PUNE, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global STATCOM market was US$603.3 million in 2021 and is expected to reach US$941.2 million by 2029, growing at a CAGR of 5.8% from 2022 to 2029. out. This information is cited by Fortune Business Insights™ in its research report titled STATCOM Market, 2022-2029.
Key Industry Development:
Sep 2021 – Siemens Energy announced plans to provide four STATCOM installations for LS Power Grid California substations. The move would be crucial to ensure grid reliability when renewable sources come online.
Request a sample copy of the research report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/statcom-market-102160
Report Highlights:
| report coverage | details |
| forecast period | 2022-2029 |
| Forecast period 2022 to 2029 CAGR | 5.8% |
| Value prognosis 2029 | $941.2 million |
| base year | 2021 |
| Market size in 2021 | $603.3 million |
| Historical data for | 2018-2020 |
| number of pages | 214 |
| segments covered | Type, End User, and Region |
| growth accelerator | Increased focus on voltage stability to drive STATCOM market growth |
| Promising Transmission and Distribution Grid Extensions to Boost Market Growth |
Effects of COVID-19:
Frozen steel production and declining railroad electrification during the pandemic impacted the market
The global impact of COVID-19 on the market is moderate as it hampered the growth rate of STATCOM and installation of power grids due to supply chain disruptions in raw materials and hampering of activities due to social distancing norms. The imposition of travel restrictions hampered the railway sector and hampered the progress of electrification projects. The slowdown in industrial activity hampered steel demand, impacted steel production and impacted the market for STATCOMs in the steelmaking sector. Amid increasing efforts to develop renewable energy…
