Static VAR Compensator Market Outlook
According to the report by Expert Market Research (EMR), the global static VAR compensator market size reached a value of USD 852.65 million in 2023. Aided by the increasing demand for efficient power management solutions, the market is projected to further grow at a CAGR of 4.00% between 2024 and 2032 to reach a value of USD 1213.59 million by 2032.
Static VAR compensators are devices used in electric power systems to provide fast-acting reactive power compensation, enhancing voltage stability, and improving power quality. They are essential components in modern power grids, enabling the efficient transmission and distribution of electricity. The static VAR compensators’ ability to decrease reactive power over wide ranges with minimal time delay is a key driver behind the expansion of the market.
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Several factors are contributing to the static VAR compensator market growth. The rising demand for reliable and high-quality power supply in various sectors is driving the need for static VAR compensator systems to manage power quality effectively. Moreover, the integration of renewable energy sources into power grids increases the need for dynamic voltage regulation, which is effectively addressed by static VAR compensator systems. Furthermore, The rising utilisation of VAR compensators in the railway and power infrastructure industries, including wind and solar power plants, to substitute the current grid has contributed to the market’s expansion.
As per the static VAR compensator market analysis, the expansion and modernisation of power infrastructure, especially in developing countries, necessitate the adoption of advanced power quality management solutions like static VAR compensator. Continuous advancements in this technology, such as the development of modular and compact designs, are also enhancing their performance and driving market growth.
Furthermore, government regulations and initiatives promoting energy efficiency and power quality are encouraging the adoption of static VAR compensator systems. The Asia Pacific region holds a significant share of the market, driven by the rapid expansion of power infrastructure and the growing adoption of renewable energy sources. North America and Europe are also witnessing substantial growth, attributed to the modernisation of aging power grids and the increasing focus on power quality management, consequently driving up the static VAR compensator market share.
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The future of the static VAR compensator market looks promising, with continued growth anticipated in the coming years. The increasing demand for efficient power quality management solutions, coupled with the expansion of power infrastructure and the integration of renewable energy sources, is expected to drive the market further. Moreover, technological advancements and regulatory support are likely to create new opportunities for market players, leading to the static VAR compensator market development.
Static VAR Compensator Market Segmentation
The market can be divided based on the type, component, end use, and region.
Market Breakup by Type
- Thyristor-based
- Magnetically Controlled Reactor (MCR)-based
Market Breakup by Component
- Power Electronics Devices
- Harmonic Filter
- Thyristor
- Reactor
- Capacitor Bank
- GIS Switchgear
- Others
Market Breakup by End Use
- Electric Utility
- Renewable Energy
- Railway
- Industrial
- Oil and Gas
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global static VAR compensator market. Some of the major players explored in the report by Expert Market Research are as follows:
- Siemens Energy
- Hitachi Energy Ltd.
- General Electric Company
- Mitsubishi Electric Corporation
- Nidec ASI S.p.A.
- Others
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