Lucintel Forecasts the Global Static Synchronous Compensator Market to Reach $2 Billion by 2030
Lucintel Forecasts the Global Static Synchronous Compensator Market to Reach $2 Billion by 2030
Blog Article
According to a market report by Lucintel, the future of the global static synchronous compensator market looks promising with opportunities in the utility, railway, steel manufacturing, and renewable energy markets. The global static synchronous compensator market is expected to reach an estimated $2 billion by 2030 from $1 billion in 2024 at a CAGR of 10.2% from 2024 to 2030. The major drivers for this market are the growing demand for renewable electricity, rising demand for smart grid infrastructure and smart meter roll outs, and increasing government initiatives to modernize power infrastructure.
A more than 150-page report to understand trends, opportunity and forecast in global static synchronous compensator market to 2031 by type (low voltage, medium voltage, and high voltage), end use industry (utility, railway, steel manufacturing, renewable energy, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecast that medium voltage will remain the highest growing segment over the forecast period due to growing demand for voltage stabilization and supporting requirement for poor power factor in utility transmission and distribution.
Within this market, utility will remain the largest segment over the forecast period due to its rising usage in various applications such as, reactive power optimization of load-center substation and voltage stability.
APAC will remain the largest region over the forecast period due to existence of largest capacity for renewable electricity generation, as well as growing electricity generation and renewable investment across the region.
Siemens, Hitachi, GE Energy, Mitsubishi, Sieyuan Electric, Hyosung Heavy Industries, Ingeteam, American Superconductor, Eaton Corporation, RXHK are the major suppliers in the static synchronous compensator market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com. To get access of more than 1000 reports at fraction of cost visit Lucintel's Analytics Dashboard.
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Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. +1-972-636-5056