According to the report by Expert Market Research (EMR), the Global Static VAR Compensator Market Price is projected to grow at a CAGR of 4.00% between 2023 and 2028. Aided by the increasing need for power quality improvement and the expanding applications of SVC in diverse industries, the market is expected to grow significantly by 2028.
A Static VAR Compensator is an electrical device that provides fast-acting reactive power in high-voltage electricity transmission networks. SVCs are commonly used in power grids to regulate voltage, improve power quality, and increase grid capacity. It plays an essential role in stabilising the grid, preventing blackouts, and enhancing overall grid performance. Apart from their electrical properties, SVCs also offer significant operational flexibility, making them an invaluable asset in various industrial applications, including manufacturing, energy, and utilities.
Static VAR Compensator Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The rising need for power quality improvement is driving the global static VAR compensator market growth. With the growing integration of renewable energy sources and the increasing load of electrical equipment, there has been a significant shift towards efficient power control technologies, leading to a surge in demand for SVCs. Additionally, the growing concerns about grid stability and reliability have further contributed to the increasing popularity of SVCs, as these devices are vital in mitigating voltage fluctuations and enhancing grid resilience.
The expanding applications of SVCs in various industries also play a significant role in increasing the static VAR compensator market development. In the manufacturing industry, SVCs are used to improve the power quality and reduce the risk of equipment damage. The energy sector utilises SVCs to enhance the integration of renewable energy into the grid and increase grid capacity. Moreover, the operational flexibility of SVCs makes them a crucial component in the utilities sector, enhancing power distribution and preventing blackouts.
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Further, the growing demand for energy-efficient solutions in the power sector has led to an increased focus on SVCs as a viable tool for grid optimisation. With the rise of smart grids and the increasing focus on energy conservation, SVCs have emerged as a critical component in managing reactive power, reducing transmission losses, and improving energy efficiency, thereby boosting the static VAR compensator market expansion.
Static VAR Compensator Market Segmentation
The market can be divided based on type, component, end use, and region.
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Market Breakup by Type
- Magnetically Controlled Reactor (MCR)-based
Market Breakup by Component
- Power Electronics Devices
- Harmonic Filter
- Capacitor Bank
- GIS Switchgear
Market Breakup by End Use
- Electric Utility
- Renewable Energy
- Oil and Gas
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global static VAR compensator companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Siemens Energy
- Hitachi Energy Ltd.
- General Electric Company
- Mitsubishi Electric Corporation
- Nidec ASI S.p.A.
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