Static VAR Compensator Market Top Companies
Key players operating in the global static VAR compensator market include American Superconductor, 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.
According to a new report published by Allied Market Research, titled, 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.
The MCR based segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.7% from 2021 to 2030.
The GIS switchgear component is anticipated to register the highest CAGR of 5.0% during the forecast period.
The Railway end-use segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.6% from 2021 to 2030.
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Asia-Pacific garnered the highest share of 29.4% in 2020, in terms of revenue, growing at a CAGR of 5.6%.
COVID-19 analysis
The novel coronavirus is an incomparable global pandemic that has 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.
In addition, the falling income of customers and travel restrictions imposed by both local and government bodies for running special trains on selected routes have led to a contraction of the demand for static VAR compensators among railways.
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.
The electric utility segment dominated the global market in terms of revenue in 2020, with over two-third of the total share. Increasing power consumption has forced the electric utility companies to generate and transmit more electricity where static VAR compensators are widely used for providing fast-acting reactive power compensation on high voltage transmission networks, thereby fueling the market growth.
By component, the global static VAR compensator market is classified into power electronic device, harmonic filter, thyristor, reactor, capacitor bank, GIS switchgear, control protection system, and others. The thyristor segment dominated the global market in terms of revenue in 2020, with over one-fourth of the total share. the use of thyristor in static VAR compensator enhances the system’s stability and power over an unlimited range without any time delay.
Increasing fuel prices and rising awareness of zero-emission transport systems have made the governments of India, Bangladesh, and others increase the emphasis on electrified track work.
Static VAR compensator (SVC) is a static generator or absorber that is used to adjust the current output to exchange capacitive current. Adjustment of output helps to maintain and control parameters of electrical power system.
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