The global static VAR compensator (SVC) market is projected to generate revenue of USD 1,667.0 million by 2034, up from USD 1,020.2 million in 2024, advancing at a CAGR of 5.0% over the forecast period.
Recent years have seen substantial growth in the SVC market, fueled by the increasing demand for grid stability and effective power management. As renewable energy adoption accelerates and the electrical grid undergoes changes, SVCs have become essential for ensuring power quality and mitigating voltage fluctuations.
Various industries, including utilities and industrial sectors, are recognizing the benefits of SVCs, leading to a surge in demand. SVCs enhance voltage control, reduce power losses, and address disruptions caused by fluctuating loads, driving market expansion.
The growing installation of renewable energy sources, particularly wind and solar, is a key factor behind this growth. While these clean energy sources are crucial, they can cause voltage fluctuations and grid instability. SVCs provide a solution by dynamically compensating for reactive power and stabilizing grid voltage. The introduction of hybrid SVC systems, which combine traditional SVC technology with advanced power electronics like STATCOM, is further propelling market growth, offering greater flexibility in power compensation.
Despite its upward trajectory, the market faces challenges such as high installation costs and technical complexities. However, ongoing technological advancements and increased awareness of SVC benefits are expected to mitigate these challenges over time.
Key Takeaways:
- The static VAR compensator (SVC) market value reached USD 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 USD 236.3 million by 2033.
- By the end of the forecast period, China’s static VAR compensator (SVC) industry is to amass revenue of USD 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.
How is the Competition Structured in the Market?
The global market for Static VAR Compensator (SVC) is characterized by fragmentation, with a wide range of players offering flexible AC transmission systems for diverse applications. Leading producers have established their dominance in high-demand regions that require robust compensators.
Key market players are actively operating on a global scale and employing organic and inorganic growth strategies to strengthen their market position. Some players concentrate on specific regions to meet the growing demand for FACTS devices in the utility and renewable energy sectors. Further, intense competition exists among the key market players in the SVC industry as they strive to capture a significant market share.
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
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
Report Preview: https://www.futuremarketinsights.com/reports/static-var-compensator-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube