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Static VAR Compensator Market Analysis

  • Report ID: GMI7012
  • Published Date: Oct 2023
  • Report Format: PDF

Static VAR Compensator Market Analysis

Static VAR Compensator Market Size, By Product, 2021 - 2032 (USD Billion)

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Based on product, the thyristor-based static VAR compensator will witness 5.1% growth rate through 2032. These systems will continue to be in demand owing to the increasing need for reactive power control and voltage stability in electrical grids. Utilities and industries rely on these SVCs to manage voltage fluctuations and power factor issues, stimulating the business growth.

 

Static VAR Compensator Market Revenue Share, By Application, 2022

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Based on application, the utility application holds a market share of over 40% in 2022. Increasing investments toward the upgradation & expansion of electrical grids will positively impact the industry growth. This includes the installation of advanced power electronic devices like SVCs to enhance grid reliability, stability, and overall performance.

 

The expansion of industrial activities in emerging economies often leads to higher power demands, driving the product deployment. Industries are continually seeking ways to reduce energy costs and improve efficiency. SVCs help in optimizing energy consumption and reducing penalties associated with poor power factor, making them an attractive solution for manufacturing plants.

 

 Static VAR Compensator Market Size, 2021 - 2032 (USD Million)

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  • The Asia Pacific static VAR compensator industry was valued at USD 496.3 million in 2022. Rapid industrialization and urbanization along with increase in energy consumption across the region will favor the business scenario.
     
  • The governments are implementing policies and incentives to encourage the adoption of energy-efficient technologies escalating the industry landscape. Continuous advancements in SVC technology are making these devices more efficient and cost-effective. As the technology evolves, it becomes more attractive to a broader range of industries and grid operators.

     

     
Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of static VAR compensator was worth USD 1.3 billion in 2023 and is estimated to surpass USD 1.9 billion by 2032.

The thyristor-based static VAR compensator market will witness 5.1% CAGR from 2023 to 2032, owing to the increasing need for reactive power control and voltage stability in electrical grids.

Asia Pacific static VAR compensator industry was valued at USD 496.3 million in 2022 and will grow through 2032, owing to the rapid industrialization and urbanization along with increase in energy consumption across the region.

American Superconductor, General Electric, Hitachi Energy Ltd., Mitsubishi Electric Power Products, Inc., Nidec Industrial Solutions, NISSIN ELECTRIC Co. Ltd., NR Electric Co., Ltd., Siemens, ABB, Toshiba Energy Systems & Solutions Corporation, JEMA Energy, RXPE, Merus Power, and Elco Power.

Static VAR Compensator Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 400
  • Countries covered: 25
  • Pages: 160
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