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Asia Pacific Static VAR Compensator Market Size - By Product (Thyristor-Based, MCR-Based), By Application (Utility, Railway, Industrial, Oil & Gas), By Country Outlook & Forecast, 2024 – 2032

  • Report ID: GMI9910
  • Published Date: Jun 2024
  • Report Format: PDF

Asia Pacific Static VAR Compensator Market Size

Asia Pacific Static VAR Compensator Market size was valued at USD 516.5 million in 2023 and is estimated to grow at a rate of 4.9% between 2024 and 2032. These units are utilized alongside renewable energy installations to stabilize voltage and ensure compatibility with the grid. For instance, in 2023, Japan undergone the significant increase in the addition of renewable energy capacity, with an annual growth rate of over 6.5%.

Asia Pacific Static VAR Compensator Market

Static VAR Compensator is a device used in electrical power systems to provide fast-acting reactive power compensation and voltage regulation. It operates by dynamically adjusting the amount of reactive power in the system, thus stabilizing voltage levels and improving power quality. SVCs consist of a combination of capacitors and reactors, which are controlled by thyristor switches to inject or absorb reactive power as needed. This allows device to quickly respond to voltage fluctuations, reduce transmission losses and enhance the overall efficiency and reliability of the power grid. Widely used in both industrial and utility applications, SVCs play a crucial role in maintaining grid stability, especially in systems with varying load conditions and renewable energy integration.

Asia Pacific Static VAR Compensator Market Trends

The large scale integration of renewable power sources in line with the growing need for reactive power control to maintain grid stability will enhance the business landscape. SVCs are engineered to be more energy-efficient, minimizing losses and operational costs, thereby accelerating the industry potential. In addition, the growing significance of power quality spans a wide range of application areas will positively impact the product penetration. Industries and utilities are seeking solutions to stabilize voltage levels and enhance power factor which can be efficiently accomplished through SVCs, stimulating the business potential.

Asia Pacific Static VAR Compensator Market Analysis

APAC Static VAR Compensator Market Size, By Product, 2022 - 2032 (USD Million)

The MCR-based segment is set to reach over USD 250 million by 2032. The demand for flexible power infrastructure has been driven by the robust development of smart grids that incorporate advanced control and communication systems, which in turn will boost product penetration. Moreover, the increasing demand for reactive power control and voltage stability in power grids will ensure the continued demand for these systems.

Asia Pacific Static VAR Compensator Market Revenue Share, By Application, 2023

The railway static VAR compensator market size will witness growth rate of over 5% through 2032. Increasing demand for efficient power management and stable electricity supply in railway networks will favor the business scenario. The modern railways require sophisticated power quality solutions to manage voltage fluctuations and improve energy efficiency, which has bolstered the adoption of SVCs. Additionally, the expansion of high-speed rail networks along with ongoing electrification projects, especially in emerging economies, is set to accelerate the industry growth.

Asia Pacific Static VAR Compensator Market Size, 2022 - 2032 (USD Million)

The China static VAR compensator market is poised to surpass USD 200 million by 2032. The growth of industrial activities in emerging economies significantly increases power demands, thereby promoting product deployment. Industries are persistently looking for methods to lower energy costs and enhance efficiency. Static VAR Compensators play a crucial role in optimizing energy use and minimizing penalties related to poor power factor, making them a compelling option for manufacturing facilities.

Ongoing upgradation of existing power infrastructure along with embracing renewable energy sources will foster the Japan market. The factors including need to improve power quality, enhance grid resilience against natural disasters, and accommodate the rising demand from industries and urban centers further drive the product adoption. Government initiatives coupled with investments in smart grid technologies and advanced power electronics are propelling the growth trajectory of the industry.

Asia Pacific Static VAR Compensator Market Share

Asia Pacific Static VAR Compensator Market Share Analysis, 2023

Elco Power specializes in the design and manufacture of Static VAR Compensators (SVCs), offering advanced solutions for power quality and voltage stability in electrical grids. Their SVCs are tailored to meet the specific requirements of utilities, industrial facilities, and renewable energy installations. The company utilizes cutting-edge thyristor-controlled reactors and capacitors to regulate reactive power, mitigating voltage fluctuations and enhancing system efficiency rapidly and precisely. With a commitment to innovation and reliability, its SVCs are trusted worldwide for optimizing grid performance and ensuring reliable power supply in diverse applications.

Asia Pacific Static VAR Compensator Market Companies

The key industry players include:

  • ABB
  • American Superconductor
  • Clariant Power System Limited
  • Delta Electronics, Inc. 
  • Eaton
  • Elco Power
  • General Electric
  • Hitachi Energy Ltd.
  • JEMA Energy
  • Merus Power
  • Mitsubishi Electric Power Products, Inc.
  • Nidec Industrial Solutions
  • NR Electric Co., Ltd.
  • Siemens
  • Sieyuan Electric Co., Ltd. 
  • Toshiba Energy Systems & Solutions Corporation
  • Wärtsilä

Asia Pacific Static VAR Compensator Industry News

  • In April 2023, Schneider Electric marked a significant milestone with the groundbreaking ceremony for its new state-of-the-art manufacturing plant in Kolkata. The establishment of this new factory underscores Schneider Electric's commitment to enhancing its manufacturing capabilities and strengthening its power systems vertical. The plant will focus on contributing to the company's goal of expanding its capacity and meeting the growing demand for energy management solutions.
  • In March 2023, Toshiba Energy Systems has successfully clinched an order for a ±800 MVA static synchronous compensator system from the Tohoku Electric Power NW. This system is aimed at enhancing grid stability during high-capacity power transmission and ensuring reliability during the system faults. Scheduled to kick off by the conclusion of 2031, this initiative marks one of the most significant STATCOM deployments globally and Toshiba's inaugural venture into the backbone grid sector. The system is distinguished by its fusion of high reliability and compact design.

The Asia Pacific static VAR compensator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Product

  • Thyristor-Based
  • MCR-Based

Market, By Application

  • Utility
  • Railway
  • Industrial
  • Oil & Gas
  • Others

The above information has been provided for the following countries:

  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Malaysia
  • Indonesia
Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size for static VAR compensator in Asia Pacific reached USD 516.5 million in 2023 and is set to witness 4.9% CAGR between 2024 to 2032, owing to grid integration of renewable energy sources and the surging upgradation of distribution systems.

Asia Pacific static VAR compensator industry from the MCR-based segment will record USD 250 million by 2032, driven by the robust development of smart grid and the increasing demand for reactive power control and voltage stability in power grids.

China market size is set to surpass USD 200 million by 2032, led by rising industrialization and the need to improve energy efficiency, reduce costs, and manage power factor penalties effectively.

ABB, American Superconductor, Clariant Power System Limited, Delta Electronics, Inc., Eaton, Elco Power, General Electric, Hitachi Energy Ltd., JEMA Energy, and Merus Power, among others.

Asia Pacific Static VAR Compensator Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 10
  • Countries covered: 8
  • Pages: 100
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