Home > Energy & Power > Electrical Equipment > Flexible AC Transmission Systems > Static VAR Compensator Market
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 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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Static VAR Compensator Market Size in 2023: | USD 1.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.8% |
| 2032 Value Projection: | USD 1.9 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 160 |
| Tables, Charts & Figures: | 400 |
| Segments covered: | Product, Application |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Frequently Asked Questions (FAQ) :
Static VAR Compensator Market Scope
