Static VAR Compensator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Static VAR Compensator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Static VAR Compensator Market

The static VAR compensator market size was valued at USD 731.4 million in 2021, and the market is now projected to grow from USD 765.1 million in 2022 to USD 984.9 million by 2029, exhibiting a CAGR of 3.7% during the forecast period of 2022-2029.

Major countries with high volume electricity consumption have seen a downfall in consumption during the early stage of pandemic. Electricity demand has fallen due to reduction in various working processes across various sectors. The end-user has reduced electricity needs which have declined the sales of the product. Hence, the COVID-19 pandemic created obstruction for the static VAR compensator market growth.

The static VAR compensator market share globally has increased as a result of the escalating copper mining. It is escalating the demand for dynamic compensation systems. The rising demand for copper entails higher production capacities at mine sites which is impelling the market growth. An increasing number of greenfield mine projects elevates the extension of their making capability.

The trend is increasing demand for smart grid infrastructure development is boosting the market growth. A considerable expansion in smart grid infrastructure development and smart meter roll-outs are boosting the market pace. Furthermore, these compensators are used in railway electrification systems to regulate voltage and prevent any mishaps with the train engine, attracting customers and encouraging market growth.

Comprehensive Analysis of Static VAR Compensator Market

The static VAR compensator market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by type, component, and application. The types are MCR and thyristor based SVC. The components include phase shifting transformer, GIS switchgear, thyristor controlled reactors (TCR), control protection system, harmonic filter, thyristor switched capacitors (TSC), advanced thyristor valve (ATV), and others. Similarly, the applications engage electric utility, railway, metallurgy, renewable energy, mining, and other.

The Asia Pacific region is conducive to the global static VAR compensator market, leading to a recall of USD 252.0 million because of growing usefulness and renewable energy division and the high quantity requirement for grid voltage stabilization in the region.

The top players in the market play a vital role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include Siemens (Germany), Hitachi Energy (Switzerland), Toshiba International Corporation (Japan), ABB (Switzerland), Mitsubishi Electric (Japan), GE (U.S.), Maschinenfabrik Reinhausen (Germany), Jema Energy (Spain), American Superconductor (U.S.), and Nidec Industrial Solutions (Italy), these market players provide a level-playing competitive landscape.

In March 2022, Hitachi Energy announced its selection by Aker BP as a technology partner for the NOAKA power-from-shore project off the Norwegian coast to ensure smooth, reliable, and safe electricity transmission to the offshore platforms. It has provided a solution combining two power quality technologies, a high-performance SVC, SVC light, and thyristor-controlled series capacitors.

Segmentation Table

Global Static VAR Compensator Market Scope

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD Million)

Segmentation By Type, Component, Application, and Region

By Type Thyristor Based SVC

MCR Based SVC

By Component Phase Shifting Transformer

GIS Switchgear

Control Protection System

Harmonic Filter

Thyristor Controlled Reactors (TCR)

Thyristor Switched Capacitors (TSC)

Advanced Thyristor Valve (ATV)

Others

By Application Electric Utility

Railway

Metallurgy

Renewable Energy

Mining

Other

By Geography North America (By Type, By Component, By Application, By Country)

U.S. (By Application)

Canada (By Application)

Europe (By Type, By Component, By Application, By Country)

U.K. (By Application)

Germany (By Application)

France (By Application)

Italy (By Application)

Spain (By Application)

Russia (By Application)

Rest of Europe (By Application)

Asia Pacific (By Type, By Component, By Application, By Country)

China (By Application)

India (By Application)

Japan (By Application)

South Korea (By Application)

Australia (By Application)

Southeast Asia (By Application)

Rest of Asia Pacific (By Application)

Latin America (By Type, By Component, By Application, By Country)

Brazil (By Application)

Mexico (By Application)

Rest of Latin America (By Application)

Middle East & Africa (By Type, By Component, By Application, By Country)

GCC (By Application)

Rest of Middle East & Africa (By Application)


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