India, Pune, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Static VAR Compensator Market was valued USD 731.4 million in 2021 and USD 765.1 million in 2022 respectively. The market size is to hit USD 984.9 million by 2029, at CAGR of 3.7%. This growth is attributed to factors such as need for a dynamic compensation system is growing as copper mining activity increasing across the globe.
Key Industry Development
March 2022: The Norwegian oil and gas exploration and production company Aker BP announced that it has chosen Hitachi Energy as a technology partner for the NOAKA power-from-shore project off the Norwegian coast. Hitachi Energy has offered a solution integrating two power quality technologies, a high-performance static VAR compensator, SVC Light, and thyristor-controlled series capacitors. This is done to guarantee smooth, dependable, and safe electricity transmission to offshore platforms.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2029 |
| Forecast Period 2021 to 2029 CAGR | 3.7% |
| 2029 Value Projection | USD 984.9 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 765.1 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 251 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Need for a Dynamic Compensation System is Growing as Copper Mining Activity Increases |
| Increasing Requirement for Thyristor-Based SVC Driving Demand for Thyristor Controller Reactors (TCR) |
Driving Factors:
Need for a Dynamic Compensation System is Growing as Copper Mining Activity Increases
The increased demand for copper necessitates increased production capacities at mine locations all over the world. Around the world, there are more and more greenfield mine projects being constructed. Existing brownfield mining facilities also assess the expansion of their output capacities. As the drives used in mining operations are predominantly electrical drives, the capacity increase necessitates increased electricity consumption. Over the years, there have been many transmission and distribution issues with power. These factors are expected to boost the static VAR compensator market growth.
COVID-19 Impact:
Lower Demand for Electricity Reduced Requirement for Static VAR Compensator
The global pandemic in 2020 has decreased the demand for electricity. During the early stages of the pandemic, major nations with high electricity consumption saw a decline in usage. The International Energy Agency (IEA) estimates that between February 2019 and February 2020, China's electricity demand decreased by approximately 13%. Due of the pandemic's decreased demand for power, static VAR compensator sales also declined.
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Segments:
By Type
Thyristor Based SVC
MCR Based SVC
By Component
Phase Shifting Transformer
GIS Switchgear
Control Protection System
Harmonic Filter
Thyristor Controlled Reactors (TCR)
Thyristor Switched Capacitors (TSC)
Advanced Thyristor Valve (ATV)
Others
By Application
Electric Utility
Railway
Metallurgy
Renewable Energy
Mining
Other
Growing Requirement for Reactive Power for High Voltage Transmission Networks Driving Requirement for Thyristor-Based SVC
The market is categorized into thyristor based SVC and MCR based SVC based on type. Thyristor-based SVC holds the highest market share globally among all the types.
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Increasing Requirement for Thyristor-Based SVC Driving Demand for Thyristor Controller Reactors (TCR)
The global SVC market is categorized into phase shifting transformer, GIS switchgear, control protection system, harmonic filter, Thyristor Controlled Reactors (TCR), Thyristor Switched Capacitors (TSC), Advanced Thyristor Valve (ATV), and others based on component. Thyristor Controlled Reactors (TCR) segment will dominate the global market throughout the forecast period.
Increasing Voltage Stabilization Requirement Opening Up SVC Demand across Utility Sector
The market is divided into electric utility, railway, metallurgy, renewable energy, mining, and others based on application. Electric utility is the dominating segment over the forecast period.
The market has been studied geographically across five main regions, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
We offer our reports, which are conducted using a thorough evaluation methodology that places a strong emphasis on supplying accurate information. Our researchers have used a data triangulation technique, which helps us even more in providing reliable estimates and precisely testing the general market dynamics. Additionally, in order to provide stakeholders and business experts with the most current information, our analysts have been granted admission to various regionally and internationally financed registers.
Regional Insights:
Asia Pacific to Lead Backed by Expansion of Utility and Renewable Energy Sectors
In Asia Pacific, the static VAR compensator market share was valued at USD 252 million in 2021, and it is predicted that it would continue to retain the greatest market value share during the projected period. The regional market is driven by the expansion of the utility and renewable energy sectors throughout Asian countries as well as the high volume requirements for grid voltage stabilization.
Static VAR compensator's second-largest market is in Europe. The demand for SVC is rising throughout the region as countries in the region improve their smart grid infrastructure at a faster rate and there is a greater demand for renewable electricity.
The increase in energy usage throughout the commercial, industrial, and residential sectors is what drives the North American SVC industry. The area also prioritizes expanding the production of electricity from renewable sources.
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Competitive Landscape:
Key Players' Important Business-Related Announcements that Will Affect Market Dynamics
Important market players frequently announce significant business decisions, which have a favorable or negative impact on the market. Players buy businesses, introduce new products, enter into collaboration agreements, agree to terms with governmental bodies, and so forth.
List of Key Players Covered in the Report:
- Siemens (Germany)
- Hitachi Energy (Switzerland)
- Toshiba International Corporation (Japan)
- GE (U.S.)
- ABB (Switzerland)
- Mitsubishi Electric (Japan)
- Maschinenfabrik Reinhausen (Germany)
- Jema Energy (Spain)
- American Superconductor (U.S.)
- Nidec Industrial Solutions (Italy)
Table of Contents:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Regulatory Landscape
4.3. Porter's Five Forces Analysis
4.4. Impact of COVID-19 on Static VAR Compensator Market
5. Global Static VAR Compensator Market Analysis (USD Million), Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1.Thyristor Based SVC
5.2.2.MCR Based SVC
5.3. Market Analysis, Insights and Forecast – By Component
5.3.1. Phase Shifting Transformer
5.3.2.GIS Switchgear
5.3.3.Control Protection System
5.3.4.Harmonic Filter
5.3.5.Thyristor Controlled Reactors (TCR)
5.3.6.Thyristor Switched Capacitors (TSC)
5.3.7.Advanced Thyristor Valve (ATV)
5.3.8.Others
5.4. Market Analysis, Insights and Forecast – By Application
5.4.1.Electric Utility
5.4.2.Railway
5.4.3.Metallurgy
5.4.4.Renewable Energy
5.4.5.Mining
5.4.6.Other
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1.North America
5.5.2.Europe
5.5.3.Asia Pacific
5.5.4.Latin America
5.5.5.Middle East & Africa
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