Statcom Market to Generate Growth in Healthcare Supported by

Pune, India, 28 Feb. 2022 (GLOBE NEWSWIRE) — The size of the global statistical communications market is expected to grow, supported by growing demand for renewable energy and technological advancements in electronics, automation and communication. robotics. Fortune Business Insights, publishes this information, in its latest report, titled Statistics market Size, Share and Industry Analysis by Product Type (Low Voltage STATCOM (Less than 20 Mvar), Medium Voltage STATCOM (20 – 100 Mvar), High Voltage STATCOM (Greater than 100 Mvar)), by End User (Power Transmission & Distribution, Mining, Steel Manufacturing, Automobile Manufacturing, Oil & Gas, Other) Others and Regional Forecast, 2019-2026.

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Satcom stands for Static Synchronous Compensator. An electronic device, Statcom involves the use of force-switched devices such as GTO and IGBT to regulate the flow of reactive power through a powerful network. In addition to this, it greatly increases the stability of the power grid. In addition, it effectively supports electrical networks by improving low power factor and poor voltage regulation. Additionally, statcoms are mainly used in heavy industries, large electrical substations, and long-distance transmission systems that face constant voltage stability issues. The adoption of technology to improve renewable energy systems is expected to propel the market growth over the forecast period.

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What does the report offer?

The market report offers a detailed assessment of the various market drivers and restraints, opportunities and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research on regional developments in the market, affecting the growth of the market over the forecast period. Additionally, the report includes information sourced from expert industry professional advice by our research analyst using multiple research methodologies for the market. The competitive landscape offers more detailed information about the strategies such as product launches, partnerships, mergers & acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2019 and 2026.

Drivers and Restrictions:

Product innovations bode well for growth

In December 2019, GE Renewable Energy, a leading grid solutions provider, made history by powering the Bolney substation. The substation is one of three substations considered to be the largest Statcom system in Europe. Fabrice Jullien, Global FACTS Business Leader for the GE Grid Solution business, said: “The improved grid stability provided by GE’s statcom solution builds customer confidence to plan or integrate more renewable energy into their networks. At National Grid’s Bolney substation, the solution is expected to enhance the reliability of the HVDC interconnector as well as resilience in the event of a fault. In addition, it will support the European Union’s strategy to achieve competitive advantage and better integration of the European energy market on a global scale. Product innovations along with growing demand for renewable energy are expected to drive the market growth over the forecast period.

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Regional analysis:

Increase investments in the renewable energy sector in North America to foster growth

Among the regions, North America is expected to remain dominant during the forecast period. This is attributed to factors such as increased investment in the renewable energy sector from countries like the United States and Canada. Moreover, the presence of steel manufacturing companies and oil and gas companies in North America will aid in the growth of the market over the projected horizon. Europe, on the other hand, will record promising growth over the forecast period. This is attributed to factors such as adoption of technological advancements in manufacturing sectors and growing demand for renewable energy in the region between 2019 and 2026.

Competitive Landscape:

Placing orders for product development to fuel demand

In November 2019, AMSC, a leading energy solutions provider, received orders worth $20 million for the D-VAR STATCOM system from the US renewable energy industry. D-VAR systems provide capable voltage regulation by dynamically responding to fluctuating load conditions and additionally successfully connects wind power plants to the power grid. According to AMSC President and CEO Daniel P. McGahn, the new D-VAR systems will strengthen the company’s backlog and extend network visibility through fiscal 2020. Adopting strategies such as Expanding the product offering and product development by the companies for Cement market presence and gaining maximum revenue from the statcoms market will increase the demand for the market over the forecast period.

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Companies that proliferate in the Satellite market :

  • GE
  • ABB
  • Ingeteam SA
  • Siemens
  • Toshiba Company
  • S&C Power Company
  • Schneider-Electric
  • Jema Energy
  • CG Power
  • Limited industrial solutions
  • Electric Mitsubishi

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