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Static VAR Compensator Market Trends

Report ID: GMI7012
Published Date: Oct 2023
Report Format: PDF

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Static VAR Compensator Market Trends

The static VAR compensators industry is set to observe a significant momentum owing to increasing importance of power quality across wide multitude of application areas. Industries and utilities are looking for solutions to stabilize voltage levels and improve power factor, which can be effectively achieved through SVCs. The development of smart grids, which incorporate advanced communication and control systems, has driven the demand for flexible power infrastructure, which in turn will fuel the product penetration.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of static VAR compensator was worth USD 1.3 billion in 2023 and is estimated to surpass USD 1.9 billion by 2032.

The thyristor-based static VAR compensator market will witness 5.1% CAGR from 2023 to 2032, owing to the increasing need for reactive power control and voltage stability in electrical grids.

Asia Pacific static VAR compensator industry was valued at USD 496.3 million in 2022 and will grow through 2032, owing to the rapid industrialization and urbanization along with increase in energy consumption across the region.

American Superconductor, General Electric, Hitachi Energy Ltd., Mitsubishi Electric Power Products, Inc., Nidec Industrial Solutions, NISSIN ELECTRIC Co. Ltd., NR Electric Co., Ltd., Siemens, ABB, Toshiba Energy Systems & Solutions Corporation, JEMA Energy, RXPE, Merus Power, and Elco Power.