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Asia Pacific Static VAR Compensator Market Size

Report ID: GMI9910
Published Date: Jun 2024
Report Format: PDF

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Asia Pacific Static VAR Compensator Market Size

Asia Pacific Static VAR Compensator Market size was valued at USD 516.5 million in 2023 and is estimated to grow at a rate of 4.9% between 2024 and 2032. These units are utilized alongside renewable energy installations to stabilize voltage and ensure compatibility with the grid. For instance, in 2023, Japan undergone the significant increase in the addition of renewable energy capacity, with an annual growth rate of over 6.5%.

Asia Pacific Static VAR Compensator Market

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Static VAR Compensator is a device used in electrical power systems to provide fast-acting reactive power compensation and voltage regulation. It operates by dynamically adjusting the amount of reactive power in the system, thus stabilizing voltage levels and improving power quality. SVCs consist of a combination of capacitors and reactors, which are controlled by thyristor switches to inject or absorb reactive power as needed. This allows device to quickly respond to voltage fluctuations, reduce transmission losses and enhance the overall efficiency and reliability of the power grid. Widely used in both industrial and utility applications, SVCs play a crucial role in maintaining grid stability, especially in systems with varying load conditions and renewable energy integration.

Asia Pacific Static VAR Compensator Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Static VAR Compensator Market Size in 2023:	USD 516.5 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.9%
2032 Value Projection:	USD 792 Million
Historical Data for:	2021 – 2023
No. of Pages:	100
Tables, Charts & Figures:	10
Segments covered:	Product, Application & Country
Growth Drivers:	Grid integration of renewable energy sources Surging upgradation of transmission & distribution systems
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size for static VAR compensator in Asia Pacific reached USD 516.5 million in 2023 and is set to witness 4.9% CAGR between 2024 to 2032, owing to grid integration of renewable energy sources and the surging upgradation of distribution systems.

Asia Pacific static VAR compensator industry from the MCR-based segment will record USD 250 million by 2032, driven by the robust development of smart grid and the increasing demand for reactive power control and voltage stability in power grids.

China market size is set to surpass USD 200 million by 2032, led by rising industrialization and the need to improve energy efficiency, reduce costs, and manage power factor penalties effectively.

ABB, American Superconductor, Clariant Power System Limited, Delta Electronics, Inc., Eaton, Elco Power, General Electric, Hitachi Energy Ltd., JEMA Energy, and Merus Power, among others.