Static Synchronous Compensator (STATCOM) Market Share

APAC Market Forecast

STATCOM market in Asia Pacific is predicted to account for the largest share of 55% by 2037 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).