Static VAR Compensator (SVC) Market Brief Analysis and Application Set to Attain Growth by 2025
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Static VAR compensators offers numerous benefits. They maximize power compensation, increase economic benefits, eliminate harmonics, and reduce voltage distortion. Furthermore, they provide near-instantaneous response to system voltage variations. They also provide load balancing on three-phase systems. Increase in demand for renewable energy sources and power quality & network reliability requirements is anticipated to boost the static VAR compensator market in the near future. The need for upgrade and replacement of aging power infrastructure and rise in usage of SVCs in railways as high voltage boosters in developed regions are likely to boost the static VAR compensator market. With major developments taking place in industrial and power infrastructure sectors across the world, the static VAR compensator market is anticipated to expand at rapid pace during the forecast period.
Lack of awareness regarding the advantages of MCR-based SVCs among companies and high political involvement in the power industry are the major factors hampering the static VAR compensator market. Reluctance of end-customers to adopt or switch to static VAR compensators is anticipated to adversely affect market growth.
The static VAR compensator market can be segmented based on technology type, component, and application. In terms of technology type, the static VAR compensator market can be bifurcated into thyristor-based SVC and Magnetically Controlled Reactor (Mcr)-based SVC. Based on component, the static VAR compensator market can be classified into power electronics devices, harmonic filter, capacitor bank, thyristor, Phase-shifting Transformer (PST), reactor, Gas insulated switchgear (GIS), surge arrester, and control protection system. In terms of application, the static VAR compensator market can be segregated into electric utility, renewable, railway, industrial and oil & gas.
Geographically, the static VAR compensator market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific led the global static VAR compensator market in 2016, followed by North America. The market in Asia Pacific is anticipated to expand at a fast-paced CAGR during the forecast period, owing to the increase in the number of investments in the renewable sector in countries such as China, India, Japan, and South Korea. The static VAR compensator market in Europe is projected to expand significantly during the forecast period, due to the implementation of stringent government regulations to greenhouse gas and carbon emissions in the region. The static VAR compensator market in Middle East & Africa and Latin America is likely to expand at a moderate pace during the forecast period, due to stringent restrictions on the investments in the renewable energy sector in various countries in these regions.
Key players operating in the static VAR compensator market are ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, General Electric, Eaton Corporation Plc., and American Electric Power.
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