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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Static VAR Compensator Market Size
The global market 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.
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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