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Static synchronous compensator (STATCOM) belongs to the second era of the Information family. STATCOM is predicated on power electronics voltage source converters (VSC). Second era devices of Information exchange energetic and reactive energy in addition to are capable of absorbing or generating these routinely. The units of this technology have traits similar to small and compact dimension, high response velocity, and no harmonic errors. In 1991, Mitsubishi Electric Power Merchandise turned the first company to develop business STATCOM and install it at the Inuyama substation (Japan).
The worldwide electric motor sales market dimension was valued at USD 142.7 billion in 2020 and is anticipated to develop at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. An increase in awareness concerning green vehicles among prospects has been a key issue driving the market. Besides this, a rising variety of authorities incentives to encourage sales of inexperienced autos for safeguarding the surroundings from carbon emissions is anticipated to offer a fillip to the market. Electric motors have been observing a number of advancements in technology over the previous few years, owing to which its demand is gaining traction. Additionally, the advent of better insulation supplies has improved operational efficiency and the product’s life, which has subsequently driven the market. The market is estimated to witness noteworthy progress over the forecast interval owing to a rise in car production over the forecast period.