STATCOM or static synchronous compensator is a power electronic device using force commutated devices like GTO, IGBT etc. to regulate the reactive power flow through a power network and thereby increasing the stability of power network.
Usually, a STATCOM is mounted to support electrical networks that have a poor power factor and often poor voltage regulation. The most common use of STATCOM is voltage stability. A STATCOM is a voltage source converter (VSC) based device, with the voltage source behind a ballast.
Statcom Market size was valued at USD 0.7 billion in 2023 and is poised to grow from USD 0.74 billion in 2024 to USD 1.18 billion by 2032, growing at a CAGR of 6.0% during the forecast period (2025-2032).
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Key Drivers of Market Growth
- Renewable Energy Integration
The intermittency of solar and wind energy places stress on grid voltage and frequency. STATCOMs help smooth these fluctuations, making them indispensable in clean energy transitions. - Grid Modernization and Urbanization
The push toward smarter, more resilient power systems—especially in emerging economies—is boosting demand for advanced voltage control systems like STATCOMs. - Industrial Power Quality Demands
Industries such as steel, automotive, and oil & gas require constant voltage and reactive power support, fueling the adoption of STATCOMs in manufacturing-heavy regions. - Expansion of HVDC Networks
High-voltage direct current (HVDC) systems, vital for long-distance power transmission, often incorporate STATCOMs for enhanced dynamic stability and power factor correction.
Market Segmentation Highlights
Global Statcom Market is segmented by Rated Power, End-User and region.
- Based on Rated Power, the market is segmented into Low Power STATCOM (Less than 20 Mvar), Medium Power STATCOM (20-100 Mvar) and High Power STATCOM (Greater than 100 Mvar).
- Based on End-User, the market is segmented into Utility, Steel Manufacturing, Renewable Energy, Mining, Hydrogen Power Plant and Others.
- Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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Regional Analysis
In 2021, the Asia Pacific region accounted largest statcom market share of the global statcom market. Growing demand from renewable energy markets, such as those from solar panel installations, wind farms, and solar farms, as well as growing government investments and attempts to deliver electricity across countries are anticipated to drive the market expansion in the APAC region.
Also, North America is dominating the global market during the forecast period due to presence of steel manufacturing and oil & gas companies working in this region.
China, Japan, India, and South Korea are the major key player in this market and they contribute in the growth of the market. Europe is developing new technologies in steel manufacturing, which is one of the key factors for the significant CAGR in this region.
Competitive Landscape
Leading players in the STATCOM market include:
- ABB (Switzerland)
- Siemens AG (Germany)
- General Electric (GE) (USA)
- Hitachi Energy (Switzerland)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Corporation (Japan)
- Schneider Electric SE (France)
- Eaton Corporation (Ireland)
- NR Electric Co., Ltd. (China)
- S&C Electric Company (USA)
- Ingeteam Power Technology (Spain)
- American Superconductor Corporation (AMSC) (USA)
- Rongxin Power Electronic Co., Ltd. (China)
- Hyosung Heavy Industries (South Korea)
- Sieyuan Electric Co., Ltd. (China)
- Bharat Heavy Electricals Limited (BHEL) (India)
- Crompton Greaves Consumer Electricals Limited (India)
- JEMA Energy (USA)
- Veeral Controls Pvt. Ltd. (India)
- Power One Micro Systems Pvt. Ltd. (India)
These companies focus on strategic partnerships, innovation in modular STATCOM designs, and expansion into developing regions to maintain their market positions.
Statcom Market Recent Developments:
In April 2017, American Superconductor Corporation (AMSC) announced four new d-var STATCOM system orders valued at over USD 8 million. Two of the orders serve the renewable energy sector and are expected to be used for to provide voltage regulation by responding dynamically to varying load conditions and connection of wind power plants to the electric grid in the United Kingdom.
In March 2017, ABB announced the launch of expert digital distribution transformers (300 kva – 10 Mva). It is a digital solution that provides asset performance analysis and ensures data accuracy.
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