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Global Static VAR Compensator Market Share, Size, Analysis, Growth, Forecast: By Type: Thyristor-based, Magnetically Controlled Reactor (MCR)-based, By Component: Power Electronics Devices, Harmonic Filter, Thyristor, Reactor, Capacitor Bank, GIS Switchgear, Others; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Static VAR Compensator Market Outlook
The global market size for static VAR compensators reached a value of more than USD 852.65 million in 2023. The global static VAR compensator market is expected to grow at a CAGR of 4.00% between 2024 and 2032, reaching a value of USD 1213.59 million by 2032.
Key Trends in the Market
A static VAR compensator is an electrical device that provides immediate reactive power for high voltage transmission networks. It helps regulate the voltage, power factor, and harmonics and also helps stabilise the overall system. They are connected to power systems near large industrial loads in order to regulate the transmission voltage and improve the quality of the power.
- The capability of static VAR compensators to reduce the reactive power across extended ranges and further show negligible time delay is a major factor fuelling the growth of the static VAR compensator market.
- Increasing adoption of the VAR compensators in the railway and power infrastructure sectors such as wind and solar power stations in order to replace the existing grid has helped in the growth of the market.
- Steel industries and other large scale industries experience power fluctuations sometimes which hampers both the equipment and the manufacturing process. For smooth operations, the demand for static VAR compensator is rising from large-scale industries, helping in the market growth.
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Market Analysis
Based on type, the static VAR compensator market can be bifurcated into thyristor-based and magnetically controlled reactor (MCR) based. By component, the market is categorised into power electronics devices, harmonic filter, thyristor, reactor, capacitor bank, and GIS switchgear, among others. On the basis of end use, the market is segmented into electric utility, renewable energy, railway, industrial, and oil and gas, among others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global static VAR compensator market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Siemens Energy
- Hitachi Energy Limited
- General Electric Company
- Mitsubishi Electric Corporation
- Nidec ASI S.p.A.
- Others
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Market Share by Type
Magnetically controlled reactor (MCR)-based type is expected to lead the global static VAR compensator market in the forecast period because of the wide and increased adoption of the device. It offers several advantages such as small dimension, better reliability, and ability to sustain instantaneous voltage. It also helps avoid breaking of the generator, due to which its demand if projected to fuel in the coming years.
Thyristor-based controlled reactor helps limit the voltage rise on light loaded transmission lines and usually acts as a switch. It might also observe a slight rise in the market in the forecast period due to its efficiency.
Market Share by Region
At a regional level, the Asia Pacific is expected to account for the largest share in the static VAR compensator market because of increased demand for power supply in the region. Moreover, countries in the Asia Pacific are rapidly adopting the use of renewable sources of energy such as wind or solar power positively impacting the market growth. Population rise, increased power demand, and rural electrification done by the governments in the region are major factors fuelling the growth of the market in the Asia Pacific.
Meanwhile, North America might also observe growth owing to technological advancements and positive changes in the existing power distribution networks. With new technologies available that offer improved performance, more networks are being upgraded in countries like the United States.
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Competitive Landscape
Siemens Energy is an energy development company that provides steam turbines, transformers, gas turbines, compressors, and generators. It has its headquarter in Munich, Germany and was founded in 2020. They focus on making reliable, affordable, and sustainable energy using creative and innovative technology to bring a change in the energy systems of the world.
General Electric Company was established in 1892 and is headquartered in Massachusetts, United States. It is a multinational company that specialises in the making of products to be used in renewable energy, healthcare, and power and aviation industries. They aim to power the future of electricity and the lives of the people by developing energy technology.
Nidec ASI S.p.A. was founded in 2013 and is based in Milano, Italy. It is an electricity generation company that is involved in the designing and manufacturing of industrial automation, rotating electrical machines and power electronics such as tactile devices for smartphones, hard disk drive motors, and various other products.
Other market players include Hitachi Energy Limited, and Mitsubishi Electric Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Component |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Static VAR Compensator Market Analysis
8.1 Key Industry Highlights
8.2 Global Static VAR Compensator Historical Market (2018-2023)
8.3 Global Static VAR Compensator Market Forecast (2024-2032)
8.4 Global Static VAR Compensator Market by Type
8.4.1 Thyristor-based
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Magnetically Controlled Reactor (MCR)-based
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.5 Global Static VAR Compensator Market by Component
8.5.1 Power Electronics Devices
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Harmonic Filter
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Thyristor
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Reactor
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Capacitor Bank
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2023)
8.5.5.3 Forecast Trend (2024-2032)
8.5.6 GIS Switchgear
8.5.6.1 Market Share
8.5.6.2 Historical Trend (2018-2023)
8.5.6.3 Forecast Trend (2024-2032)
8.5.7 Others
8.6 Global Static VAR Compensator Market by End Use
8.6.1 Electric Utility
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Renewable Energy
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Railway
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Industrial
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Oil and Gas
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Static VAR Compensator Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Siemens Energy
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Hitachi Energy Ltd.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 General Electric Company
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Mitsubishi Electric Corporation
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Nidec ASI S.p.A.
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Static VAR Compensator Market: Key Industry Highlights, 2018 and 2032
2. Global Static VAR Compensator Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Static VAR Compensator Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Static VAR Compensator Historical Market: Breakup by Component (USD Million), 2018-2023
5. Global Static VAR Compensator Market Forecast: Breakup by Component (USD Million), 2024-2032
6. Global Static VAR Compensator Historical Market: Breakup by End Use (USD Million), 2018-2023
7. Global Static VAR Compensator Market Forecast: Breakup by End Use (USD Million), 2024-2032
8. Global Static VAR Compensator Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Static VAR Compensator Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Static VAR Compensator Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Static VAR Compensator Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Static VAR Compensator Market Structure
Key Questions Answered in the Report
The global market size of static VAR compensators reached a value of more than USD 852.65 million in 2023.
The market for static VAR compensators is expected to grow at a CAGR of 4.00% between 2024 and 2032.
The global market size for static VAR compensators is expected to reach a value of more than USD 1213.59 million by 2032.
The major market drivers include increasing number of electric utilities companies, rising cases of power fluctuations, and growing demand for electrical devices.
The key trends of the market are the ability of static VAR compensators to reduce reactive power, power fluctuations in large scale industries, and increasing population.
Key market players include Siemens Energy, Hitachi Energy Limited, General Electric Company, Mitsubishi Electric Corporation, and Nidec ASI S.p.A., among others.
A static VAR compensator is an electrical device that provides immediate reactive power to high voltage transmission networks.
A static VAR compensator helps regulate the voltage, power factor, and harmonics and also help stabilise the system.
The global static VAR compensator market is segmented based on type, component, end use, and region.
Static VAR compensators are connected to the power system in order to regulate the transmission voltage and are connected near the large industrial loads in order to improve the quality of the power.
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