Global Static VAR Compensator Market Report and Forecast 2024-2032

Global Static VAR Compensator Market Outlook

The global market size for static VAR compensators reached a value of more than USD 852.65 million in 2023. The global static VAR compensator market is expected to grow at a CAGR of 4.00% between 2024 and 2032, reaching a value of USD 1213.59 million by 2032.

Key Trends in the Market

A static VAR compensator is an electrical device that provides immediate reactive power for high voltage transmission networks. It helps regulate the voltage, power factor, and harmonics and also helps stabilise the overall system. They are connected to power systems near large industrial loads in order to regulate the transmission voltage and improve the quality of the power. 

• The capability of static VAR compensators to reduce the reactive power across extended ranges and further show negligible time delay is a major factor fuelling the growth of the static VAR compensator market.

• Increasing adoption of the VAR compensators in the railway and power infrastructure sectors such as wind and solar power stations in order to replace the existing grid has helped in the growth of the market.

• Steel industries and other large scale industries experience power fluctuations sometimes which hampers both the equipment and the manufacturing process. For smooth operations, the demand for static VAR compensator is rising from large-scale industries, helping in the market growth.

Market Analysis

Based on type, the static VAR compensator market can be bifurcated into thyristor-based and magnetically controlled reactor (MCR) based. By component, the market is categorised into power electronics devices, harmonic filter, thyristor, reactor, capacitor bank, and GIS switchgear, among others. On the basis of end use, the market is segmented into electric utility, renewable energy, railway, industrial, and oil and gas, among others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global static VAR compensator market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Siemens Energy

• Hitachi Energy Limited

• General Electric Company

• Mitsubishi Electric Corporation

• Nidec ASI S.p.A.

• Others

Market Share by Type

Magnetically controlled reactor (MCR)-based type is expected to lead the global static VAR compensator market in the forecast period because of the wide and increased adoption of the device. It offers several advantages such as small dimension, better reliability, and ability to sustain instantaneous voltage. It also helps avoid breaking of the generator, due to which its demand if projected to fuel in the coming years. 

Thyristor-based controlled reactor helps limit the voltage rise on light loaded transmission lines and usually acts as a switch. It might also observe a slight rise in the market in the forecast period due to its efficiency. 

Market Share by Region

At a regional level, the Asia Pacific is expected to account for the largest share in the static VAR compensator market because of increased demand for power supply in the region. Moreover, countries in the Asia Pacific are rapidly adopting the use of renewable sources of energy such as wind or solar power positively impacting the market growth. Population rise, increased power demand, and rural electrification done by the governments in the region are major factors fuelling the growth of the market in the Asia Pacific. 

Meanwhile, North America might also observe growth owing to technological advancements and positive changes in the existing power distribution networks. With new technologies available that offer improved performance, more networks are being upgraded in countries like the United States.

Competitive Landscape

Siemens Energy is an energy development company that provides steam turbines, transformers, gas turbines, compressors, and generators. It has its headquarter in Munich, Germany and was founded in 2020. They focus on making reliable, affordable, and sustainable energy using creative and innovative technology to bring a change in the energy systems of the world. 

General Electric Company was established in 1892 and is headquartered in Massachusetts, United States. It is a multinational company that specialises in the making of products to be used in renewable energy, healthcare, and power and aviation industries. They aim to power the future of electricity and the lives of the people by developing energy technology. 

Nidec ASI S.p.A. was founded in 2013 and is based in Milano, Italy. It is an electricity generation company that is involved in the designing and manufacturing of industrial automation, rotating electrical machines and power electronics such as tactile devices for smartphones, hard disk drive motors, and various other products. 

Other market players include Hitachi Energy Limited, and Mitsubishi Electric Corporation, among others.

Key Highlights of the Report

Static VAR Compensator Market Report Snapshots

Static VAR Compensator Market Size

Static VAR Compensator Market Share

Static VAR Compensator Market Analysis

Static VAR Compensator Companies