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Global Static VAR Compensator Market Share, Size, Analysis, Growth, Forecast: By Type: Thyristor-based, Magnetically Controlled Reactor (MCR)-based, By Component: Power Electronics Devices, Harmonic Filter, Thyristor, Reactor, Capacitor Bank, GIS Switchgear, Others; By End Use; Regional Analysis; Competitive Landscape; 2024-2032

Static VAR Compensator 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.

Static VAR Compensator 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.

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

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1   Preface
2   Report Coverage – Key Segmentation and Scope
3   Report Description
   3.1   Market Definition and Outlook
   3.2   Properties and Applications
   3.3   Market Analysis
   3.4   Key Players
4   Key Assumptions
5   Executive Summary
   5.1   Overview
   5.2   Key Drivers
   5.3   Key Developments
   5.4   Competitive Structure
   5.5   Key Industrial Trends
6   Market Snapshot
   6.1   Global
   6.2   Regional
7   Industry Opportunities and Challenges
8   Global Static VAR Compensator Market Analysis
   8.1   Key Industry Highlights
   8.2   Global Static VAR Compensator Historical Market (2018-2023)
   8.3   Global Static VAR Compensator Market Forecast (2024-2032)
   8.4   Global Static VAR Compensator Market by Type
       8.4.1   Thyristor-based
           8.4.1.1   Market Share
           8.4.1.2   Historical Trend (2018-2023)
           8.4.1.3   Forecast Trend (2024-2032)
       8.4.2   Magnetically Controlled Reactor (MCR)-based
           8.4.2.1   Market Share
           8.4.2.2   Historical Trend (2018-2023)
           8.4.2.3   Forecast Trend (2024-2032)
   8.5   Global Static VAR Compensator Market by Component
       8.5.1   Power Electronics Devices
           8.5.1.1   Market Share
           8.5.1.2   Historical Trend (2018-2023)
           8.5.1.3   Forecast Trend (2024-2032)
       8.5.2   Harmonic Filter
           8.5.2.1   Market Share
           8.5.2.2   Historical Trend (2018-2023)
           8.5.2.3   Forecast Trend (2024-2032)
       8.5.3   Thyristor
           8.5.3.1   Market Share
           8.5.3.2   Historical Trend (2018-2023)
           8.5.3.3   Forecast Trend (2024-2032)
       8.5.4   Reactor
           8.5.4.1   Market Share
           8.5.4.2   Historical Trend (2018-2023)
           8.5.4.3   Forecast Trend (2024-2032)
       8.5.5   Capacitor Bank
           8.5.5.1   Market Share
           8.5.5.2   Historical Trend (2018-2023)
           8.5.5.3   Forecast Trend (2024-2032)
       8.5.6   GIS Switchgear
           8.5.6.1   Market Share
           8.5.6.2   Historical Trend (2018-2023)
           8.5.6.3   Forecast Trend (2024-2032)
       8.5.7   Others
   8.6   Global Static VAR Compensator Market by End Use
       8.6.1   Electric Utility
           8.6.1.1   Market Share
           8.6.1.2   Historical Trend (2018-2023)
           8.6.1.3   Forecast Trend (2024-2032)
       8.6.2   Renewable Energy
           8.6.2.1   Market Share
           8.6.2.2   Historical Trend (2018-2023)
           8.6.2.3   Forecast Trend (2024-2032)
       8.6.3   Railway
           8.6.3.1   Market Share
           8.6.3.2   Historical Trend (2018-2023)
           8.6.3.3   Forecast Trend (2024-2032)
       8.6.4   Industrial
           8.6.4.1   Market Share
           8.6.4.2   Historical Trend (2018-2023)
           8.6.4.3   Forecast Trend (2024-2032)
       8.6.5   Oil and Gas
           8.6.5.1   Market Share
           8.6.5.2   Historical Trend (2018-2023)
           8.6.5.3   Forecast Trend (2024-2032)
       8.6.6   Others
   8.7   Global Static VAR Compensator Market by Region
       8.7.1   Market Share
           8.7.1.1   North America
           8.7.1.2   Europe
           8.7.1.3   Asia Pacific
           8.7.1.4   Latin America
           8.7.1.5   Middle East and Africa
9   Regional Analysis
   9.1   North America
       9.1.1   Historical Trend (2018-2023)
       9.1.2   Forecast Trend (2024-2032)
       9.1.3   Breakup by Country
           9.1.3.1   United States of America
           9.1.3.2   Canada
   9.2   Europe
       9.2.1   Historical Trend (2018-2023)
       9.2.2   Forecast Trend (2024-2032)
       9.2.3   Breakup by Country
           9.2.3.1   United Kingdom
           9.2.3.2   Germany
           9.2.3.3   France
           9.2.3.4   Italy
           9.2.3.5   Others
   9.3   Asia Pacific
       9.3.1   Historical Trend (2018-2023)
       9.3.2   Forecast Trend (2024-2032)
       9.3.3   Breakup by Country
           9.3.3.1   China
           9.3.3.2   Japan
           9.3.3.3   India
           9.3.3.4   ASEAN
           9.3.3.5   Australia
           9.3.3.6   Others
   9.4   Latin America
       9.4.1   Historical Trend (2018-2023)
       9.4.2   Forecast Trend (2024-2032)
       9.4.3   Breakup by Country
           9.4.3.1   Brazil
           9.4.3.2   Argentina
           9.4.3.3   Mexico
           9.4.3.4   Others
   9.5   Middle East and Africa
       9.5.1   Historical Trend (2018-2023)
       9.5.2   Forecast Trend (2024-2032)
       9.5.3   Breakup by Country
           9.5.3.1   Saudi Arabia
           9.5.3.2   United Arab Emirates
           9.5.3.3   Nigeria
           9.5.3.4   South Africa
           9.5.3.5   Others
10   Market Dynamics
   10.1   SWOT Analysis
       10.1.1   Strengths
       10.1.2   Weaknesses
       10.1.3   Opportunities
       10.1.4   Threats
   10.2   Porter’s Five Forces Analysis
       10.2.1   Supplier’s Power
       10.2.2   Buyer’s Power
       10.2.3   Threat of New Entrants
       10.2.4   Degree of Rivalry
       10.2.5   Threat of Substitutes
   10.3   Key Indicators for Demand
   10.4   Key Indicators for Price
11   Competitive Landscape
   11.1   Market Structure
   11.2   Company Profiles
       11.2.1   Siemens Energy
           11.2.1.1   Company Overview
           11.2.1.2   Product Portfolio
           11.2.1.3   Demographic Reach and Achievements
           11.2.1.4   Certifications
       11.2.2   Hitachi Energy Ltd.
           11.2.2.1   Company Overview
           11.2.2.2   Product Portfolio
           11.2.2.3   Demographic Reach and Achievements
           11.2.2.4   Certifications
       11.2.3   General Electric Company
           11.2.3.1   Company Overview
           11.2.3.2   Product Portfolio
           11.2.3.3   Demographic Reach and Achievements
           11.2.3.4   Certifications
       11.2.4   Mitsubishi Electric Corporation
           11.2.4.1   Company Overview
           11.2.4.2   Product Portfolio
           11.2.4.3   Demographic Reach and Achievements
           11.2.4.4   Certifications
       11.2.5   Nidec ASI S.p.A.
           11.2.5.1   Company Overview
           11.2.5.2   Product Portfolio
           11.2.5.3   Demographic Reach and Achievements
           11.2.5.4   Certifications
       11.2.6   Others
12   Industry Events and Developments

List of Key Figures and Tables

1.   Global Static VAR Compensator Market: Key Industry Highlights, 2018 and 2032
2.   Global Static VAR Compensator Historical Market: Breakup by Type (USD Million), 2018-2023
3.   Global Static VAR Compensator Market Forecast: Breakup by Type (USD Million), 2024-2032
4.   Global Static VAR Compensator Historical Market: Breakup by Component (USD Million), 2018-2023
5.   Global Static VAR Compensator Market Forecast: Breakup by Component (USD Million), 2024-2032
6.   Global Static VAR Compensator Historical Market: Breakup by End Use (USD Million), 2018-2023
7.   Global Static VAR Compensator Market Forecast: Breakup by End Use (USD Million), 2024-2032
8.   Global Static VAR Compensator Historical Market: Breakup by Region (USD Million), 2018-2023
9.   Global Static VAR Compensator Market Forecast: Breakup by Region (USD Million), 2024-2032
10.   North America Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
11.   North America Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
12.   Europe Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
13.   Europe Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
14.   Asia Pacific Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
15.   Asia Pacific Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
16.   Latin America Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
17.   Latin America Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
18.   Middle East and Africa Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
19.   Middle East and Africa Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
20.   Global Static VAR Compensator Market Structure

Key Questions Answered in the Report

What was the size of the global static VAR compensator market in 2023?

The global market size of static VAR compensators reached a value of more than USD 852.65 million in 2023.

What is the growth rate of the global static VAR compensator market?

The market for static VAR compensators is expected to grow at a CAGR of 4.00% between 2024 and 2032.

What is the expected size of the Global static VAR compensator market by 2032?

The global market size for static VAR compensators is expected to reach a value of more than USD 1213.59 million by 2032.

What are the market drivers?

The major market drivers include increasing number of electric utilities companies, rising cases of power fluctuations, and growing demand for electrical devices.

What are the key trends of the market?

The key trends of the market are the ability of static VAR compensators to reduce reactive power, power fluctuations in large scale industries, and increasing population.

Who are the key market players?

Key market players include Siemens Energy, Hitachi Energy Limited, General Electric Company, Mitsubishi Electric Corporation, and Nidec ASI S.p.A., among others.

What is a static VAR compensator?

A static VAR compensator is an electrical device that provides immediate reactive power to high voltage transmission networks.

What is the role of a static VAR compensator?

A static VAR compensator helps regulate the voltage, power factor, and harmonics and also help stabilise the system.

How is the market segmented?

The global static VAR compensator market is segmented based on type, component, end use, and region.

Why are static VAR compensators used in power system and large industrial loads?

Static VAR compensators are connected to the power system in order to regulate the transmission voltage and are connected near the large industrial loads in order to improve the quality of the power.

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