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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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Key Questions Answered in the Report
The global market size of static VAR compensators reached a value of more than USD 852.65 million in 2023.
The market for static VAR compensators is expected to grow at a CAGR of 4.00% between 2024 and 2032.
The global market size for static VAR compensators is expected to reach a value of more than USD 1213.59 million by 2032.
The major market drivers include increasing number of electric utilities companies, rising cases of power fluctuations, and growing demand for electrical devices.
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.
Key market players include Siemens Energy, Hitachi Energy Limited, General Electric Company, Mitsubishi Electric Corporation, and Nidec ASI S.p.A., among others.
A static VAR compensator is an electrical device that provides immediate reactive power to high voltage transmission networks.
A static VAR compensator helps regulate the voltage, power factor, and harmonics and also help stabilise the system.
The global static VAR compensator market is segmented based on type, component, end use, and region.
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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