Static VAR Compensator Market Analysis

Static VAR Compensator Market Analysis

To get key market trends

  Download Free Sample

Based on product, the thyristor-based static VAR compensator will witness 5.1% growth rate through 2032. These systems will continue to be in demand owing to the increasing need for reactive power control and voltage stability in electrical grids. Utilities and industries rely on these SVCs to manage voltage fluctuations and power factor issues, stimulating the business growth.

Based on application, the utility application holds a market share of over 40% in 2022. Increasing investments toward the upgradation & expansion of electrical grids will positively impact the industry growth. This includes the installation of advanced power electronic devices like SVCs to enhance grid reliability, stability, and overall performance.

The expansion of industrial activities in emerging economies often leads to higher power demands, driving the product deployment. Industries are continually seeking ways to reduce energy costs and improve efficiency. SVCs help in optimizing energy consumption and reducing penalties associated with poor power factor, making them an attractive solution for manufacturing plants.

• The Asia Pacific static VAR compensator industry was valued at USD 496.3 million in 2022. Rapid industrialization and urbanization along with increase in energy consumption across the region will favor the business scenario.
   
• The governments are implementing policies and incentives to encourage the adoption of energy-efficient technologies escalating the industry landscape. Continuous advancements in SVC technology are making these devices more efficient and cost-effective. As the technology evolves, it becomes more attractive to a broader range of industries and grid operators.