Static Var Compensator and Static Var Generator Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 3.2 Billion by 2030, growing at a CAGR of 10.2% from 2024 to 2030.
The global market for Static Var Compensators (SVC) and Static Var Generators (SVG) was valued at approximately USD 3.2 billion in 2022. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.8% from 2023 to 2028. The growth is driven by increasing demand for reliable and efficient power quality solutions in various industries, including power generation, transmission, and distribution. SVC and SVG systems are critical for maintaining voltage stability and enhancing power system efficiency, which is crucial for modernizing aging grid infrastructure and accommodating renewable energy sources.
Emerging markets present substantial opportunities for growth in the SVC and SVG sector. Regions such as Asia-Pacific are experiencing rapid industrialization and urbanization, leading to increased investments in energy infrastructure and power quality enhancement. This trend is expected to further boost the demand for SVC and SVG technologies. Additionally, advancements in smart grid technologies and the integration of renewable energy sources are expected to create new growth avenues in developed and developing economies alike. Market players are likely to focus on technological innovations and strategic expansions to capitalize on these emerging opportunities.
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ABB
Siemens
Rongxin Power Electronic
Sieyuan Electric
Mitsubishi Electric
Hitachi
Toshiba
S&C Electric
GE
Hangzhou Yinhu Electric
AMSC
Xian XD Power
Weihan
Ingeteam
Hengshun Zhongsheng
Sinexcel
Merus Power
Baoding Sifang Sanyi Electric
Xuji Group Corporation
Zhiguang Electric
Comsys AB
Beijing In-power Electric Co. Ltd
Surpass Sun Electric
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Static Var Compensator and Static Var Generator Market
Renewable Energy
Electric Utilities
Industrial & Manufacturing
Other
Based on Types the Market is categorized into Below types that held the largest Static Var Compensator and Static Var Generator market share In 2023.
Static Var Compensator
Static Var Generator
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Static Var Compensator and Static Var Generator Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Static Var Compensator and Static Var Generator Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Static Var Compensator and Static Var Generator Market, By Type
6. Global Static Var Compensator and Static Var Generator Market, By Application
7. Global Static Var Compensator and Static Var Generator Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Static Var Compensator and Static Var Generator Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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