Static Synchronous Compensator (STATCOM) Market Size

STATCOM Market size was valued at USD 1.04 billion in 2024 and is anticipated to reach USD 4.86 billion by the end of 2037, registering around 12.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of static synchronous compensator (STATCOM) is assessed at USD 1.14 billion. The reason behind the growth is impelled by the growing demand for power across the globe driven by population growth and economic development coupled with rapid urbanization. For instance, the peak demand for electricity is projected to exceed 300 GW by 2030, a sign of the economy's rapid expansion. Moreover, over the past 50 years, global power consumption has increased steadily, and in 2022, it reached around 25,400 terawatt-hours.

The growing usage of AC transmission systems is believed to fuel the market growth. A regulating device called a static synchronous compensator (STATCOM) is used in AC transmission systems that combine power systems and power electronic components to improve controllability.