SkyQuest Technology Group has recently published a comprehensive Statcom Market report, offering a detailed analysis of the product landscape and industry scope while providing insights into the market outlook and future trends from 2025 to 2032. 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.
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).
Global statcom market is expected to witness rapid growth over the forecast period, owing to growing investments in transmission & distribution infrastructures. The rising number of retrofit projects and the augmented power consumption, has led the new infrastructure projects to be endowed with huge investments. This, in turn, increases the demand for electricity, which impels the incorporation of STATCOM devices, thereby spurring the market growth. However, high cost and various technical challenges, while operating IGBT Based STATCOM, is anticipated to hinder the statcom market growth over the forecast period.
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Detailed Segmentation and Classification of the report (Market Size and Forecast – 2032, Y-o-Y growth rate, and CAGR):
The Statcom Market can be segmented based on several factors, including product type, application, end-user, and distribution channel.
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.
Statcom Market – 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.
Top Market Players in Statcom Market are:
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)
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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Forward-Looking Insights
The Statcom Market is set to experience sustained growth, fueled by technological advancements, broader global market access, and rising industry demand. With the industry addressing emerging challenges and capitalizing on new opportunities, it is expected to drive innovation and play a pivotal role in advancing global health and economic progress.
About Company:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact Details:
SkyQuest Technology Group
USA (+1) 351-333-4748
Email: [email protected]
