The Static VAR Compensator Market size was valued at USD 883.39 million in 2023 and is expected to grow to USD 1246.51 million by 2032and grow at a CAGR of 3.9 % over the forecast period of 2024-2032.
In big industrial sectors, the Static VAR Compensator (SVC) is primarily used to regulate the quality of the power supply and voltage variations in transmission lines. The use of SVC has grown recently in the railway industry to replace the current grids as well as in the planned solar and wind stations.
Sales of Static VAR Compensators, which are generally used to control voltage changes, are swaying the market. Transmission line voltage changes are controlled by SVCs, and the quality of the power supply is significantly improved industries. The railway sector to replace the existing grids, and the proposed solar and wind power stations. Demand for a wide range of consumer products is strong due to the growing population, which has accelerated growth of the industrial manufacturing sectors, which bodes well for the future development of the Static VAR Compensator market.
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KEY DRIVERS:
• A rise in the need for technologically complex solutions necessitating advanced voltage control devices
• As copper mining grows, need for dynamic compensation systems is increasing.
The global mining industry must boost its production capacity to meet the rising demand for copper. More and more greenfield mine projects are being built all over the world. Existing brownfield mining operations evaluate the growth of their production capacity as well. Given that mining facilities virtually exclusively employ electrical drives, the need for power utilization rises as a result of this capacity.
RESTRAIN:
Increasing STATCOM Adoption Could Slow the Static VAR Compensator Market's Long-Term Growth
The transmission and distribution of energy has faced several difficulties worldwide. FACTS devices have grown in favour throughout end-use sectors as a solution to such problems. The best FACTS devices for voltage control are STATCOM and SVCs. As the primary controlled shunt compensation mechanism, the static VAR compensator continues to rule. STATCOM is superior to SVC from the standpoint of market expansion. The main drivers of STATCOM's rapid acceptance are its quicker response times and enhanced reactive power capacity.
OPPORTUNITY:
Increasing global industrial and building activities opens up
High voltage booster in railway sector
CHALLENGES:
Smart grid infrastructure
Rise in transmission and distribution expenses
Prices have risen even more dramatically as a result of embargoes imposed as part of sanctions and Russia's pre-emptive stoppage of delivery, by the end of March, the average energy price paid by final consumers in the euro area had climbed by around 50%. The significant difference across nations is probably due to actions taken to limit the pass-through from wholesale to retail markets through subsidies or quotas.
IMPACT OF ONGOING RECESSION
Over the past month, there has also been another issue. The gap of Italian long-term bonds over their German counterpart has increased to above 200 due to a decline in the demand for "risky" assets. This level was only briefly broken in recent years during the financial market turmoil at the beginning of the COVID-19 recession. Spreads on other "peripheral" nations have risen as well, including Portugal and Spain. However, Italy's 10-year rate, which has reached a level of over 3%, is concerning since it is almost at the same level as the country's most likely medium growth rate for its nominal GDP. Unless the government can maintain a sizable significant deficit, an interest rate higher than the growth rate runs the danger of triggering a spiral of increasing debts and a greater debt load.
By Type
Thyristor-based
TCRFC
TCR-TSC
MCR-based
By Component
Power electronic device
Harmonic filter
Thyristor
Reactor
Capacitor bank
GIS switchgear
Phase shifting transformer (PST)
Surge arrester
Control protection system
By Vertical
Electric Utility
Renewable
Wind power grid
On-shore
Offshore
Solar farm
Railway
Industrial
Steel
Mining
Oil & Gas
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The static VAR compensator market share is expected to be dominated by Asia Pacific, which had a market size of USD 252.0 million in 2021. The regional SVC market is driven by the expansion of the utility and renewable energy sectors throughout Asian countries as well as the high-volume requirements for grid voltage stabilisation. The area is regarded as having the highest worldwide power consumption rates, with major market contributions from utilities, renewable energy, and metallurgy.
The second-largest market for SVC is Europe. An increase in the construction of smart grid infrastructure across the area, along with an increase in the demand for renewable energy, which is fuelling SVC demand in the area. The increase in energy usage in the commercial, industrial, and residential sectors is what is driving the North American SVC market.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major players are Rongxin Power Electronic Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG(Germany), General Electric (U.S.), Eaton Corp plc (Ireland), American Electric Power (U.S.), Hyosung (South Korea), NR Electric Co. Ltd. (China), Mitsubishi Electric Corp. (Japan), American Superconductor Corp. (U.S.), and other players are listed in a final report.
Rongxin Power Electronic Co.Ltd. (China)-Company Financial Analysis
The Norwegian oil and gas exploration and production firm Aker BP announced in March 2022 that it has chosen Hitachi Energy as a technology partner for the NOAKA power-from-shore project off the Norwegian coast. Hitachi Energy has offered this in order to provide efficient, dependable, and secure electrical delivery to the offshore rigs a system that combines a high-performance SVC, SVC light, and thyristor-controlled series capacitors with two power quality technologies.
December 20, 2021 On December 16, 2021, in Abu Dhabi, the power transmission and distribution business of Larsen & Toubro (L&T) got an order for a dynamic reactive power compensator system. The order was for a 220 kV substation, the business said in a statement.
In September 2021, the Saudi Electricity Company (SEC) granted Alfanar Construction an EPC contract for the installation of SVC technology in the current Qassim power plant. Substation situated in Saudi Arabia's Central Province. A contract for USD 36.9 million was struck. Testing and commissioning, site inspection, construction, installation, material procurement, quality control, engineering, and design up until the project's conclusion were all covered in the contract.
| Report Attributes | Details |
| Market Size in 2023 | USD 883.39 Mn |
| Market Size by 2032 | USD1246.51 Mn |
| CAGR | CAGR of 3.9 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Thyristor-based, MCR-based) • By Component (Power electronic device, Harmonic filter, Thyristor, Reactor, Capacitor bank, GIS switchgear, Phase shifting transformer (PST), Surge arrester, Control protection system) • By Vertical (Electric Utility, Renewable, Railway, Industrial, Oil & Gas) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Rongxin Power Electronic Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG(Germany), General Electric (U.S.), Eaton Corp plc (Ireland), American Electric Power (U.S.), Hyosung (South Korea), NR Electric Co. Ltd. (China), Mitsubishi Electric Corp. (Japan), American Superconductor Corp. (U.S.) |
| Key Drivers | • A rise in the need for technologically complex solutions necessitating advanced voltage control devices • As copper mining grows, need for dynamic compensation systems is increasing. |
| Market Restraints | • Increasing STATCOM Adoption Could Slow the Static VAR Compensator Market's Long-Term Growth |
Ans: Static VAR Compensator Market is anticipated to expand by 3.9 % from 2023 to 2030.
Ans: USD 1246.51 million is expected to grow by 2032.
Ans: Static VAR Compensator Market size was valued at USD 883.39 million in 2023.
Ans: A rise in the need for technologically complex solutions necessitating advanced voltage control devices, and as copper mining grows, need for dynamic compensation systems is increasing.
Ans: Smart grid infrastructure and Rise in transmission and distribution expenses
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Static VAR Compensator Market Segmentation, By Type
8.1 Thyristor-based
8.1.1 TCRFC
8.1.2 TCR-TSC
8.2 MCR-based
9. Static VAR Compensator Market Segmentation, By Component
9.1 Power electronic device
9.2 Harmonic filter
9.3 Thyristor
9.4 Reactor
9.5 Capacitor bank
9.6 GIS switchgear
9.7 Phase shifting transformer (PST)
9.8 Surge arrester
9.9 Control protection system
10. Static VAR Compensator Market Segmentation, By Vertical
10.1 Electric Utility
10.2 Renewable
10.2.1 Wind power grid
10.2.1.1 On-shore
10.2.1.2 Offshore
10.2.2 S olar farm
10.3 Railway
10.4 Industrial
10.4.1 Steel
10.4.2 Mining
10.5 Oil & Gas
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Static VAR Compensator Market by Country
11.2.2North America Static VAR Compensator Market by Type
11.2.3 North America Static VAR Compensator Market by Component
11.2.4 North America Static VAR Compensator Market by Verticals
11.2.5 USA
11.2.5.1 USA Static VAR Compensator Market by Type
11.2.5.2 USA Static VAR Compensator Market by Component
11.2.5.3 USA Static VAR Compensator Market by Verticals
11.2.6 Canada
11.2.6.1 Canada Static VAR Compensator Market by Type
11.2.6.2 Canada Static VAR Compensator Market by Component
11.2.6.3 Canada Static VAR Compensator Market by Verticals
11.2.7 Mexico
11.2.7.1 Mexico Static VAR Compensator Market by Type
11.2.7.2 Mexico Static VAR Compensator Market by Component
11.2.7.3 Mexico Static VAR Compensator Market by Verticals
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Static VAR Compensator Market by Country
11.3.1.2 Eastern Europe Static VAR Compensator Market by Type
11.3.1.3 Eastern Europe Static VAR Compensator Market by Component
11.3.1.4 Eastern Europe Static VAR Compensator Market by Verticals
11.3.1.5 Poland
11.3.1.5.1 Poland Static VAR Compensator Market by Type
11.3.1.5.2 Poland Static VAR Compensator Market by Component
11.3.1.5.3 Poland Static VAR Compensator Market by Verticals
11.3.1.6 Romania
11.3.1.6.1 Romania Static VAR Compensator Market by Type
11.3.1.6.2 Romania Static VAR Compensator Market by Component
11.3.1.6.4 Romania Static VAR Compensator Market by Verticals
11.3.1.7 Turkey
11.3.1.7.1 Turkey Static VAR Compensator Market by Type
11.3.1.7.2 Turkey Static VAR Compensator Market by Component
11.3.1.7.3 Turkey Static VAR Compensator Market by Verticals
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Static VAR Compensator Market by Type
11.3.1.8.2 Rest of Eastern Europe Static VAR Compensator Market by Component
11.3.1.8.3 Rest of Eastern Europe Static VAR Compensator Market by Verticals
11.3.2 Western Europe
11.3.2.1 Western Europe Static VAR Compensator Market by Type
11.3.2.2 Western Europe Static VAR Compensator Market by Component
11.3.2.3 Western Europe Static VAR Compensator Market by Verticals
11.3.2.4 Germany
11.3.2.4.1 Germany Static VAR Compensator Market by Type
11.3.2.4.2 Germany Static VAR Compensator Market by Component
11.3.2.4.3 Germany Static VAR Compensator Market by Verticals
11.3.2.5 France
11.3.2.5.1 France Static VAR Compensator Market by Type
11.3.2.5.2 France Static VAR Compensator Market by Component
11.3.2.5.3 France Static VAR Compensator Market by Verticals
11.3.2.6 UK
11.3.2.6.1 UK Static VAR Compensator Market by Type
11.3.2.6.2 UK Static VAR Compensator Market by Component
11.3.2.6.3 UK Static VAR Compensator Market by Verticals
11.3.2.7 Italy
11.3.2.7.1 Italy Static VAR Compensator Market by Type
11.3.2.7.2 Italy Static VAR Compensator Market by Component
11.3.2.7.3 Italy Static VAR Compensator Market by Verticals
11.3.2.8 Spain
11.3.2.8.1 Spain Static VAR Compensator Market by Type
11.3.2.8.2 Spain Static VAR Compensator Market by Component
11.3.2.8.3 Spain Static VAR Compensator Market by Verticals
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Static VAR Compensator Market by Type
11.3.2.9.2 Netherlands Static VAR Compensator Market by Component
11.3.2.9.3 Netherlands Static VAR Compensator Market by Verticals
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Static VAR Compensator Market by Type
11.3.2.10.2 Switzerland Static VAR Compensator Market by Component
11.3.2.10.3 Switzerland Static VAR Compensator Market by Verticals
11.3.2.11.1 Austria
11.3.2.11.2 Austria Static VAR Compensator Market by Type
11.3.2.11.3 Austria Static VAR Compensator Market by Component
11.3.2.11.4 Austria Static VAR Compensator Market by Verticals
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Static VAR Compensator Market by Type
11.3.2.12.2 Rest of Western Europe Static VAR Compensator Market by Component
11.3.2.12.3 Rest of Western Europe Static VAR Compensator Market by Verticals
11.4 Asia-Pacific
11.4.1 Asia-Pacific Static VAR Compensator Market by Country
11.4.2 Asia-Pacific Static VAR Compensator Market by Type
11.4.3 Asia-Pacific Static VAR Compensator Market by Component
11.4.4 Asia-Pacific Static VAR Compensator Market by Verticals
11.4.5 China
11.4.5.1 China Static VAR Compensator Market by Type
11.4.5.2 China Static VAR Compensator Market by Verticals
11.4.5.3 China Static VAR Compensator Market by Component
11.4.6 India
11.4.6.1 India Static VAR Compensator Market by Type
11.4.6.2 India Static VAR Compensator Market by Component
11.4.6.3 India Static VAR Compensator Market by Verticals
11.4.7 Japan
11.4.7.1 Japan Static VAR Compensator Market by Type
11.4.7.2 Japan Static VAR Compensator Market by Component
11.4.7.3 Japan Static VAR Compensator Market by Verticals
11.4.8 South Korea
11.4.8.1 South Korea Static VAR Compensator Market by Type
11.4.8.2 South Korea Static VAR Compensator Market by Component
11.4.8.3 South Korea Static VAR Compensator Market by Verticals
11.4.9 Vietnam
11.4.9.1 Vietnam Static VAR Compensator Market by Type
11.4.9.2 Vietnam Static VAR Compensator Market by Component
11.4.9.3 Vietnam Static VAR Compensator Market by Verticals
11.4.10 Singapore
11.4.10.1 Singapore Static VAR Compensator Market by Type
11.4.10.2 Singapore Static VAR Compensator Market by Component
11.4.10.3 Singapore Static VAR Compensator Market by Verticals
11.4.11 Australia
11.4.11.1 Australia Static VAR Compensator Market by Type
11.4.11.2 Australia Static VAR Compensator Market by Component
11.4.11.3 Australia Static VAR Compensator Market by Verticals
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Static VAR Compensator Market by Type
11.4.12.2 Rest of Asia-Pacific Static VAR Compensator Market by Component
11.4.12.3 Rest of Asia-Pacific Static VAR Compensator Market by Verticals
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Static VAR Compensator Market by Country
11.5.1.2 Middle East Static VAR Compensator Market by Type
11.5.1.3 Middle East Static VAR Compensator Market by Component
11.5.1.4 Middle East Static VAR Compensator Market by Verticals
11.5.1.5 UAE
11.5.1.5.1 UAE Static VAR Compensator Market by Type
11.5.1.5.2 UAE Static VAR Compensator Market by Component
11.5.1.5.3 UAE Static VAR Compensator Market by Verticals
11.5.1.6 Egypt
11.5.1.6.1 Egypt Static VAR Compensator Market by Type
11.5.1.6.2 Egypt Static VAR Compensator Market by Component
11.5.1.6.3 Egypt Static VAR Compensator Market by Verticals
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Static VAR Compensator Market by Type
11.5.1.7.2 Saudi Arabia Static VAR Compensator Market by Component
11.5.1.7.3 Saudi Arabia Static VAR Compensator Market by Verticals
11.5.1.8 Qatar
11.5.1.8.1 Qatar Static VAR Compensator Market by Type
11.5.1.8.2 Qatar Static VAR Compensator Market by Component
11.5.1.8.3 Qatar Static VAR Compensator Market by Verticals
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Static VAR Compensator Market by Type
11.5.1.9.2 Rest of Middle East Static VAR Compensator Market by Component
11.5.1.9.3 Rest of Middle East Static VAR Compensator Market by Verticals
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Static VAR Compensator Market by Type
11.5.2.3 Africa Static VAR Compensator Market by Component
11.5.2.4 Africa Static VAR Compensator Market by Verticals
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Static VAR Compensator Market by Type
11.5.2.5.2 Nigeria Static VAR Compensator Market by Component
11.5.2.5.3 Nigeria Static VAR Compensator Market by Verticals
11.5.2.6 South Africa
11.5.2.6.1 South Africa Static VAR Compensator Market by Type
11.5.2.6.2 South Africa Static VAR Compensator Market by Component
11.5.2.6.3 South Africa Static VAR Compensator Market by Verticals
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Static VAR Compensator Market by Type
11.5.2.7.2 Rest of Africa Static VAR Compensator Market by Component
11.5.2.7.3 Rest of Africa Static VAR Compensator Market by Verticals
11.6 Latin America
11.6.1 Latin America Static VAR Compensator Market by Country
11.6.2 Latin America Static VAR Compensator Market by Type
11.6.3 Latin America Static VAR Compensator Market by Component
11.6.4 Latin America Static VAR Compensator Market by Verticals
11.6.5 Brazil
11.6.5.1 Brazil America Static VAR Compensator Market by Type
11.6.5.2 Brazil America Static VAR Compensator Market by Component
11.6.5.3 Brazil America Static VAR Compensator Market by Verticals
11.6.6 Argentina
11.6.6.1 Argentina America Static VAR Compensator Market by Type
11.6.6.2 Argentina America Static VAR Compensator Market by Component
11.6.6.3 Argentina America Static VAR Compensator Market by Verticals
11.6.7 Colombia
11.6.7.1 Colombia America Static VAR Compensator Market by Type
11.6.7.2 Colombia America Static VAR Compensator Market by Component
11.6.7.3 Colombia America Static VAR Compensator Market by Verticals
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Static VAR Compensator Market by Type
11.6.8.2 Rest of Latin America Static VAR Compensator Market by Component
11.6.8.3 Rest of Latin America Static VAR Compensator Market by Verticals
12 Company profile
12.1 Rongxin Power Electronic Co., Ltd. (China)
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 ABB Ltd. (Switzerland)
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Siemens AG(Germany)
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 General Electric (U.S.)
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Eaton Corp plc (Ireland)
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 American Electric Power (U.S.)
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Hyosung (South Korea)
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 NR Electric Co. Ltd. (China)
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Mitsubishi Electric Corp. (Japan)
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 American Superconductor Corp. (U.S.)
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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