The sales of static VAR compensators (SVCs) in the United States are projected to grow at a compound annual growth rate (CAGR) of approximately 5.4% during the forecast period. By 2034, the total market valuation is expected to reach around USD 169.8 million. This growth indicates a robust demand for SVCs, driven by their crucial role in enhancing the stability and efficiency of electrical power systems.
NEWARK, DE / ACCESSWIRE / July 23, 2024 / 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.
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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.
How is the Demand for Static VAR Compensators being Influenced by the Ongoing Development of Smart Grid Infrastructure?
The market has experienced significant growth due to the rapid development of smart grid infrastructure.
Smart meter roll-outs are expected to further accelerate the pace of industry growth.
In January 2022, the United States Department of Energy introduced the "Building a Better Grid" Initiative to facilitate the nationwide development of new and upgraded high-capacity electric transmission lines.
The initiative aims to support President Biden's goal of achieving 100% clean electricity by 2035 and a zero-emissions economy by 2050.
Government programs like "Building a Better Grid" is projected to stimulate the adoption of Static VAR compensators in the market.
SVCs are also utilized in railway electrification systems to regulate voltage and ensure the safe operation of train engines.
The increasing electrification of trains globally is expected to fuel the demand for static VAR compensators in the market.
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 static VAR compensators, 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 the Report
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, Inc.).
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 Working in the Static VAR Compensator Market
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
Recent Development:
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 Products
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
Authored 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 & 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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