The global static VAR compensator market was valued at $758.2 million in 2020, and is projected to reach $1,135.4 million by 2030, growing at a CAGR of 4.1% from 2021 to 2030.
Parallel combination of controlled reactor and shunt capacitor that is fixed forms the assembly for static VAR compensator. Adjustment of output helps to maintain and control parameters of electrical power system. Static VAR compensator is used to modify the output of inductive current that further manages bus voltage factor. In addition, this device is capable of reducing the reactive power across extended ranges that further shows zero time delay.
The growth of the global static VAR compensator market is driven by escalating demand among industrial & power infrastructure sectors and increasing demand for renewable energy sources. The increasing environmental regulations, escalating fuel prices, and rising awareness for renewable energy sources have increased the set-up of renewable energy systems. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the solar energy capacity in India increased by over 15 times and stands at 41.09 gigawatt (GW) in June 2021. Voltage fluctuation is a major problem faced by renewable energy sources, owing to discontinuity in power generation. Static VAR compensators are widely preferred in the renewable energy sectors for voltage compensation purposes. Moreover, it is employed in renewable power generation and transmission systems to regulate voltage transmission. This may act as one of the key drivers responsible for the growth of the static VAR compensators market in the renewable energy sector. In addition, governments of both developed and developing economies, such as the U.S., China, India, and others, have put more emphasis on shifting their energy dependence from non-renewable to renewable energy sources. For instance, according to a report published by the U.S. Energy Information Administration, renewable energy reached record heights by providing around 11.59 quadrillion British thermal unit (BTU) that is equal to 12% of the total energy consumption in 2020. This is anticipated to surge the demand for static VAR compensators during the forecast period.
However, static VAR compensators comprise one or more banks of fixed shunt reactors and capacitors such as thyristor controlled reactor (TCR), thyristor switched capacitor (TSC), mechanically switched reactors or capacitors, harmonic filters, and others. The combination of these equipment makes static VAR compensators expensive for small industries. In addition, the installation cost for a whole set of equipment becomes relatively higher than the other voltage control devices. These factors restrict the use of static VAR compensators among industries having huge investment potentials. This is expected to restrain the growth of the static VAR compensator market during the forecast period.
The advanced digital control algorithm for the SVC system developed by General Electronics represents the latest design methodology by using a powerful model-based design approach. It is built by using a core library of complex control algorithms with automated code generation for all testing and verification stages. It also consists of a built-in event logger with automated time stamping of 1-millisecond resolution and can be remotely accessed via the internet using a secured protocol. This model-based advanced digital control algorithm for the SVC system has already revolutionized the approach for critical control software in power grids, aviation, renewable energy, and other sectors. Thus, the use of advanced digital control SVC systems with automated control features is anticipated to open up new sales opportunities in the market.
The global static VAR compensator market analysis is done on the basis of type, component, end use, and region. Depending on type, the market is divided into thyristor-based and MCR-based. On the basis of component, it is fragmented into power electronic device, harmonic filter, thyristor, reactor, capacitor bank, GIS switchgear, control protection system, and others. The end users covered in the study include electric utility, railways, industrial, and oil & gas. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global static VAR compensator market profiles leading players that include American Superconductor Corporation, Eaton, General Electric, Hitachi ABB Power Grids, Mitsubishi Electric Corporation, Nidec Industrial Solutions, NISSIN ELECTRIC Co., Ltd., NR Electric Co., Ltd., Rongxin Power Ltd., and Siemens AG
The global static VAR compensator market report provides in-depth competitive analysis as well as profiles of these major players.
2. Eaton
3. General Electric
4. Hitachi ABB Power Grids
5. Mitsubishi Electric Corporation
6. Nidec Industrial Solutions
7. NISSIN ELECTRIC Co., Ltd.
8. NR Electric Co., Ltd.
9. Rongxin Power Ltd.
10. Siemens AG
Parallel combination of controlled reactor and shunt capacitor that is fixed forms the assembly for static VAR compensator. Adjustment of output helps to maintain and control parameters of electrical power system. Static VAR compensator is used to modify the output of inductive current that further manages bus voltage factor. In addition, this device is capable of reducing the reactive power across extended ranges that further shows zero time delay.
The growth of the global static VAR compensator market is driven by escalating demand among industrial & power infrastructure sectors and increasing demand for renewable energy sources. The increasing environmental regulations, escalating fuel prices, and rising awareness for renewable energy sources have increased the set-up of renewable energy systems. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the solar energy capacity in India increased by over 15 times and stands at 41.09 gigawatt (GW) in June 2021. Voltage fluctuation is a major problem faced by renewable energy sources, owing to discontinuity in power generation. Static VAR compensators are widely preferred in the renewable energy sectors for voltage compensation purposes. Moreover, it is employed in renewable power generation and transmission systems to regulate voltage transmission. This may act as one of the key drivers responsible for the growth of the static VAR compensators market in the renewable energy sector. In addition, governments of both developed and developing economies, such as the U.S., China, India, and others, have put more emphasis on shifting their energy dependence from non-renewable to renewable energy sources. For instance, according to a report published by the U.S. Energy Information Administration, renewable energy reached record heights by providing around 11.59 quadrillion British thermal unit (BTU) that is equal to 12% of the total energy consumption in 2020. This is anticipated to surge the demand for static VAR compensators during the forecast period.
However, static VAR compensators comprise one or more banks of fixed shunt reactors and capacitors such as thyristor controlled reactor (TCR), thyristor switched capacitor (TSC), mechanically switched reactors or capacitors, harmonic filters, and others. The combination of these equipment makes static VAR compensators expensive for small industries. In addition, the installation cost for a whole set of equipment becomes relatively higher than the other voltage control devices. These factors restrict the use of static VAR compensators among industries having huge investment potentials. This is expected to restrain the growth of the static VAR compensator market during the forecast period.
The advanced digital control algorithm for the SVC system developed by General Electronics represents the latest design methodology by using a powerful model-based design approach. It is built by using a core library of complex control algorithms with automated code generation for all testing and verification stages. It also consists of a built-in event logger with automated time stamping of 1-millisecond resolution and can be remotely accessed via the internet using a secured protocol. This model-based advanced digital control algorithm for the SVC system has already revolutionized the approach for critical control software in power grids, aviation, renewable energy, and other sectors. Thus, the use of advanced digital control SVC systems with automated control features is anticipated to open up new sales opportunities in the market.
The global static VAR compensator market analysis is done on the basis of type, component, end use, and region. Depending on type, the market is divided into thyristor-based and MCR-based. On the basis of component, it is fragmented into power electronic device, harmonic filter, thyristor, reactor, capacitor bank, GIS switchgear, control protection system, and others. The end users covered in the study include electric utility, railways, industrial, and oil & gas. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global static VAR compensator market profiles leading players that include American Superconductor Corporation, Eaton, General Electric, Hitachi ABB Power Grids, Mitsubishi Electric Corporation, Nidec Industrial Solutions, NISSIN ELECTRIC Co., Ltd., NR Electric Co., Ltd., Rongxin Power Ltd., and Siemens AG
The global static VAR compensator market report provides in-depth competitive analysis as well as profiles of these major players.
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Key market segments
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 and Gas
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Players in the global static VAR compensator market are:
1. American Superconductor Corporation2. Eaton
3. General Electric
4. Hitachi ABB Power Grids
5. Mitsubishi Electric Corporation
6. Nidec Industrial Solutions
7. NISSIN ELECTRIC Co., Ltd.
8. NR Electric Co., Ltd.
9. Rongxin Power Ltd.
10. Siemens AG
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: STATIC VAR COMPENSATOR MARKET, BY TYPE
CHAPTER 5: STATIC VAR COMPENSATOR MARKET, BY COMPONENT
CHAPTER 6: STATIC VAR COMPENSATOR MARKET, BY END USE
CHAPTER 7: STATIC VAR COMPENSATOR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES:
List of Tables
List of Figures
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 230 |
| Published | September 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 758.2 million |
| Forecasted Market Value ( USD | $ 1135.4 million |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
