Static Synchronous Compensator (STATCOM) Market Size & Share, by Voltage Type (Low, Medium, High); Application (Renewable Energy, Electric Utilities, Photovoltaic Generation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5344
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.

Static Synchronous Compensator (STATCOM) Market
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Static Synchronous Compensator (STATCOM) Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Adoption of Renewable Energy Sources – Numerous industries, including renewable energy, make considerable use of the Static Synchronous Compensator (STATCOM) industry to regulate voltage and reactive power, and assist in stabilizing electric power networks in the green energy industry. For instance, through 2026, more than 90% of the expansion in the world's electricity capacity is expected to come from renewable sources.
  • Growing Electronic Industry- The Static Synchronous Compensator, or STATCOM, is a power electronics-based device that regulates the reactive power flow through a power network, hence enhancing the stability of the power network, by using force-commutated power electronics such as IGBT, GTO, and others.


  • High initial investment - Static Synchronous Compensators are often utilized in DC systems with high voltage the price of which is affected by the amount of power to be transported, the kind of transmission medium, and the surrounding environment. Due to its complexity, and the presence of intricate cooling mechanisms to maintain the conversion equipment at its crucial operating temperature contributes significantly to the operational expenses and makes the cost of constructing HVDC stations many times greater than that of constructing HVAC stations.
  • Complexity associated with the integration of existing systems can impact the market growth
  • Lack of awareness and knowledge among grid operators about the advantages of static synchronous compensator (STATCOM)

Static Synchronous Compensator (STATCOM) Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

~ USD 1 Billion

Forecast Year Market Size (2036)

~ USD 4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Static Synchronous Compensator (STATCOM) Segmentation

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:

     Voltage Type

  • Low
  •  Medium
  •  High


  • Renewable Energy
  • Electric Utilities
  • Photovoltaic Generation

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Static Synchronous Compensator (STATCOM) Industry - Regional Synopsis

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).

Research Nester
Static Synchronous Compensator (STATCOM) Market Size
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Companies Dominating the Static Synchronous Compensator (STATCOM) Landscape

    • ABB Group
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Siemens AG
    • Rongxin Power Electronic Co., Ltd.
    • S&C Electric
    • General Electric
    • Sieyuan Electric
    • Beijing In-power Electric Co., Ltd
    • Merus Power

In the News

  • ABB Group installed the world’s first hybrid static compensator (statcom) for TenneT, to offer reactive power compensation and dynamic voltage assistance to maintain the grid stable at the necessary voltage and to fortify and stabilize the German power system.
  • Siemens AG announced to offer of four static synchronous compensator (STATCOM) installations for LS Power Grid California, LLC (LS Power) substation projects the functions of these systems will include voltage support and control in the event of transmission interruptions and system incidents.

Author Credits:  Abhishek Verma

  • Report ID: 5344
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand for power across the globe and the growing usage of AC transmission systems are the major factors driving the growth of the market.

The market size of Static Synchronous Compensator (STATCOM) is anticipated to attain a CAGR of 14% over the forecast period, i.e., 2024 -2036.

The major players in the market are Siemens AG, Rongxin Power Electronic Co., Ltd., S&C Electric, General Electric, Sieyuan Electric, Beijing In-power Electric Co., Ltd, Merus Power, Mitsubishi Electric Corporation, Hitachi Energy, and others.

The high segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Static Synchronous Compensator (STATCOM) Market Report Scope

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