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Asia Pacific Static VAR Compensator Market Trends

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

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Asia Pacific Static VAR Compensator Market Trends

The large scale integration of renewable power sources in line with the growing need for reactive power control to maintain grid stability will enhance the business landscape. SVCs are engineered to be more energy-efficient, minimizing losses and operational costs, thereby accelerating the industry potential. In addition, the growing significance of power quality spans a wide range of application areas will positively impact the product penetration. Industries and utilities are seeking solutions to stabilize voltage levels and enhance power factor which can be efficiently accomplished through SVCs, stimulating the business potential.

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.