Static Var Generator (SVG) and Static Var Compensator (SVC) Market Size, Share, Growth, and Industry Analysis, By Type (GTO Type, IGBT Type, IGCT Type, SCR Type, GTR Type, MOSFET Type, Static Var Compensator), By Application (Renewable Energy, Electric Utilities, Industrial & Manufacturing, Other), and Regional Forecast to 2028

Updated On: 13 November 2023

REPORT OVERVIEW

The global static var generator (SVG) and static var compensator (SVC) market size was 1.5019 billion in 2022. As per our research, the market is expected to reach USD 1.9682 billion by 2028, exhibiting a CAGR of 4.6% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, static var generator (SVG) and static var compensator (SVC) experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A power electronics-based equipment called a static variable generator is connected alongside with an electrical load that needs harmonics abatement. In real time, SVG functions as an electronically controlled current source that can produce any type of current waveform.

The load current will lag or lead the voltage depending on whether the load produces inductive or capacitive current. In order to make the angle of phase of the current nearly identical to that of the voltage and achieve unity fundamental power factor, an SVG detects the phase angle difference and immediately injects following or trailing power through the electric power systems. The growing utilization of this equipment in several sectors that include industrial and manufacturing will further advance the market in the coming years.

COVID-19 Impact: Supply and Isolation Limitations to Deplete Market Advancement

Since there was a downturn in the commercial and industrial sectors, the development of COVID-19 in the year 2020 resulted in a decrease in the global use of energy. The market for static var generators (SVG) and static var compensators (SVC) suffered some unfavorable effects as a result of the overall reduction in power consumption. However, the tendency toward working from home increased household consumption, which put more strain on the related transmission and distribution systems. The need regarding static var generator (SVG) and static var compensator (SVC) equipment will be bolstered by rising expenditures to strengthen household power supply and the gradual uptick in industrial activity following COVD-19 lockout.

LATEST TRENDS 

"Application in Electric Arc Furnaces to Stimulate Market Development"

Over the past few years, the static var generator (SVG) and static var compensator (SVC) market growth has expanded significantly on a global scale. The widespread use of the static var generator (SVG) and static var compensator (SVC) in applications including electric arc furnaces, solar and wind farms, rolling mills, mining, and heavy industry is credited with driving the growth of the static var generator (SVG) and static var compensator (SVC) market.

During the forecast period, it is anticipated that rising industrialization, urbanization, the integration of static var generator (SVG) and static var compensator (SVC)  together with devices that store energy, and advances in technology in electronics, robotics, and automation systems will all contribute to the market's expansion. A few advantages offered by the static var generator (SVG) and static var compensator (SVC) device, including enhanced performance, consistent voltage for power grid applications, and improved capacity for transmission, are eventually driving the market's expansion.

SEGMENTATION

By Type

Based on type; the market is divided into GTO type, IGBT type, IGCT type, SCR type, GTR type, MOSFET type, static var compensator.

GTO type is the leading part of the type segment.

By Application

Based on the application; the market is divided into renewable energy, electric utilities, industrial & manufacturing, other

Renewable energy is the leading part of the application segment.

DRIVING FACTORS

"Advantages of Low Voltage Market to Aid Market Expansion"

Over the forecast period, it is anticipated that the market for static var generators (SVG) and static var compensators (SVC) would continue to expand. Due to its low voltage advantages, it is unaffected by variations in the mains voltage, giving the main voltage stable support. The fact that static VAR generators are safe and highly reliable, with no additional amplified harmonies voltage and current, which eliminates quality issues, is another factor that is propelling the market for VAR generators. This protects the system and increases device lifespan.

"Utilization for the Maintenance of Power Networks Stability to Foster Industry Progress "

Through 2030, the voltage static var generators (SVG) and static var compensators (SVC) market share will continue to grow by more than 9%. Low harmonic distortion, support for voltage, and quick power factor connection are just a few advantages that these products have that will increase consumer support. Low voltage static var generators (SVG) and static var compensators (SVC) are being used more frequently to maintain the stability of power networks in small enterprises and residential and commercial buildings.

RESTRAINING FACTORS

"High Operational Expenses to Hinder Market Advancement"

The main restraint on the market is the high operational expenses of static var generators (SVG) and static var compensators (SVC). Therefore, the financial margins of the market for static VAR generators are being impacted by large capital expenditures and expensive research and development expenses.

 REGIONAL INSIGHTS

"Electric Grid Applications in Asia Pacific to Support Market Advancement "

The region with the biggest static var generator (SVG) and static var compensator (SVC) market share is anticipated to continue to grow at a CAGR throughout the forecast period. The main drivers of the static var generator (SVG) and static var compensator (SVC) market expansion are nations including Japan, China, India, and South Korea. The increase in static var generator (SVG) and static var compensator (SVC) solution deployments in electrical grid applications is blamed for the expansion.69+

Growing demand from green energy markets, such as those from rooftop solar installations, wind farms, and solar farms, as well as rising government expenditures and efforts to supply electrical power across the countries are anticipated to drive the market's growth in the Asia Pacific region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• ABB (Switzerland)
• Siemens (Germany)
• Rongxin Power Electronic (India)
• Sieyuan Electric (India)
• Mitsubishi Electric (Japan)
• Hitachi (Japan)
• Toshiba (Japan)
• S&C Electric (U.S.)
• GE (U.S.)
• Hangzhou Yinhu Electric (China)
• AMSC (U.S.)
• Xian XD Power (China)
• Weihan (China)
• Ingeteam (Spain)
• Hengshun Zhongsheng (China)
• Sinexcel (China)
• Merus Power (Finland)
• Baoding Sifang Sanyi Electric (China)
• Xuji Group Corporation (China)
• Zhiguang Electric (China)
• Comsys AB (Japan)
• Beijing In-power Electric Co., Ltd (China)
• Surpass Sun Electric (China)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.