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Static VAR Compensator Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
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Static VAR Compensator Market
1. Static VAR Compensator Market Overview
1 Static VAR Compensator Market Overview

The global static var compensator market is anticipated to grow at a CAGR of around 6% during the forecast period of 2020-2025.

Static var compensators (SVCs) are devices used to control the voltage and reactive power flow in an electrical network. SVCs are used in a wide range of applications such as power quality improvement, voltage stabilization, and grid support. In recent years, the demand for SVCs has been increasing due to the growing need for clean and uninterrupted power supply.

The increasing adoption of renewable energy sources is one of the major factors driving the growth of the static var compensator market. Renewable energy sources such as solar and wind are intermittent in nature and require proper voltage and frequency control to maintain a steady power supply. SVCs are used to control the voltage and reactive power flow in such cases and help to maintain a steady power supply.

The growing demand for SVCs in the oil and gas industry is another factor driving the growth of the static var compensator market. The oil and gas industry is one of the major consumers of electricity. The growing demand for electricity in the oil and gas industry is anticipated to drive the demand for SVCs in the coming years.

The static var compensator market is segmented on the basis of type, application, and geography. On the basis of type, the market is segmented into Thyristor-controlled Reactor (TCR), Thyristor-Switched Capacitor (TSC), and Thyristor-Switched Reactor (TSR). On the basis of application, the market is segmented into transmission and distribution, industrial, and others.

The static var compensator market is anticipated to grow at a significant rate in the Asia-Pacific region during the forecast period. The growing demand for electricity in the region is one of the major factors driving the growth of the static var compensator market in the region. China, India, and Japan are the major contributors to the growth of the static var compensator market in the Asia-Pacific region.

The static var compensator market is highly competitive

2. Static VAR Compensator Market Dynamics
The Static VAR Compensator (SVC) market is primarily driven by the increasing demand for electricity, the need to maintain a steady voltage level, and the need to improve power quality. The SVC market is expected to grow at a CAGR of 6.5% from 2019 to 2025.

The Asia-Pacific region is the largest market for SVCs, followed by North America and Europe. The Asia-Pacific region is also the fastest-growing market for SVCs, due to the growing demand for electricity in the region.

The major players in the SVC market are ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider Electric (France), and Hitachi (Japan).

TheStatic VAR Compensator (SVC) is a device used to regulate voltage and improve power quality. It is a shunt-connected device that uses reactive power to control voltage. SVCs are used in transmission and distribution systems to regulate voltage, improve power quality, and provide system stability.

SVCs are classified into two types: thyristor-controlled SVCs (TC-SVCs) and capacitor-controlled SVCs (CC-SVCs). TC-SVCs are the most common type of SVCs and are used to regulate voltage in transmission and distribution systems. CC-SVCs are used to improve power quality and provide system stability.

The global SVC market is segmented by type, by application, and by region.

By type, the SVC market is segmented into TC-SVCs and CC-SVCs.

By application, the SVC market is segmented into transmission and distribution.

By region, the SVC market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

The key players in the SVC market are ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider Electric (France), and Hitachi (Japan).

TheStatic VAR Compensator (SVC) market is expected to grow at a CAGR

3. Static VAR Compensator Market Segmentation
The global static VAR compensator market is segmented into three major segments, namely, by component, by installation, and by geography.

By component, the global static VAR compensator market is further segmented into capacitors, inductors, transformers, and thyristors. The capacitors segment accounted for the largest market share in terms of value in 2016 and is expected to grow at the highest CAGR during the forecast period. The high market share of the capacitors segment can be attributed to the rising demand for capacitors from the utilities sector for power factor correction and voltage stabilization.

By installation, the global static VAR compensator market is segmented into on-grid and off-grid. The off-grid segment is expected to grow at the highest CAGR during the forecast period, owing to the rising demand for off-grid static VAR compensators from the renewable energy sector.

The global static VAR compensator market has been segmented into five major regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The high growth of the Asia Pacific market can be attributed to the increasing demand for power from the industrial and residential sectors in the region.

Some of the key players operating in the global static VAR compensator market are ABB Ltd. (Switzerland), General Electric (U.S.), Siemens AG (Germany), Eaton Corporation (Ireland), Alstom S.A. (France), and Mitsubishi Electric Corporation (Japan).

4. Static VAR Compensator Market Regional Outlook
The global static VAR compensator market is expected to grow at a CAGR of over 5% during the forecast period.

The rising demand for electricity, along with the growing need for grid stability and power quality, is expected to drive the growth of the static VAR compensator market. The increasing investments in the transmission and distribution (T&D) sector are also expected to contribute to the market growth.

The Asia-Pacific region is expected to be the largest market for static VAR compensators, due to the growing demand for electricity in the region. The rising industrialization and urbanization, along with the growing population, are the major factors driving the demand for electricity in the region.

The North American and European markets are also expected to grow at a significant rate, due to the increasing investments in the T&D sector. The Middle East & Africa and Latin American regions are also expected to offer significant growth opportunities for the static VAR compensator market.

Some of the key players in the static VAR compensator market are ABB Ltd., Siemens AG, Schneider Electric SE, Eaton Corporation PLC, and General Electric Company.

5. Static VAR Compensator Market Competitive Landscape
The global static VAR compensator market is highly competitive. The key players in the market include Siemens AG, Schneider Electric SE, Alstom SA, General Electric Company, and ABB Ltd. These players are increasingly focusing on expanding their operations in the developing economies to gain a competitive edge in the market.

6. Static VAR Compensator Market Key Players
The global static VAR compensator market is highly competitive. The key players in this market are constantly striving to improve their market position by adopting various strategies such as mergers & acquisitions, product innovation, and expansion. Some of the major players operating in the static VAR compensator market are ABB Ltd., Siemens AG, Schneider Electric SE, Eaton Corporation PLC, and General Electric Company.

ABB Ltd. is one of the leading players in the static VAR compensator market. The company has a strong presence in more than 100 countries across the globe. ABB Ltd. has a wide range of products and solutions for the power industry. The company offers a comprehensive range of products and solutions for the transmission and distribution of electricity. ABB Ltd. has a strong research and development team that enables the company to introduce innovative products in the market.

Siemens AG is another leading player in the static VAR compensator market. The company has a strong presence in more than 190 countries across the globe. Siemens AG offers a wide range of products and solutions for the power industry. The company has a strong research and development team that enables the company to introduce innovative products in the market. Siemens AG has a wide range of products and solutions for the transmission and distribution of electricity.

Schneider Electric SE is another leading player in the static VAR compensator market. The company has a strong presence in more than 190 countries across the globe. Schneider Electric SE offers a wide range of products and solutions for the power industry. The company has a strong research and development team that enables the company to introduce innovative products in the market. Schneider Electric SE has a wide range of products and solutions for the transmission and distribution of electricity.

Eaton Corporation PLC is another leading player in the static VAR compensator market. The company has a strong presence in more than 175 countries across the globe. Eaton Corporation PLC offers a wide range of products and solutions for the power industry. The company has a strong research and development team that enables the company to introduce innovative products in the market. Eaton Corporation PLC has a wide range of products and solutions for the transmission and distribution of electricity.

7. Static VAR Compensator Market Future Outlook
The global static VAR compensator market is expected to grow at a CAGR of over 6% during the period 2019–2025.

Static VAR compensators (SVCs) are devices used for the purpose of reactive power compensation in electrical power systems. SVCs are used to control the voltage and improve the power factor in electrical systems. SVCs are classified into two types: thyristor-controlled SVCs (TC-SVCs) and reactor-based SVCs (RB-SVCs). TC-SVCs are further classified into two types: phase-controlled rectifiers (PCRs) and gate turn-off thyristor-controlled SVCs (GTO-SVCs).

The increasing demand for electricity, the need for improved grid stability, and the growing adoption of renewable energy sources are the major factors driving the growth of the static VAR compensator market. The growing adoption of HVDC technology and the increasing investments in the transmission and distribution (T&D) sector are also contributing to the market growth. However, the high cost of SVCs and the lack of awareness about the benefits of SVCs are restraining the market growth.

The static VAR compensator market is segmented based on type, application, and geography. Based on type, the market is segmented into TC-SVC, RB-SVC, and Others. TC-SVCs are further classified into PCRs and GTO-SVCs. Based on application, the market is categorized into transmission and distribution, industrial, and others. Geographically, the static VAR compensator market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

The key players in the static VAR compensator market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (US), Schneider Electric SE (France), Crompton Greaves Ltd. (India), Alstom SA (France), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Hitachi, Ltd. (Japan). These players are increasingly adopting

Key Players Covered

 

ABB, American Electric Power, Eaton, Schneider Electric, Siemens, GE, Rongxin Huiko Electric Technology Co. Ltd, Hyosung ESS, NR Electric Co., Ltd, AMSC, Captech Pty Ltd, Jema Energy SA, and Mitsubishi Electric Automation, Inc.

 

Segmentation

 

 

 ATTRIBUTE

 

 DETAILS
 

By Type

 

 

    • Thyristor Based SVC
    • MCR Based SVC

 

 

 

By Component

 

 

    • Phase Shifting Transformer
    • GIS Switchgear
    • Control Protection System
    • Harmonic Filter
    • Thyristor
    • Reactor
    • Others

 

 

 

By Application

 

 

    • Electric Utility
    • Renewable Energy
    • Railways
    • Oil & Gas
    • Others

 

 

 

By Geography

 

 

    • North America (The USA and Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
    • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Brazil, Mexico, and Rest of Latin America)
    • Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

 

 

 

 

By Type

 

 

    • Thyristor Based SVC
    • MCR Based SVC

 

 

 

By Component

 

 

    • Phase Shifting Transformer
    • GIS Switchgear
    • Control Protection System
    • Harmonic Filter
    • Thyristor
    • Reactor
    • Others

 

 

 

By Application

 

 

    • Electric Utility
    • Renewable Energy
    • Railways
    • Oil & Gas
    • Others

 

 

ABB, American Electric Power, Eaton, Schneider Electric, Siemens, GE, Rongxin Huiko Electric Technology Co. Ltd, Hyosung ESS, NR Electric Co., Ltd, AMSC, Captech Pty Ltd, Jema Energy SA, and Mitsubishi Electric Automation, Inc.

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