NEWARK, Del, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The static VAR compensator (SVC) market is forecasted to garner revenue of US$ 1,526.0 million in 2033, up from US$ 815.0 million in 2023 advancing at a rate of 6.5% from 2023 to 2033.
In recent years, the static VAR compensator (SVC) market has witnessed remarkable growth and development, driven by the increasing need for grid stability and efficient power management.
As the world embraces renewable energy sources and faces the challenges of an evolving electrical grid, SVCs have emerged as a crucial solution for maintaining power quality and addressing voltage fluctuations.
The market has experienced significant traction, with a wide range of industries recognizing its potential to enhance grid stability and optimize power transmission. From utility companies to industrial sectors, the demand for SVCs has surged due to their ability to improve voltage control, minimize power losses, and mitigate disruptions caused by variable load conditions, in turn expanding the market size.
One of the key factors driving the growth of the static VAR compensator (SVC) industry is the rapid expansion of renewable energy installations worldwide. With a growing emphasis on clean and sustainable power generation, countries are increasingly integrating large-scale wind and solar farms into their energy mix. However, these intermittent energy sources can introduce voltage fluctuations and grid instability.
The demand is also soaring as SVCs provide an effective solution by dynamically compensating for reactive power and maintaining grid voltage within acceptable limits. In addition to the conventional SVC technology, advancements in hybrid SVC systems are further propelling the market growth.
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Hybrid SVCs combine the benefits of SVCs with other advanced power electronic devices such as STATCOM. This integrated approach allows for great flexibility in reactive power compensation and catering to the diverse needs of modern power systems.
The market does face certain challenges despite the positive growth trajectory. High installation costs and technical complexities associated with SVC implementation can act as barriers to market adoption, particularly in emerging economies. Moreover, ongoing technological advancements and the growing awareness of the benefits offered by SVCs are, however, expected to address the challenges that exist in the market over time.
Key Takeaways:
- The static VAR compensator (SVC) market value reached US$ 787.0 million in 2022 with a CAGR of 3.9% from 2018 to 2022.
- The market in the United States of America is likely to account for US$ 236.3 million by 2033.
- By the end of the forecast period, China’s static VAR compensator (SVC) industry is to amass revenue of US$ 392.0 million.
- The market for static VAR compensators (SVC) in Japan is expected to achieve a 6.7% CAGR throughout the forecast period.
- The United Kingdom is predicted to progress steadily with a CAGR of 4.9% during the projected period.
“The robust expansion of the SVC (Static Var Compensator) market can be attributed to the swift advancements in smart grid infrastructure, which have created a burgeoning demand for voltage control solutions.”-opines our Lead Analyst at Future Market Insights Inc.
How is the Competition Landscape in the Static VAR Compensator (SVC) Industry?
The competition landscape in the static VAR compensator (SVC) market is highly competitive with numerous players vying for market share. Key players in the market are actively involved in implementing various growth strategies, such as mergers and acquisitions, collaborations, and product innovations, to strengthen their position.
Differentiating factors such as technological innovations, product portfolios, design expertise, and operational efficiency play a crucial role in attracting customer attention.
The market is dynamic, and companies constantly push for advancements and improvements to outperform their competitors. Top players in the market are particularly focused on developing thyristor-based SVCs to meet the rising demand for renewable energy integration. Further, they also prioritize the development of hybrid compensator systems to enhance grid stability and stabilization.
Top Key Players in the Static VAR Compensator (SVC) Industry
- American Superconductor Corporation.
- Eaton
- General Electric
- Hitachi ABB Power Grids
- Mitsubishi Electric Corporation
- Nidec Electrical Solutions
- Nissin Electric Co., Ltd.
- NR Electric Co., Ltd.
- Siemens AG
- Hyosung
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Static VAR Compensator Market Segmentation by Category
By Type:
- Thyristor-based
- TCR-FC
- TCR-TSC
- MCR-based
By Component:
- Power Electronic Device
- Harmonic Filter
- Thyristor
- Reactor
- Capacitor Bank
- GIS Switchgear
- Control Protection System
- Others
By End Use:
- Electric Utility
- Railways
- Industrial
- Steel and Metal
- Mining
- Heavy Industrial
- Oil & Gas
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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