast, 2018-2030
5.3 Medium voltage
- 5.3.1 Market estimates & forecast, 2018-2030
5.4 High voltage
- 5.4.1 Market estimates & forecast, 2018-2030

Chapter 6 STATCOM Market, By Application

6.1 STATCOM market share, by application, 2021 & 2030
6.2 Electricity networks
- 6.2.1 Market estimates & forecast, 2018-2030
6.3 Photovoltaic generation
- 6.3.1 Market estimates & forecast, 2018-2030
6.4 Others
- 6.4.1 Market estimates & forecast, 2018-2030

Chapter 7 STATCOM Market, By Region

7.1 STATCOM market share, by region, 2021 & 2030
7.2 North America
- 7.2.1 Market estimates & forecast, by type, 2018-2030
- 7.2.2 Market estimates & forecast, by application, 2018-2030
- 7.2.3 U.S.
  - 7.2.3.1 Key initiatives and news
  - 7.2.3.2 Market estimates & forecast, by type, 2018-2030
  - 7.2.3.3 Market estimates & forecast, by application, 2018-2030
- 7.2.4 Canada
  - 7.2.4.1 Key initiatives and news
  - 7.2.4.2 Market estimates & forecast, by type, 2018-2030
  - 7.2.4.3 Market estimates & forecast, by application, 2018-2030
7.3 Europe
- 7.3.1 Market estimates & forecast, by type, 2018-2030
- 7.3.2 Market estimates & forecast, by application, 2018-2030
- 7.3.3 UK
  - 7.3.3.1 Key initiatives and news
  - 7.3.3.2 Market estimates & forecast, by type, 2018-2030
  - 7.3.3.3 Market estimates & forecast, by application, 2018-2030
- 7.3.4 Germany
  - 7.3.4.1 Key initiative and news
  - 7.3.4.2 Market estimates & forecast, by type, 2018-2030
  - 7.3.4.3 Market estimates & forecast, by application, 2018-2030
- 7.3.5 France
  - 7.3.5.1 Key initiatives and news
  - 7.3.5.2 Market estimates & forecast, by type, 2018-2030
  - 7.3.5.3 Market estimates & forecast, by application, 2018-2030
- 7.3.6 Italy
  - 7.3.6.1 Key initiatives and news
  - 7.3.6.2 Market estimates & forecast, by type, 2018-2030
  - 7.3.6.3 Market estimates & forecast, by application, 2018-2030
7.4 Asia Pacific
- 7.4.1 Market estimates & forecast, by type, 2018-2030
- 7.4.2 Market estimates & forecast, by application, 2018-2030
- 7.4.3 China
  - 7.4.3.1 Key initiative and news
  - 7.4.3.2 Market estimates & forecast, by type, 2018-2030
  - 7.4.3.3 Market estimates & forecast, by application, 2018-2030
- 7.4.4 India
  - 7.4.4.1 Key initiatives and news
  - 7.4.4.2 Market estimates & forecast, by type, 2018-2030
  - 7.4.4.3 Market estimates & forecast, by application, 2018-2030
- 7.4.5 Japan
  - 7.4.5.1 Key initiatives and news
  - 7.4.5.2 Market estimates & forecast, by type, 2018-2030
  - 7.4.5.3 Market estimates & forecast, by application, 2018-2030
- 7.4.6 South Korea
  - 7.4.6.1 Key initiatives and news
  - 7.4.6.2 Market estimates & forecast, by type, 2018-2030
  - 7.4.6.3 Market estimates & forecast, by application, 2018-2030
7.5 Latin America
- 7.5.1 Market estimates & forecast, by type, 2018-2030
- 7.5.2 Market estimates & forecast, by application, 2018-2030
- 7.5.3 Brazil
  - 7.5.3.1 Key initiatives and news
  - 7.5.3.2 Market estimates & forecast, by type, 2018-2030
  - 7.5.3.3 Market estimates & forecast, by application, 2018-2030
- 7.5.4 Mexico
  - 7.5.4.1 Key initiatives and news
  - 7.5.4.2 Market estimates & forecast, by type, 2018-2030
  - 7.5.4.3 Market estimates & forecast, by application, 2018-2030
7.6 MEA
- 7.6.1 Market estimates & forecast, by type, 2018-2030
- 7.6.2 Market estimates & forecast, by application, 2018-2030
- 7.6.3 GCC
  - 7.6.3.1 Key initiatives and news
  - 7.6.3.2 Market estimates & forecast, by type, 2018-2030
  - 7.6.3.3 Market estimates & forecast, by application, 2018-2030
- 7.6.4 South Africa
  - 7.6.4.1 Key initiatives and news
  - 7.6.4.2 Market estimates & forecast, by type, 2018-2030
  - 7.6.4.3 Market estimates & forecast, by application, 2018-2030

Chapter 8 Company Profiles

8.1 Crompton Greaves Ltd.
- 8.1.1 Business overview
- 8.1.2 Financial data
- 8.1.3 Product landscape
- 8.1.4 Go-to-market strategies
- 8.1.5 SWOT analysis
8.2 Eaton Corporation
- 8.2.1 Business overview
- 8.2.2 . Financial data
- 8.2.3 Product landscape
- 8.2.4 Go-to-market strategies
- 8.2.5 SWOT analysis
8.3 GE Energy
- 8.3.1 Business overview
- 8.3.2 Financial data
- 8.3.3 Product landscape
- 8.3.4 Go-to-market strategies
- 8.3.5 SWOT analysis
8.4 Hitachi Energy Ltd.
- 8.4.1 Business overview
- 8.4.2 Financial data
- 8.4.3 Product landscape
- 8.4.4 Go-to-market strategies
- 8.4.5 SWOT analysis
8.5 Hyosung Heavy Industries
- 8.5.1 Business overview
- 8.5.2 Financial data
- 8.5.3 Product landscape
- 8.5.4 Go-to-market strategies
- 8.5.5 SWOT analysis
8.6 Ingeteam S.A.
- 8.6.1 Business overview
- 8.6.2 Financial data
- 8.6.3 Product landscape
- 8.6.4 Go-to-market strategies
- 8.6.5 SWOT analysis
8.7 JEMA Energy
- 8.7.1 Business overview
- 8.7.2 Financial data
- 8.7.3 Product landscape
- 8.7.4 Go-to-market strategies
- 8.7.5 SWOT analysis
8.8 Mitsubishi Electric Ltd.
- 8.8.1 Business overview
- 8.8.2 Financial data
- 8.8.3 Product landscape
- 8.8.4 Go-To-market strategy
- 8.8.5 SWOT analysis
8.9 S & C Electric Company
- 8.9.1 Business overview
- 8.9.2 Financial data
- 8.9.3 Product landscape
- 8.9.4 Go-To-market strategy
- 8.9.5 SWOT analysis
8.10 Schneider Electric SE
- 8.10.1 Business overview
- 8.10.2 Financial data
- 8.10.3 Product landscape
- 8.10.4 Go-to-market strategies
- 8.10.5 SWOT analysis
8.11 Siemens AG
- 8.11.1 Business overview
- 8.11.2 Financial data
- 8.11.3 Product landscape
- 8.11.4 Go-to-market strategies
- 8.11.5 SWOT analysis
8.12 Toshiba Corporation
- 8.12.1 Business overview
- 8.12.2 Financial data
- 8.12.3 Product landscape
- 8.12.4 Go-to-market strategies
- 8.12.5 SWOT analysis