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Thyristor Based Static VAR Compensator Market Trends

Report ID: GMI10767
Published Date: Aug 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of thyristor based static VAR compensator was worth over USD 825.8 million in 2023 and is set to grow at 5.2% CAGR during 2024 to 2032, driven by the growing integration of renewable energy sources combined with the rising demand for reactive power control to maintain grid stability.

The industrial thyristor based static VAR compensator market will exceed USD 350 million by 2032, driven by the growth of industrial activities in emerging economies typically results in increased power demands.

Asia Pacific thyristor based static VAR compensator market is set to surpass USD 450 million by 2032, as governments are enacting policies and incentives to promote the adoption of energy-efficient technologies.

Elco Power, General Electric, Hitachi Energy Ltd, JEMA Energy, Komachine Inc, Merus Power, Mitsubishi Electric Power Products, Inc, Nidec Industrial Solutions, and NISSIN ELECTRIC Co. Ltd. among others.