The global STATCOM UPS market is estimated to capture a valuation of USD 52 million in 2023 and to surpass a valuation of USD 115 million by 2033. The market is estimated to rise at a CAGR of 8.3% during the forecast period.
STATCOM UPS Market refers to the market for Uninterruptible Power Supply (UPS) systems that incorporate Static Synchronous Compensator (STATCOM) technology. STATCOM is an advanced power electronics device used in power systems to regulate voltage and improve power quality. When integrated with UPS systems, STATCOM technology enhances the performance and reliability of the UPS by providing dynamic voltage support and reactive power compensation.
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How is the Future of STATCOM UPS Growing?
The future of STATCOM UPS is rapidly growing with various promising factors, including:
- Rising Demand for Grid Stability: Increasing demand for renewable energy sources raises the adoption of grid stability for better power quality. STATCOM UPS plays a vital role in providing voltage regulation and power compensation.
- Growing Importance of Energy Storage: The increasing importance of energy storage systems such as UPS solutions is rapidly growing among various sectors. These sectors are telecommunications, data centers, manufacturing, and healthcare. UPS systems are widely used for electronic devices to prevent data loss during outages.
- Government Initiatives: The government promotes renewable energy, enhancing grid infrastructure, and improving power quality. Government initiatives and regulations by adopting advanced technologies drive the global market.
- Innovations: The growing investment in research and development activities for advanced energy storage devices drives the market. These innovations bring intelligent grid functionality and digital control systems that improve scalability, performance, and efficiency.
- Growing Awareness Towards Energy Efficiency:Energy efficiency is a huge concern across household, commercial, and industrial sectors. Adopting STATCOM UPS reduces energy waste, enhancing power usage and energy efficiency. Organizations are growing awareness of sustainability and energy conservation, advancing market growth.
Key Takeaways:
- The STATCOM UPS market is estimated to register a CAGR of 8.3% with a valuation of USD 115 billion by 2033.
- In the historical period, the market secured a valuation of USD 47.5 billion with a CAGR of 8.9% in 2022.
- China is estimated to dominate the global market by securing a CAGR of 11% with a valuation of USD 30.3 million by 2033.
- Japan is estimated to secure a CAGR of 9.9% with a valuation of USD 20.4 million during the forecast period.
- With a CAGR of 4.4%, the United Kingdom is anticipated to drive the global market by 2033.
- During the forecast period, South Korea secured a CAGR of 10.3% in the global market.
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How Key Players Bring Lucrative Opportunities in the Global Market?
Key players bring lucrative opportunities in the global market by innovating unique and improved products. The market is fragmented by these players that invest heavily in research and development activities. Key players focus on consumers’ requirements and develop products that satisfy them.
The key players are adopting various marketing methodologies to upsurge the market to another height. These marketing tactics are mergers, collaborations, acquisitions, product launches, and agreements. The players offer their customers customized, high-quality, and cost-effective products. These strategies collect huge market revenue by increasing sales volume.
Essential Players in the Global Market are:
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- Eaton Corporation plc
- General Electric Company
- Mitsubishi Electric Corporation
- Hitachi ABB Power Grids Ltd.
- Toshiba Corporation
- Delta Electronics, Inc.
- TMEIC Corporation
- Luminous Power Technologies Pvt. Ltd.
- Advanced Energy Industries, Inc.
- Tesla, Inc.
Recent Developments in the Global Market are:
- In 2021, ABB launched its new product PCS120 MV UPS system. It is designed for a medium voltage power supply for various applications, including industrial and commercial.
- Siemens announced in 2021 that it may supply STATCOM systems to provide grid stability and reactive power compensation for the Rampion Offshore Wind Farm in the United Kingdom.
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STATCOM UPS Market by Category
By Type:
- Gate Turn-off Thyristors (GTO) STATCOM
- Insulated Gate Bipolar Transistors (IGBT) STATCOM
By Application:
- Power Substations
- Automotive Industry
- Oil & Gas
- Mining
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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