Thyristor Based Static VAR Compensator Market Size - By Application (Utility, Railway, Industrial, Oil & Gas), By Regional Outlook & Forecast, 2024 – 2032

Thyristor Based Static VAR Compensator Market Size

Thyristor Based Static VAR Compensator Market was valued at USD 825.8 million in 2023 and is set to grow at a CAGR of over 5.2% from 2024 to 2032. The growing integration of renewable energy sources combined with the rising demand for reactive power control to maintain grid stability will stimulate the business landscape.
 

A thyristor based static VAR compensator is a device used in power systems to regulate and stabilize voltage levels by providing dynamic reactive power compensation. It consists of power electronics, such as thyristors, which are used to control the flow of reactive power, either by absorbing or injecting it into the grid. SVCs help maintain grid stability by quickly responding to voltage fluctuations and ensuring that the power factor remains within desired limits. They are employed in industrial applications, transmission networks, and renewable energy systems to enhance power quality, reduce losses and prevent voltage collapse.
 

Thyristor Based Static VAR Compensator Market Trends

The thyristor based static VAR compensator industry is poised for substantial growth owing to the rising emphasis on power quality across a broad range of applications. The utilities and industries are seeking solutions to stabilize voltage levels and enhance power factor which can be successfully achieved with SVCs. The advancement of smart grids, incorporating sophisticated communication and control systems, has further driven the demand for flexible power infrastructure, boosting the product adoption.
 

Thyristor Based Static VAR Compensator Market Analysis

The industrial thyristor based static VAR compensator market will exceed over USD 350 million by 2032. The growth of industrial activities in emerging economies typically results in increased power demands, thereby driving the deployment of SVCs. Industries are consistently looking for ways to lower energy costs and enhance efficiency. This technology offers an attractive solution for manufacturing plants by optimizing energy consumption and minimizing penalties related to poor power factor.
 

The utility thyristor based static VAR compensator market size will witness a growth rate of over 4.5% by 2032. These systems are critical in addressing these challenges by providing dynamic reactive power compensation, ensuring that the grid remains stable and efficient. The push toward smart grid technologies further amplify the demand for SVCs, as they offer the flexibility needed to adapt to changing power conditions. Large scale integration of renewable energy sources coupled with ongoing refurbishment of transmission & distribution networks will positively sway the industry potential.
 

The Asia Pacific thyristor based static VAR compensator market is set to surpass USD 450 million by 2032. Governments are enacting policies and incentives to promote the adoption of energy-efficient technologies, which is boosting the industry landscape. Ongoing advancements in SVC technology are enhancing the efficiency and cost-effectiveness of these devices. As the technology continues to evolve, it is becoming increasingly appealing to a wider range of industries and grid operators.

The U.S. thyristor based static VAR compensator market is experiencing significant growth driven by the increasing demand for stable and reliable power supply across wide multitude of applications. The push toward renewable energy integration, coupled with the need to modernize aging grid infrastructure is further propelling the adoption of SVCs. Additionally, regulatory frameworks emphasizing energy efficiency and grid reliability are encouraging the deployment of these systems.
 

Thyristor Based Static VAR Compensator Market Share

Eaton is one of the global leaders in power management solutions, offering a wide range of products and services designed to improve the efficiency, reliability, and safety of electrical systems. The company provides advanced technologies that help stabilize and regulate voltage levels in power transmission and distribution networks. Its solutions are designed to improve power quality by mitigating voltage fluctuations, reducing transmission losses, and enhancing the overall stability of electrical grids. These systems are particularly valuable in industries with heavy electrical loads, where maintaining consistent voltage levels is crucial for efficient operation.
 

Thyristor Based Static VAR Compensator Market Companies

The key industry players include:

• ABB
• American Superconductor
• Clariant Power System Limited
• Delta Electronics, Inc. 
• Eaton
• Elco Power
• General Electric
• Hitachi Energy Ltd.
• JEMA Energy
• Komachine Inc.
• Merus Power
• Mitsubishi Electric Power Products, Inc.
• Nidec Industrial Solutions
• NISSIN ELECTRIC Co. Ltd. 
• NR Electric Co., Ltd.
• RXPE
• Siemens
• Sieyuan Electric Co., Ltd. 
• Toshiba Energy Systems & Solutions Corporation
• Wärtsilä
   

Thyristor Based Static VAR Compensator Industry News

• In November 2023, Merus Power is undertaking the modernization of a 110 Mvar static power compensator at the Arcelor Mittal Warszawa steel mill across Poland. The upgraded SVC will stabilize voltage fluctuations associated with the Electric Arc Furnace and ensure consistent power quality at the steel plant’s high-voltage connection point. This compensator is designed to mitigate electrical disturbances in the grid caused by the EAF, thereby enhancing overall operational efficiency and optimizing furnace performance.
   
• In July 2023, Hitachi Energy has successfully commissioned a 150 MVAr static compensator at Transpower’s Hamilton Substation to enhance voltage stability and supply quality for electricity consumers in New Zealand. This new system will significantly reduce risks and optimize Transpower’s current electricity infrastructure, facilitating the integration of renewable energy sources and supporting the transition to a decarbonized economy.
   

This thyristor based static VAR compensator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Application

• Utility
• Railway
• Industrial
• Oil & Gas
• Others

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Malaysia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
  • Kuwait
  • Oman
• Latin America
  • Brazil
  • Peru
  • Argentina