Global Static Var Compensator (SVC) Market is valued approximately USD 753.9 million in 2019 and is anticipated to grow with a healthy growth rate of more than 4.2 % over the forecast period 2020-2027. Static VAR compensator is usually called as SVC. It is a power quality tool involved in power electronics to run the imprudent power flow to which it is associated. s On very high-voltage electrical systems the compensators provide fast-acting reactive power compensation. In other words, a static VAR compensator controls and adjusts the voltage of devices to the desired set point, thus offering fast-acting reactive power on transmission networks. Static VAR compensators are chiefly utilized in large industries, such as to lower voltage fluctuations, steel-making plants, and flicker compensation. The Static Var Compensator (SVC) market is primarily driven owing to Surge in demand for renewable sources of Energy and increasing investments in the field. For Instance: as per IRENA, in 2017 the total amount of electricity generated from renewables was 6191 TWh which was 293TWh higher than in 2016 an increase of 5%. Also, Solar generation increased by over 35% while wind power generation by 20%. The increase in renewable sources of energy drives the market growth. Further, requirements associated with Power Quality & Network Reliability along with upgradation & replacement of aging power infrastructure precise in developing countries on the global scenario. However, lack of awareness impedes the growth of the market over the forecast period of 2020-2027.

The regional analysis of global Static Var Compensator (SVC) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing penetration and awareness regarding use of renewable sources of energy and the investments for upgradation of aging power infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising urbanization and increasing investments in the renewable energy sector coupled with escalating energy demand would create lucrative growth prospects for the Static Var Compensator (SVC) market across Asia-Pacific region.

Major market player included in this report are:
General Electric
Siemens AG
Mitsubishi Electric Corporation
Eaton Corporation PLC
American Electric Power
American Superconductor Corporation
Rongxin Power Electronic Co Ltd
Nr Electric Co, Ltd

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Thyristor-Based SVC
Magnetically Controlled Reactor (MCR)-Based SVC
By Component:
Power Electronics Devices
Harmonic Filter
Thyristor, Reactor
Capacitor Bank
GIS Switchgear
Surge Arrester
Control Protection system

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Static Var Compensator (SVC) Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers