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2021
Static Var Compensator Market

Static VAR Compensator Market

by Type (Thyristor-based and MCR-based), Component (Power Electronic Device, Harmonic Filter, Thyristor, Reactor, Capacitor Bank, GIS Switchgear, Control Protection System, and Others), and End Use (Electric Utility, Railways, Industrial, and Oil & Gas): Global Opportunity Analysis and Static VAR Compensator Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A13634
Pages: 230
Sep 2021 | 3479 Views
Author(s) : Nikhil M , Eswara P
Tables: 130
Charts: 78
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COVID-19

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Static VAR Compensator Market Outlook - 2030

The global static VAR compensator market size was valued at $758.2 million in 2020, and is projected to reach $1,135.4 million by 2030, growing at a CAGR of 4.1% from 2021 to 2030. Parallel combination of controlled reactor and shunt capacitor that is fixed forms the assembly for static VAR compensator. Static VAR compensator is used to modify the output of inductive current that further manages bus voltage factor. In addition, this device is capable of reducing the reactive power across extended ranges that further shows zero time delay.        

The static VAR compensator market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on electric utility, railways, steel and metal, mining, and oil & gas sectors. According to a report published by the National Bureau of Statistics of China, the large-scale manufacturing industry witnessed 20% decline in production in March 2020 as compared to March 2019 while profits declined by 66%.

The growing population has surged the demand for a wide range of consumer goods, which, in turn, has led the industrial manufacturing sectors to witness rapid growth. For instance, according to a report published by Trading Economics, the industrial production in India rosy by 13.6% year-on-year in June 2021, owing to increased demand for basic metals, refined petroleum products, motor vehicles, and other advanced materials. These large-scale industries, especially steel industries experience huge power fluctuations that hamper both the ongoing operations and equipment. A static VAR compensator is a set of electrical devices that stabilizes voltage output to maintain specific voltage parameters required for industrial applications. This has made the key large-scale industrial sectors, such as steel, cement, power utility, and others, use static VAR compensators for voltage compensation purposes. All these factors collectively surge the demand for static VAR compensator, thereby augmenting the global market growth.

Static-VAR-Compensator-Market-2021-2030

However, static VAR compensators comprise one or more banks of fixed shunt reactors and capacitors such as thyristor controlled reactor (TCR), thyristor switched capacitor (TSC), mechanically switched reactors or capacitors, harmonic filters, and others. The combination of these equipment makes static VAR compensator expensive for small industries. This factor is expected to restrain the growth of the static VAR compensator market during the forecast period. 

On the contrary, the advanced digital control algorithm for the SVC system developed by General Electronics represents the latest design methodology by using a powerful model-based design approach. It is built by using a core library of complex control algorithms with automated code generation for all testing and verification stages. It also consists of a built-in event logger with automated time stamping of 1-millisecond resolution and can be remotely accessed via the internet using a secured protocol. This model-based advanced digital control algorithm for the SVC system has already revolutionized the approach for critical control software in power grids, aviation, renewable energy, and other sectors. Thus, the use of advance digital control SVC systems with automated control features is anticipated to open up new sales opportunities in the market. 

The global static VAR compensator market analysis is done on the basis of type, component, end use, and region. Depending on type, the market is divided into thyristor-based and MCR-based. On the basis of component, it is fragmented into power electronic device, harmonic filter, thyristor, reactor, capacitor bank, GIS switchgear, control protection system, and others. The end users covered in the study include electric utility, railways, industrial, and oil & gas. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The major companies profiled in this report include American Superconductor Corporation, Eaton, General Electric, Hitachi ABB Power Grids, Mitsubishi Electric Corporation, Nidec Industrial Solutions, NISSIN ELECTRIC Co., Ltd., NR Electric Co., Ltd., Rongxin Power Ltd., and Siemens AG. 

Static VAR compensator market, by region

The Asia-Pacific static VAR compensator market is projected to grow at the highest CAGR of 5.6% during the forecast period and accounted for 29.4% of the static VAR compensator market share in 2020. The utilization of static VAR compensators in sectors, such as steel and metal, electric utility, railways, and others, is the key market trend in the Asia-Pacific region. The proliferating demand for steel and metal-based products among building & construction, automotive, and other sectors in China and India has surged the sales of static VAR compensators.

Static VAR Compensator Market
By Region

2030
Apac 
North America
Europe
Lamea

Asia Pacific is the fastest growing region

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Static VAR compensator market, by type

In 2020, the thyristor-based segment was the largest revenue generator, and is anticipated to grow at a CAGR of 3.9% during the forecast period. Increasing utilization of three-phase electric power systems in large-scale industries, such as steel production, mining, and others, where thyristor-based static VAR compensators are widely employed for controlling the voltage across the inductor may propel the market growth.

Static VAR Compensator Market
By Type

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Thyristor-based segment is the most lucrative in the market

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Static VAR compensator market, by component

By technology, the thyristor segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 4.4% during forecast period. The use of thyristor in static VAR compensator enhances various significant characteristics such as high power factor, quick response time, reactor control in real time, and others. The utilization of static VAR compensator in steel production, mining, and others is the major key market trend in the global market. 

Static VAR Compensator Market
By Component

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Thyristor is the most lucrative segment

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Static VAR compensator market, by end-use

In 2020, the electric utility segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.3% during the forecast period. The emergence of industry 4.0 in electric utility sectors has escalated the sales of automated static VAR compensators for voltage compensation applications, thereby fueling the market growth.

Static VAR Compensator Market
By End-use Sector

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Railways end-use sector is the fastest growing segment

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Key benefits for stakeholders

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current static VAR compensator market trends and future estimations from 2020 to 2030 to understand the prevailing static VAR compensator market opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Static Var Compensator Market

  • The novel coronavirus led to an incomparable global pandemic that spread to over 180 countries and caused huge losses of lives and the economy around the globe. 
  • The static VAR compensator market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on electric utility, railways, steel and metal, mining, heavy industrial, oil and gas, and other sectors. 
  • According to a report published by the National Bureau of Statistics of China, the large-scale manufacturing industry witnessed 20% decline in production in March 2020 as compared to March 2019 while profits declined by 66%. Several companies have either shut down or minimized their operations due to the risk of infections among the workforce where static VAR compensators are used for voltage stabilization purposes. This has temporarily hampered the growth of the static VAR compensator market amid the COVID-19 period. 
  • In addition, the falling income of customers and travel restrictions imposed by both local and government bodies for running special trains on selected routes has led to a contraction of the demand for static VAR compensators among railways. According to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sector with an average contraction of -2.8% in 2020. This has decreased the demand for static VAR compensator for voltage compensation applications in the oil and gas sector. In addition, around 180 countries have temporarily stopped the trade of unnecessary products, which, in turn, has hampered the demand-supply chain of static VAR compensators amid the COVID-19 situation. 

Key market segments

By Type

  • Thyristor-based
    • TCR-FC
    • TCR-TSC
  • MCR-Based

By Component

  • Power Electronic Device
  • Harmonic Filter
  • Thyristor
  • Reactor
  • Capacitor Bank
  • GIS Switchgear
  • Control Protection System
  • Others

By End Use

  • Electric Utility
  • Railways
  • Industrial
    • Steel and Metal
    • Mining
    • Heavy Industrial
  • Oil and Gas

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
 

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The global static VAR compensator market is expected to exhibit high growth potential, owing to the product use in applications such electric utility, railways, industrial, and oil & gas. Increasing utilization of three-phase electric power systems in large-scale industries, such as steel production, mining, and others, where thyristor-based static VAR compensators are widely employed for controlling the voltage across the inductor may propel the market growth. Furthermore, the thyristor-based static VAR compensator enhances the system stability and power over an unlimited range without any time delay. This feature has attracted the sales of thyristor-based static VAR compensators among various end-use sectors, which is the major key market trend in the global market.

Increasing power grid networks among developing economies, such as China, India, and others, where static VAR compensators with power electronics are used to control voltage in power grids may act as one of the key drivers responsible for the market growth. In addition, rapid technological advancements in power electronics have made several flexible AC transmission system (FACTS) devices, such as static VAR compensator, thyristor-controlled series capacitor, and others, suitable for use as power controllers in large power systems, thereby fueling the market growth, which is predicted to offer lucrative growth opportunities in future.

The advanced digital control algorithm for the SVC system developed by General Electronics represents the latest design methodology by using a powerful model-based design approach. It is built by using a core library of complex control algorithms with automated code generation for all testing and verification stages. It also consists of a built-in event logger with automated time stamping of 1-millisecond resolution and can be remotely accessed via the internet using a secured protocol. This model-based advanced digital control algorithm for the SVC system has already revolutionized the approach for critical control software in power grids, aviation, renewable energy, and other sectors. Thus, the use of advanced digital control SVC systems with automated control features is anticipated to open up new sales opportunities in the market. This factor is anticipated to offer new opportunities in the global market.

 

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FREQUENTLY ASKED QUESTIONS?

A. North America region will provide more business opportunities for static var compensator in future.

A. Electric utility and railway are potential customers of static var compensator industry.

A. To get latest version of Static VAR Compensator market report can be obtained on demand from the website.

A. Thyristor based segment holds the maximum share of the static var compensator Market.

A. Product launch and acquisition are the key growth strategies of static var compensator market players.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. American Superconductor Corporation, Eaton, General Electric, Hitachi ABB Power Grids, Mitsubishi Electric Corporation, Nidec Industrial Solutions, NISSIN ELECTRIC Co., Ltd., NR Electric Co., Ltd., Rongxin Power Ltd., and Siemens AG are the leading global players in the static var compensator Market

A. Escalating demand among industrial & power infrastructure sector and increasing demand for renewable energy sources are the driving factors in the static var compensator market. Advanced digital control algorithm is opportunity in the static var compensator market.

A. It outlines the current static VAR compensator market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets are the key benefits of the Static VAR Compensators Market report

A. The advanced digital control algorithm for the SVC system developed by General Electronics represents the latest design methodology by using a powerful model-based design approach. It is built by using a core library of complex control algorithms with automated code generation for all testing and verification stages. It also consists of a built-in event logger with automated time stamping of 1-millisecond resolution and can be remotely accessed via the internet using a secured protocol. This model-based advanced digital control algorithm for the SVC system has already revolutionized the approach for critical control software in power grids, aviation, renewable energy, and other sectors. These trends will influence the Static VAR Compensators Market in the next few years.

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