Gate Bipolar Transistors STATCOM Market Size, Share, Growth, and Industry Analysis by Type (Low Voltage STATCOM, High Voltage STATCOM), by Application (Renewable Energy, Electric Utilities, Industrial & Manufacturing, Others), Regional Insights, and Forecast To 2031

Updated On: 15 April 2024

Gate Bipolar Transistors STATCOM Market Report Overview

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global gate bipolar transistors STATCOM market size was USD 696.7 million in 2022 and market is projected to touch USD 1090.11 million by 2031 at CAGR 5.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with gate bipolar transistors STATCOM market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Market is the mounting demand for electric vehicles due to increasing awareness about low emissions and ecological friendly commuting. Bipolar transistor is a three-point power electronic semiconductor, which is mostly used as a switch. This device is used to provide fast switching with very high efficiency, with constant smooth power supply and it is achieved by weakening the congestion in the power supply. It depresses the heat tension on the electric devices or appliances by introducing lower switch loss which results in upsurges the lifespan of the device. Demand and sale of electric vehicles are massively growing due to rising awareness about environment-friendly, non-toxic releases policies and growing degradation of petroleum energy sources, these are the major factors motivating the demand of the gate bipolar transistors STATCOM. Chief players of the insulated-market are investing in research and development for improving capacity, removing shortcomings, and reducing the production costs of gate bipolar transistors STATCOM. It is also known as minority carrier device that permits faster switching rate and offers superior effectiveness. It is a profitable solution to substitute metal oxide semiconductor. It enables power management to enhance energy conservation in various applications such as industrial systems, consumer electronic, and electric vehicle. High voltage sector dominated the global market in terms of income contribution, and is expected to maintain this trend throughout the forecast period. Increasing concerns regarding vehicular emissions and depletion of non-renewable energy resources have enforced government organizations to invest in improving the infrastructure of electric vehicles. Constant advancement in electronics, energy storage, and control system are more competent, dense, and budget effective. These technological enhancement have extended their application in different industries and increased market demand. Technological innovation and advancement will further enhance the performance of the product. Gate bipolar transistors STATCOM market size report provides important information concerning the total assessment that this industry embraces currently and it also lists the subdivision of the market along with the development prospects.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand for security inspection systems and applications had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in security solutions globally. Moreover, customer demand has also accordingly reduced as individuals are now forceful on disregarding non-essential expenses from their relevant budgets as the all-purpose fiscal status of most entities have been severely affected by this outbreak. 

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Gate Bipolar Transistors STATCOM Market Segmentation

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• By Type Analysis

According to type, the market can be segmented low voltage STATCOM, high voltage STATCOM.

Low voltage STATCOM capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into renewable energy, electric utilities, industrial & manufacturing, others.

Gate bipolar transistors STATCOM market players cover segment as renewable energy will dominate the market share during forecast period.

Driving Factors

"Increasing demand for power quality and reliability to increase the market growth"

Increasing dependence on delicate electronic device and equipment across several businesses such as manufacturing, IT, healthcare, drove the need for better-quality power quality and endless power supply.

"Technological advancement and development to upsurge the market."

Technological advancements and development, rapid industrialization, infrastructure projects in developing economies led to upsurge demand for gate bipolar transistors STATCOM market.

Restraining Factors

"High cost to hamper the market growth"

High cost related with installation and maintenance cost are the factors responsible to hamper the gate bipolar transistors STATCOM market growth. Investment cost required for the system is not affordable for smaller companies. Lack of knowledge and awareness is also another factor which is depleting the market growth. The minor business or regions with inadequate financial resources decline to adopt these technology.

Gate Bipolar Transistors STATCOM Market Regional Insights

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"North America to dominate the region due to use of renewable energy"

North America is further expected to witness growth in the gate bipolar transistors STATCOM market share. The region is dominating the market due to due to upgrading in power spread and use of renewable energy. Asia pacific region is witnessing growth due to growing infrastructure development secured with the increasing number managed nations across the region to spend severely in safety measures.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Siemens (Germany)
• Rongxin (China)
• Sieyuan Electric (China)
• Hitachi (Japan)
• Mitsubishi Electric (Japan)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.