Global Static VAR Compensator Market to Reach USD 1,667.0 Million by 2034

As per the latest analysis, the global static VAR compensator market value is forecast to increase from USD 1,020.2 million in 2024 to USD 1,667.0 million by 2034. Over the assessment period, global demand for static VAR compensators is predicted to surge at a CAGR of 5.0%.

The thyristor controller reactor segment dominates the global SVC market, holding a volume share of 41.1% by 2024. On the other hand, the static synchronous compensator segment is anticipated to record a higher CAGR of 5.1% through 2034.

Several factors are projected to stimulate growth of the global static VAR compensator industry during the assessment period. These include escalating electricity demand, integration of renewable energy sources, and a growing need for enhanced grid stability, power quality, and efficient power transmission and distribution systems.
As the world continues to face electricity challenges, the spotlight is falling on advanced technologies like static VAR compensators. These compensators are gaining wider popularity due to their ability to maintain grid stability and efficiency, which is essential for ensuring reliable electricity supplies.

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Rapid urbanization and industrialization are generating significant electricity demand globally. To meet this demand, huge investments are being made to develop power grid infrastructure, resulting in higher demand for SVCs, which are widely used to improve grid efficiency and reliability.

Static VAR compensators play a crucial role in enabling a smooth transition towards a renewable-powered future. Thus, the transition towards renewable energy sources like solar and wind power will generate significant demand for effective grid management tools to address voltage fluctuations.

Key Takeaways from Static VAR Compensator Industry

• The global SVC market is projected to grow at 5.0% CAGR through 2034.

• By product type, the thyristor controller reactor segment is set to total a valuation of USD 664.8 million by 2034.

• By end-use industry, the energy utilities segment is forecast to hold a market share of 25.0% in 2024.

• East Asia is set to account for a prominent market share of 28.5% in 2034.

• China's industry value is anticipated to reach USD 257.8 million by 2034.

• Revenue in the United States is projected to total USD 169.8 million by 2034.

• Demand in Italy is predicted to rise at 6.9% CAGR through 2034.

"The static VAR compensator market is experiencing robust growth fueled by escalating demand for grid stability, improved power quality, and efficient power transmission solutions. As industries and utilities seek to enhance their electrical systems' reliability and performance, the need for static VAR compensators continues to increase steadily," opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Who is Winning?

The global static VAR compensator market is fragmented, with top players accounting for about 40% to 45% of the share. Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, ABB, Emerson Electric Co, Hyosung Corporation, Fuji Electric, NR Electric Co., Ltd., Nissin Electric Co., Ltd., S&C Electric Company, American Superconductor Corp., NR Electric Co., Ltd., and Merus Power Dynamics Oy are the leading static VAR compensator manufacturers and suppliers listed in the report.

Key players are focusing on developing innovative solutions with enhanced efficiency and reliability to meet the evolving needs of end users. They also implement strategies like acquisitions, mergers, agreements, and partnerships to strengthen their footprint.

Recent Development in Static VAR Compensator Industry

• In 2022, Mitsubishi Electric Corporation introduced three new Large DIPIPM+TM transfer-mold intelligent power modules.

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Market Segmentation of Static VAR Compensator Industry
By Voltage Level:

• Low Voltage (400V to 1KV)
• Medium Voltage (1KV to 69KV)
• High Voltage (Above 69 KV)

By Product Type:
• Thyristor Controller Reactor
• Thyristor-switched Capacitor
• Thyristor-controlled Series Capacitor
• Static Synchronous Compensator

By Application:
• Voltage Control
• Power Factor Correction
• Grid Stabilization
• Renewable Energy Integration
• Transmission Line Compensation

By End-use Industry:
• Power Generation
• Renewable
• Non-renewable
• Energy Utilities
• Electric Traction
• Mining and Metal
• Oil and Gas
• Textile
• Cement
• Others

By Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• East Asia
• South Asia Pacific
• Middle East & Africa

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About Future Market Insights (FMI)

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This release was published on openPR.