The static VAR compensator (SVC) market was valued at USD 643.6 Million in 2014, and it is expected to grow at a CAGR of 3.8% between 2015 and 2020. The increasing demand for renewable sources of energy and replacement of aging power infrastructure in developed geographical regions are some of the factors driving the static VAR compensator market positively.
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According to the new market research report "Static Var Compensator (SVC) Market by Type (Thyristor Based, MCR-Based), by Component, by Vertical (Electric Utility, Renewable- Wind Power & Solar Farm, Railway, Industrial- Steel & Mining and Oil & Gas), and Geography - Global Forecast to 2020", the static VAR compensator (SVC) market is estimated to reach USD 807.7 Million by 2020, at a CAGR of 3.8% between 2015 and 2020. Factors such as increase in demand for renewable sources of energy, power quality & network reliability requirements, and upgradation and replacement of aging power infrastructure in developed geographical regions are some of the key drivers for the SVC market.
Moreover, increase in use as high voltage boosters in railways provides huge opportunities for further growth of this market.
Browse 74 market tables and 68 figures spread through 145 pages and in-depth TOC on "Static VAR Compensator (SVC) Market - Global Forecast to 2020"
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MCR-based solution is expected to lead the SVC market:
The MCR-based SVC market is expected to grow rapidly during the forecast period. The key reason behind this growth is owing to the presence of features such as high reliability, small dimension, its ability to sustain instantaneous voltage to avoid generator breaking, more capability to transfer power, low harmonics and faster response time, as compared to thyristor-based SVC.
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Renewable vertical is expected to grow at the highest CAGR between 2015 and 2020
The key reason behind a sharp growth in the renewable SVC market is because of the increase in the number of investments made by investors in renewable sector in countries in the Asia-Pacific, such as India, Japan, and China, and also in Africa. With the increase in investments, large numbers of plants are expected to be set up, which require SVC solutions for power transmission and distribution, which is directly expected to impact the growth of the overall SVC market.
APAC is expected to grow at a high CAGR during forecast period
The market in Americas accounted for the highest share for the static VAR compensator in 2014, whereas APAC is expected to grow at the highest CAGR between 2015 and 2020. This growth in APAC can be attributed to the continuous demand for electricity and capacity addition across existing infrastructure in rapidly growing economies such as China and India, thereby playing a major role in the adoption of SVC in this region.
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Major players operating in this market are Rongxin Power Electronic Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Eaton Corp plc (Ireland), American Electric Power (U.S.), Hyosung (South Korea), NR Electric Co. Ltd. (China), Mitsubishi Electric Corp. (Japan), and American Superconductor Corp. (U.S.).
This research report categorizes the global static VAR compensator (SVC) market based on type, component, vertical, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the SVC market.
This report gives a detailed view of the market across the four geographies, namely, the Americas, Europe, APAC, and Rest of the World (RoW), which includes Middle East and Africa. The Porter’s Five Forces analysis has been included in the report with a description of each of its forces and their respective impact on the SVC market.
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