Static VAR Compensator Market is intended to grow at CAGR of 4.23% with a revenue of $900.41 million during the forecast period between 2018-2023
Browse 17 Market Tables, 84 Figures spread through 162 slides and an in-depth TOC on “Static VAR Compensator Market (2018 - 2023)”
Asia-Pacific and Europe continues its dominance in market share and growth during 2018-2023.
Asia-Pacific and Europe are the dominating continents for the emergence of new technologies. Asia-Pacific obtained the largest market and is projected to grow from $372.32 Million to $480.38 Million billion by 2023 driven by the growth in the Chinese and Indian markets. China and Japan are the frontrunners for the Static VAR Compensator market. Germany, Russia and the U.K are the key countries in the European region. U.S. is also a major market for Static VAR Compensator in North America, and is followed by Canada and Mexico. The Asia-Pacific region, especially China, has been the pioneer in innovation, manufacturing and export of a wide variety of static compensators, thereby becoming one of the world’s largest net exporters.
Selected Application Analysis done in the full Report:
Growing demand for electricity across various industries has increased the number of distribution station and transmission line. Therefore, to acquire balance and stable systems, static VAR compensator market is projected to grow during the forecast period. Amongst all the applications, renewable energy is found to gain the highest growth at a CAGR of 8.2% in the year of 2023. Small wind power plant at distant locations, are not capable to provide enough reactive power. Therefore, installation of SVC systems can prevent the harmful impact caused by faults in the power grid. Planned wind power stations projects in various areas is spurring the demand for high voltage transformer systems, to be installed in the wind energy plant. The global static VAR compensator market is estimated to reach its maturity stage and since the SVC systems possess a long service life, the number of product launches is few.
Excerpts Growth Factors Mentioned in the Full Report:
- Remodeling of Static VAR Compensator (SVC), to decline disturbance caused by changes in reactive power factor meter and voltage fluctuation in the normal operation of transmission lines and industry distribution system.
- Increasing need of these devices across the globe in the renewable energy industries, railways and some other manufacturing industries including steel industries is estimated to increase the market growth over the forecast period.
Key Players within the Static VAR Compensator Market:
List of prominent players in the marketplace are as followed; ABB Ltd., General Electric, are name among a few others. These players in this market account for over 85% of the market due to significant maturity of the market and consolidation in recent years.
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