The increasing power demand in developed as well as developing nations is expected to support the growth of the global static var compensator market, says Fortune Business Insights™ in a report, titled “Static VAR Compensator“ Market Size, Share & Industry Analysis, By Type (Thyristor Based SVC, MCR Based SVC), By Component (Phase Shifting Transformer, GIS Switchgear, Control Protection System, others), By Application (Electric Utility, Renewable Energy, Railways, Oil & Gas, Others) and Regional Forecast, 2019-2028” the increasing adoption of renewable energy sources in railways and industrial sector is predicted to spur sales opportunities of the market in the upcoming years.
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According to the report, based on type, the market is classified into thyristor-based svc and magnetically controlled reactor (MCR based) svc. The magnetically controlled reactor svc is expected to hold maximum share in the global market during the forecast period owing to due to its advantages such as high reliability, small dimension, ability to sustain instantaneous voltages and avoid generator breaking. Furthermore, based on components, the market is classified into the phase-shifting transformer, control protection system, harmonic filter, thyristor, reactor, gis switchgear, and others. The phase-shifting transformer is predicted to account for a high share owing to the increasing adoption of transformers along with the growing distribution networks in several countries
Some of the Major Companies in the Global Static VAR Compensator Market Include:
- American Electric Power
- Schneider Electric
- Rongxin Huiko Electric Technology Co. Ltd
- Hyosung ESS
- NR Electric Co., Ltd
- Captech Pty Ltd
- Jema Energy SA
- Mitsubishi Electric Automation, Inc.
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However, lack of awareness regarding the advantages of device and reluctance towards the adoption of technology by end-user are factors predicted to dampen the growth of the market
High Adoption of Renewable Energy Sources to Accelerate Growth in Asia Pacific
Geographically, the global static var compensator market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The growing adoption of renewable sources of energy, such as solar power and wind power, is predicted to boost the static var compensator market growth in North America. Asia Pacific is predicted to hold the second position in the global static var compensator market owing to the increasing demand for power, rising population, and rural electrification schemes carried out by governments. Furthermore, the modifications and up-gradation in the existing power distribution networks to ensure safety is predicted to boost the market in Europe and North America.
Key Segmental Overview:
1. By Type
- Thyristor Based SVC
- MCR Based SVC
2. By Application
- Electric Utility
- Renewable Energy
- Oil & Gas
3. By Component
- Phase Shifting Transformer
- GIS Switchgear
- Control Protection System
- Harmonic Filter
4. By Geography
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Major Table of Content For Static VAR Compensator Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Static VAR Compensator Market Analysis, Insights and Forecast, 2028
- North America Static VAR Compensator Market Analysis, Insights and Forecast, 2028
- Europe Static VAR Compensator Market Analysis, Insights and Forecast, 2028
- Asia Pacific Static VAR Compensator Market Analysis, Insights and Forecast, 2028
- Middle East and Africa Static VAR Compensator Market Analysis, Insights and Forecast, 2028
- Latin America Static VAR Compensator Market Analysis, Insights and Forecast, 2028
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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