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Static VAR Compensator Market Size

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

Static VAR Compensator Market Size

Static VAR Compensator Market was valued at USD 1.3 billion in 2023 and is anticipated to grow at 4.8% CAGR from 2024 to 2032. The increasing integration of renewable energy sources along with growing need for reactive power control to maintain grid stability will augment the business landscape. SVCs are designed to be more energy-efficient, reducing losses and operating costs, accelerating the industry potential. For instance, in 2022, India experienced the most significant increase in the addition of renewable energy capacity, with a growth rate of 9.8%.

 

Static VAR Compensator Market

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Static VAR compensators are devices used in the electrical power industry to provide dynamic reactive power compensation and voltage control on power grids. These technologies improve the accuracy and responsiveness of SVCs, making them more effective in voltage regulation.

 

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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