Static VAR Compensator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Static VAR Compensator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Static VAR Compensator Market
The static VAR compensator market size was valued at USD 731.4 million in 2021, and the market is now projected to grow from USD 765.1 million in 2022 to USD 984.9 million by 2029, exhibiting a CAGR of 3.7% during the forecast period of 2022-2029.
Major countries with high volume electricity consumption have seen a downfall in consumption during the early stage of pandemic. Electricity demand has fallen due to reduction in various working processes across various sectors. The end-user has reduced electricity needs which have declined the sales of the product. Hence, the COVID-19 pandemic created obstruction for the static VAR compensator market growth.
The static VAR compensator market share globally has increased as a result of the escalating copper mining. It is escalating the demand for dynamic compensation systems. The rising demand for copper entails higher production capacities at mine sites which is impelling the market growth. An increasing number of greenfield mine projects elevates the extension of their making capability.
The trend is increasing demand for smart grid infrastructure development is boosting the market growth. A considerable expansion in smart grid infrastructure development and smart meter roll-outs are boosting the market pace. Furthermore, these compensators are used in railway electrification systems to regulate voltage and prevent any mishaps with the train engine, attracting customers and encouraging market growth.
Comprehensive Analysis of Static VAR Compensator Market
The static VAR compensator market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by type, component, and application. The types are MCR and thyristor based SVC. The components include phase shifting transformer, GIS switchgear, thyristor controlled reactors (TCR), control protection system, harmonic filter, thyristor switched capacitors (TSC), advanced thyristor valve (ATV), and others. Similarly, the applications engage electric utility, railway, metallurgy, renewable energy, mining, and other.
The Asia Pacific region is conducive to the global static VAR compensator market, leading to a recall of USD 252.0 million because of growing usefulness and renewable energy division and the high quantity requirement for grid voltage stabilization in the region.
The top players in the market play a vital role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include Siemens (Germany), Hitachi Energy (Switzerland), Toshiba International Corporation (Japan), ABB (Switzerland), Mitsubishi Electric (Japan), GE (U.S.), Maschinenfabrik Reinhausen (Germany), Jema Energy (Spain), American Superconductor (U.S.), and Nidec Industrial Solutions (Italy), these market players provide a level-playing competitive landscape.
In March 2022, Hitachi Energy announced its selection by Aker BP as a technology partner for the NOAKA power-from-shore project off the Norwegian coast to ensure smooth, reliable, and safe electricity transmission to the offshore platforms. It has provided a solution combining two power quality technologies, a high-performance SVC, SVC light, and thyristor-controlled series capacitors.
Segmentation Table
Global Static VAR Compensator Market Scope
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year 2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Value (USD Million)
Segmentation By Type, Component, Application, and Region
By Type Thyristor Based SVC
MCR Based SVC
By Component Phase Shifting Transformer
GIS Switchgear
Control Protection System
Harmonic Filter
Thyristor Controlled Reactors (TCR)
Thyristor Switched Capacitors (TSC)
Advanced Thyristor Valve (ATV)
Others
By Application Electric Utility
Railway
Metallurgy
Renewable Energy
Mining
Other
By Geography North America (By Type, By Component, By Application, By Country)
U.S. (By Application)
Canada (By Application)
Europe (By Type, By Component, By Application, By Country)
U.K. (By Application)
Germany (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Russia (By Application)
Rest of Europe (By Application)
Asia Pacific (By Type, By Component, By Application, By Country)
China (By Application)
India (By Application)
Japan (By Application)
South Korea (By Application)
Australia (By Application)
Southeast Asia (By Application)
Rest of Asia Pacific (By Application)
Latin America (By Type, By Component, By Application, By Country)
Brazil (By Application)
Mexico (By Application)
Rest of Latin America (By Application)
Middle East & Africa (By Type, By Component, By Application, By Country)
GCC (By Application)
Rest of Middle East & Africa (By Application)
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Table of Contents
251 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends
- 4.2. Regulatory Landscape
- 4.3. Porter’s Five Forces Analysis
- 4.4. Impact of COVID-19 on Static VAR Compensator Market
- 5. Global Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Thyristor Based SVC
- 5.2.2. MCR Based SVC
- 5.3. Market Analysis, Insights and Forecast – By Component
- 5.3.1. Phase Shifting Transformer
- 5.3.2. GIS Switchgear
- 5.3.3. Control Protection System
- 5.3.4. Harmonic Filter
- 5.3.5. Thyristor Controlled Reactors (TCR)
- 5.3.6. Thyristor Switched Capacitors (TSC)
- 5.3.7. Advanced Thyristor Valve (ATV)
- 5.3.8. Others
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Electric Utility
- 5.4.2. Railway
- 5.4.3. Metallurgy
- 5.4.4. Renewable Energy
- 5.4.5. Mining
- 5.4.6. Other
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Thyristor Based SVC
- 6.2.2. MCR Based SVC
- 6.3. Market Analysis, Insights and Forecast – By Component
- 6.3.1. Phase Shifting Transformer
- 6.3.2. GIS Switchgear
- 6.3.3. Control Protection System
- 6.3.4. Harmonic Filter
- 6.3.5. Thyristor Controlled Reactors (TCR)
- 6.3.6. Thyristor Switched Capacitors (TSC)
- 6.3.7. Advanced Thyristor Valve (ATV)
- 6.3.8. Others
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Electric Utility
- 6.4.2. Railway
- 6.4.3. Metallurgy
- 6.4.4. Renewable Energy
- 6.4.5. Mining
- 6.4.6. Other
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S. Market Analysis, Insights and Forecast – By Application
- 6.5.1.1. Electric Utility
- 6.5.1.2. Railway
- 6.5.1.3. Metallurgy
- 6.5.1.4. Renewable Energy
- 6.5.1.5. Mining
- 6.5.1.6. Other
- 6.5.2. Canada Market Analysis, Insights and Forecast – By Application
- 6.5.2.1. Electric Utility
- 6.5.2.2. Railway
- 6.5.2.3. Metallurgy
- 6.5.2.4. Renewable Energy
- 6.5.2.5. Mining
- 6.5.2.6. Other
- 7. Europe Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Thyristor Based SVC
- 7.2.2. MCR Based SVC
- 7.3. Market Analysis, Insights and Forecast – By Component
- 7.3.1. Phase Shifting Transformer
- 7.3.2. GIS Switchgear
- 7.3.3. Control Protection System
- 7.3.4. Harmonic Filter
- 7.3.5. Thyristor Controlled Reactors (TCR)
- 7.3.6. Thyristor Switched Capacitors (TSC)
- 7.3.7. Advanced Thyristor Valve (ATV)
- 7.3.8. Others
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Electric Utility
- 7.4.2. Railway
- 7.4.3. Metallurgy
- 7.4.4. Renewable Energy
- 7.4.5. Mining
- 7.4.6. Other
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. U.K. Market Analysis, Insights and Forecast – By Application
- 7.5.1.1. Electric Utility
- 7.5.1.2. Railway
- 7.5.1.3. Metallurgy
- 7.5.1.4. Renewable Energy
- 7.5.1.5. Mining
- 7.5.1.6. Other
- 7.5.2. Germany Market Analysis, Insights and Forecast – By Application
- 7.5.2.1. Electric Utility
- 7.5.2.2. Railway
- 7.5.2.3. Metallurgy
- 7.5.2.4. Renewable Energy
- 7.5.2.5. Mining
- 7.5.2.6. Other
- 7.5.3. France Market Analysis, Insights and Forecast – By Application
- 7.5.3.1. Electric Utility
- 7.5.3.2. Railway
- 7.5.3.3. Metallurgy
- 7.5.3.4. Renewable Energy
- 7.5.3.5. Mining
- 7.5.3.6. Other
- 7.5.4. Italy Market Analysis, Insights and Forecast – By Application
- 7.5.4.1. Electric Utility
- 7.5.4.2. Railway
- 7.5.4.3. Metallurgy
- 7.5.4.4. Renewable Energy
- 7.5.4.5. Mining
- 7.5.4.6. Other
- 7.5.5. Spain Market Analysis, Insights and Forecast – By Application
- 7.5.5.1. Electric Utility
- 7.5.5.2. Railway
- 7.5.5.3. Metallurgy
- 7.5.5.4. Renewable Energy
- 7.5.5.5. Mining
- 7.5.5.6. Other
- 7.5.6. Russia Market Analysis, Insights and Forecast – By Application
- 7.5.6.1. Electric Utility
- 7.5.6.2. Railway
- 7.5.6.3. Metallurgy
- 7.5.6.4. Renewable Energy
- 7.5.6.5. Mining
- 7.5.6.6. Other
- 7.5.7. Rest of Europe Market Analysis, Insights and Forecast – By Application
- 7.5.7.1. Electric Utility
- 7.5.7.2. Railway
- 7.5.7.3. Metallurgy
- 7.5.7.4. Renewable Energy
- 7.5.7.5. Mining
- 7.5.7.6. Other
- 8. Asia Pacific Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Thyristor Based SVC
- 8.2.2. MCR Based SVC
- 8.3. Market Analysis, Insights and Forecast – By Component
- 8.3.1. Phase Shifting Transformer
- 8.3.2. GIS Switchgear
- 8.3.3. Control Protection System
- 8.3.4. Harmonic Filter
- 8.3.5. Thyristor Controlled Reactors (TCR)
- 8.3.6. Thyristor Switched Capacitors (TSC)
- 8.3.7. Advanced Thyristor Valve (ATV)
- 8.3.8. Others
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Electric Utility
- 8.4.2. Railway
- 8.4.3. Metallurgy
- 8.4.4. Renewable Energy
- 8.4.5. Mining
- 8.4.6. Other
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China Market Analysis, Insights and Forecast – By Application
- 8.5.1.1. Electric Utility
- 8.5.1.2. Railway
- 8.5.1.3. Metallurgy
- 8.5.1.4. Renewable Energy
- 8.5.1.5. Mining
- 8.5.1.6. Other
- 8.5.2. India Market Analysis, Insights and Forecast – By Application
- 8.5.2.1. Electric Utility
- 8.5.2.2. Railway
- 8.5.2.3. Metallurgy
- 8.5.2.4. Renewable Energy
- 8.5.2.5. Mining
- 8.5.2.6. Other
- 8.5.3. Japan Market Analysis, Insights and Forecast – By Application
- 8.5.3.1. Electric Utility
- 8.5.3.2. Railway
- 8.5.3.3. Metallurgy
- 8.5.3.4. Renewable Energy
- 8.5.3.5. Mining
- 8.5.3.6. Other
- 8.5.4. South Korea Market Analysis, Insights and Forecast – By Application
- 8.5.4.1. Electric Utility
- 8.5.4.2. Railway
- 8.5.4.3. Metallurgy
- 8.5.4.4. Renewable Energy
- 8.5.4.5. Mining
- 8.5.4.6. Other
- 8.5.5. Australia Market Analysis, Insights and Forecast – By Application
- 8.5.5.1. Electric Utility
- 8.5.5.2. Railway
- 8.5.5.3. Metallurgy
- 8.5.5.4. Renewable Energy
- 8.5.5.5. Mining
- 8.5.5.6. Other
- 8.5.6. Southeast Asia Market Analysis, Insights and Forecast – By Application
- 8.5.6.1. Electric Utility
- 8.5.6.2. Railway
- 8.5.6.3. Metallurgy
- 8.5.6.4. Renewable Energy
- 8.5.6.5. Mining
- 8.5.6.6. Other
- 8.5.7. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Application
- 8.5.7.1. Electric Utility
- 8.5.7.2. Railway
- 8.5.7.3. Metallurgy
- 8.5.7.4. Renewable Energy
- 8.5.7.5. Mining
- 8.5.7.6. Other
- 9. Latin America Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Thyristor Based SVC
- 9.2.2. MCR Based SVC
- 9.3. Market Analysis, Insights and Forecast – By Component
- 9.3.1. Phase Shifting Transformer
- 9.3.2. GIS Switchgear
- 9.3.3. Control Protection System
- 9.3.4. Harmonic Filter
- 9.3.5. Thyristor Controlled Reactors (TCR)
- 9.3.6. Thyristor Switched Capacitors (TSC)
- 9.3.7. Advanced Thyristor Valve (ATV)
- 9.3.8. Others
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Electric Utility
- 9.4.2. Railway
- 9.4.3. Metallurgy
- 9.4.4. Renewable Energy
- 9.4.5. Mining
- 9.4.6. Other
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil Market Analysis, Insights and Forecast – By Application
- 9.5.1.1. Electric Utility
- 9.5.1.2. Railway
- 9.5.1.3. Metallurgy
- 9.5.1.4. Renewable Energy
- 9.5.1.5. Mining
- 9.5.1.6. Other
- 9.5.2. Mexico Market Analysis, Insights and Forecast – By Application
- 9.5.2.1. Electric Utility
- 9.5.2.2. Railway
- 9.5.2.3. Metallurgy
- 9.5.2.4. Renewable Energy
- 9.5.2.5. Mining
- 9.5.2.6. Other
- 9.5.3. Rest of Latin America Market Analysis, Insights and Forecast – By Application
- 9.5.3.1. Electric Utility
- 9.5.3.2. Railway
- 9.5.3.3. Metallurgy
- 9.5.3.4. Renewable Energy
- 9.5.3.5. Mining
- 9.5.3.6. Other
- 10. Middle East & Africa Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Thyristor Based SVC
- 10.2.2. MCR Based SVC
- 10.3. Market Analysis, Insights and Forecast – By Component
- 10.3.1. Phase Shifting Transformer
- 10.3.2. GIS Switchgear
- 10.3.3. Control Protection System
- 10.3.4. Harmonic Filter
- 10.3.5. Thyristor Controlled Reactors (TCR)
- 10.3.6. Thyristor Switched Capacitors (TSC)
- 10.3.7. Advanced Thyristor Valve (ATV)
- 10.3.8. Others
- 10.4. Market Analysis, Insights and Forecast – By Application
- 10.4.1. Electric Utility
- 10.4.2. Railway
- 10.4.3. Metallurgy
- 10.4.4. Renewable Energy
- 10.4.5. Mining
- 10.4.6. Other
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC Market Analysis, Insights and Forecast – By Application
- 10.5.1.1. Electric Utility
- 10.5.1.2. Railway
- 10.5.1.3. Metallurgy
- 10.5.1.4. Renewable Energy
- 10.5.1.5. Mining
- 10.5.1.6. Other
- 10.5.2. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Application
- 10.5.2.1. Electric Utility
- 10.5.2.2. Railway
- 10.5.2.3. Metallurgy
- 10.5.2.4. Renewable Energy
- 10.5.2.5. Mining
- 10.5.2.6. Other
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis (%), 2021
- 11.2. Company Profile
- 11.2.1. GE
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Recent Development
- 11.2.2. ABB
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Recent Development
- 11.2.3. Siemens
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Recent Development
- 11.2.4. Toshiba Corporation
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Recent Development
- 11.2.5. Hitachi Energy
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Recent Development
- 11.2.6. Jema Energy
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Recent Development
- 11.2.7. Mitsubishi Electric
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Recent Development
- 11.2.8. American Superconductor
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Recent Development
- 11.2.9. Nidec Industrial Solutions
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Recent Development
- 11.2.10. Maschinenfabrik Reinhausen GmbH
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Recent Development
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