 Market.webp)
STATCOM Market size is poised to reach USD 4 Billion by the end of 2036, growing at a CAGR of 14% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of static synchronous compensator (STATCOM) was USD 1 Billion. The reason behind the growth is impelled by the growing demand for power across the globe driven by population growth and economic development coupled with rapid urbanization. For instance, the peak demand for electricity is projected to exceed 300 GW by 2030, a sign of the economy's rapid expansion. Moreover, over the past 50 years, global power consumption has increased steadily, and in 2022, it reached around 25,400 terawatt-hours.
The growing usage of AC transmission systems is believed to fuel the market growth. A regulating device called a static synchronous compensator (STATCOM) is used in AC transmission systems that combine power systems and power electronic components to improve controllability.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~14% |
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Base Year Market Size (2023) |
~ USD 1 Billion |
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Forecast Year Market Size (2036) |
~ USD 4 Billion |
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Regional Scope |
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Voltage Type (Low, Medium, High)
The high segment in the STATCOM market is estimated to gain a robust revenue share of 45% in the coming years owing to the growing aging infrastructure around the world. The deteriorating infrastructure of many cities globally has put pressure on the resources required to meet human requirements such as clean water and power. Governments and organizations everywhere are faced with a serious dilemma as a result of this deteriorating infrastructure since it is expected to negatively affect the power sector and may struggle to cope with modern demands.
High voltage STATCOMs offer a cost-effective solution to upgrade and modernize existing grids by enhancing system stability without the need for extensive infrastructure overhauls.
High voltage Static synchronous compensator (STATCOM) allows for scalability and flexibility at specific locations where voltage support is needed the most provides advanced control capabilities and improves the overall performance of the grid.
Application (Renewable Energy, Electric Utilities, Photovoltaic Generation)
The electric utilities segment in the STATCOM market is set to garner a notable share shortly. A static synchronous compensator (STATCOM) falls under the group of devices known as the Flexible AC transmission system (FACTS), which is a reactive compensating device used in transmission networks. Installed on transmission grids, the Static Synchronous Compensator (STATCOM) solution is a specially developed technology that offers grid operators faster response times, a smaller footprint, and improved operational voltage range in addition to reactive power adjustment compared to conventional Static Var Compensator (SVC) solutions.
Our in-depth analysis of the global market includes the following segments:
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Voltage Type |
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Application |
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APAC Market Forecast
STATCOM market in Asia Pacific is predicted to account for the largest share of 55% by 2036 impelled by rapid urbanization. India's towns and cities have experienced fast growth owing to the presence of public facilities, adequate utilities and infrastructure, and economic prospects. As a result, the yearly growth rate of electricity consumption in the region will reach around 4% on average till 2032, leading to higher adoption of static synchronous compensator (STATCOM).
For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by over 2%.
In addition, the demand for power in India is expected to rise far faster than the country's total energy consumption, which is expected to fuel the adoption of renewable energy sources in the country. Particularly, in 2022, India generated over 170 GW of renewable energy, which came from 10 GW of biopower, 60 GW of wind power, 5 GW of small hydropower, and 100 GW of solar energy.
North American Market Statistics
The North America STATCOM market is estimated to be the second largest, during the forecast timeframe led by growing industrial activities. Economic growth has been accelerated by the industrial sector, which has increased the need for power in the region, leading to a higher adoption of static synchronous compensators (STATCOM).
 Market Size.webp)
Author Credits: Abhishek Verma, Hetal Singh
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