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The increasing power demand in developed as well as developing nations is expected to support the growth of the global static var compensator market, says Fortune Business Insights™ in a report, titled “Static VAR Compensator“Market Size, Share and Industry Analysis, By Type (Thyristor Based SVC, MCR Based SVC), By Component (Phase Shifting Transformer, GIS Switchgear, Control Protection System, others), By Application (Electric Utility, Renewable Energy, Railways, Oil and Gas, Others) and Regional Forecast, 2019-2026 the increasing adoption of renewable energy sources in railways and industrial sector is predicted to spur sales opportunities of the market in the upcoming years.

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According to the report, based on type, the market is classified into thyristor-based svc and magnetically controlled reactor (MCR based) svc. The magnetically controlled reactor svc is expected to hold maximum share in the global market during the forecast period owing to due to its advantages such as high reliability, small dimension, ability to sustain instantaneous voltages and avoid generator breaking. Furthermore, based on components, the market is classified into the phase-shifting transformer, control protection system, harmonic filter, thyristor, reactor, gis switchgear, and others. The phase-shifting transformer is predicted to account for a high share owing to the increasing adoption of transformers along with the growing distribution networks in several countries

Some of the Major Companies in the Global Static VAR Compensator Market Include:

  • ABB
  • American Electric Power
  • Eaton
  • Schneider Electric
  • Siemens
  • GE
  • Rongxin Huiko Electric Technology Co. Ltd
  • Hyosung ESS
  • NR Electric Co., Ltd
  • AMSC
  • Captech Pty Ltd
  • Jema Energy SA
  • Mitsubishi Electric Automation, Inc.

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The report on the static var compensator market focuses on exemplifying a comprehensive assessment of the market and contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology.It offers revealing insights into all the significant developments of the market. It shares a complete overview of all the segments and parts of the market and also provides statistical data on all the regions. It is put together after extensive research, followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations and partnerships, and industry developments.

Announcement of a New Project by GE Grid Solutions to Back Expansion Process

The announcement of a new project by GE grid solutions for the up-gradation of Norway’s existing electrical infrastructure is predicted to bolster the healthy growth of the market in the forthcoming years. For instance, in July 2019, GE grid solutions announced the project for the up-gradation of Norway’s existing electrical infrastructure. During the project, GE would be upgrading the existing static var compensators at rod and verdal substations. The venture is the largest revamp project to be carried out in the industry.Furthermore, the increasing replacement of aging power infrastructure is predicted to boost the static var compensator market trends.

Launch of SVC-20 by Gridco Systems to Encourage Market Growth

The introduction of the SVC-20 model by Gridco Systems is predicted to spur business opportunities in the forthcoming years. For instance, Gridco Systems, a leading company in agile grid infrastructure, announced the launch of Gridco systems static var compensator product line with the introduction of the SVC-20 model. The SVC-20 is a low voltage boosting device. The key features of SVC-20 are low voltage active boost, line voltage monitoring, reactive power compensation, operational flexibility, modularity, maintenance-free design, and low loss design.

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However, lack of awareness regarding the advantages of device and reluctance towards the adoption of technology by end-user are factors predicted to dampen the growth of the market

High Adoption of Renewable Energy Sources to Accelerate Growth in Asia Pacific

Geographically, the global static var compensator market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The growing adoption of renewable sources of energy, such as solar power and wind power, is predicted to boost the static var compensator market growth in North America. Asia Pacific is predicted to hold the second position in the global static var compensator market owing to the increasing demand for power, rising population, and rural electrification schemes carried out by governments. Furthermore, the modifications and up-gradation in the existing power distribution networks to ensure safety is predicted to boost the market in Europe and North America.

Key Segmental Overview:

1. By Type

  • Thyristor Based SVC
  • MCR Based SVC

2. By Application

  • Electric Utility
  • Renewable Energy
  • Railways
  • Oil and Gas
  • Others

3. By Component

  • Phase Shifting Transformer
  • GIS Switchgear
  • Control Protection System
  • Harmonic Filter
  • Thyristor
  • Reactor
  • Others

4. By Geography

  • North America (The USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East and Africa (South Africa, GCC, and Rest of the Middle East and Africa)

For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/static-var-compensator-market-101493

Major Table of Content For Static VAR Compensator Market:

  1. Introduction
  2. Executive Summary
  3. Market Dynamics
  4. Key Insights
  5. Global Static VAR Compensator Market Analysis, Insights and Forecast, 2026
  6. North America Static VAR Compensator Market Analysis, Insights and Forecast, 2026
  7. Europe Static VAR Compensator Market Analysis, Insights and Forecast, 2026
  8. Asia Pacific Static VAR Compensator Market Analysis, Insights and Forecast, 2026
  9. Middle East and Africa Static VAR Compensator Market Analysis, Insights and Forecast, 2026
  10. Latin America Static VAR Compensator Market Analysis, Insights and Forecast, 2026
  11. Competitive Landscape
  12. Company Profile
  13. Conclusion

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Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Static VAR Compensator Market Size, Analysis By Segmentation And Geography Overview | Fortune Business Insights