#Global #STATCOM #Market #Size #Worth #USD #Million
Pune, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global STATCOM market size was USD 603.3 million in 2021 and is expected to reach USD 941.2 million by 2029, exhibiting a CAGR of 5.8% from 2022 to 2029. The growth can be attributed to a substantial increase in the development of smart grid infrastructure and smart meter roll-outs. This information is cited by Fortune Business Insights™ in its research report, titled “STATCOM Market, 2022-2029”.
Key Industry Development:
September 2021 – Siemens Energy announced plans for the provision of four STATCOM installations for LS Power Grid California’s substation projects. The step would be vital toward ensuring the reliability of the power grid as renewable sources get 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% |
| 2029 Value Projection | USD 941.2 million |
| Base Year | 2021 |
| Market Size in 2021 | USD 603.3 million |
| Historical Data for | 2018-2020 |
| No. of Pages | 214 |
| Segments covered | Type, End-user, and Region |
| Growth Drivers | Increased Focus on Voltage Stability to Drive the STATCOM Market Growth |
| Promising Transmission & Distribution Network Expansions to Boost Market Growth |
COVID-19 Impact:
Frozen Steel Production and Decreasing Railway 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 power grid installation due to supply chain disruption of raw materials and hindrance in activities due to social distancing norms. The imposition of travel restrictions hampered the rail sector, affecting the progress of electrification projects. The slowdown of industrial activity hampered steel demand, affecting steel production, affecting the market for STATCOMs in the steel manufacturing sector. Amid increasing…
Read on GNW: Global STATCOM Market Size Worth USD 941.2 Million, by 2029
