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The power demand has been rising continuously in recent years in the developed and the developing countries and is expected to continue growing during the forecast period. The static var compensators are the devices which are mainly used to control the voltage fluctuations taking place in the transmission lines and also control the power supply quality in the large industrial sectors. Static var compensators also help in improving active power oscillations by modulating the amplitude of the voltage.
The Static var compensators are mainly used in industrial sectors to avoid any voltage fluctuations. In recent years the adoption of the static var compensators has increased in the railway's sector, in power infrastructure sector to replace the existing grids, and in the upcoming solar and wind power stations. The growth of the industrial sector, railways and the adoption of the renewable energy on a large scale are the factors which will drive the growth of the global static var compensator market in the given forecast period.
Based on its type, the global static var compensator market can be segmented into thyristor-based svc and magnetically controlled reactor (MCR based) svc. The magnetically controlled reactor svc segment will dominate the market during the given forecast period owing to its increasing adoption due to the advantages such as high reliability, small dimension, ability to sustain instantaneous voltages and avoid generator breaking.
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Based on component, the global static var compensator market is segmented into the phase-shifting transformer, control protection system, harmonic filter, thyristor, reactor, gis switchgear, and others. The phase-shifting transformer will dominate the market owing to increase in adoption of transformers with the growing distribution networks across countries.
Based on its applications, the global static var compensator market is segmented into electrical utility, renewable energy, railways, oil & gas, and others. The increasing adoption of the renewable energy sources on a large scale for energy production will lead to renewables segment dominate the global static var compensator market during the given forecast period.
The major market driver for the global static var compensator market is the ever-increasing demand for power supply. The other factors influencing the growth of the global static var compensator market are replacement of aging power infrastructure, increasing adoption in railways and advantages offered by these devices such as instantaneous response to system voltage and load balancing.
The key market restraint for the global static var compensator market is the lack of awareness regarding the advantages of the device and reluctance to the adoption of this technology by end-user. The other factor which can hinder the growth of the global static var compensator market is the high cost of the device.
Some of the major companies that are present in global static var compensator market are 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, and Mitsubishi Electric Automation, Inc.
The increasing demand for the power supply has seen the global static var compensator market spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The increased adoption of renewable sources of energy, such as solar power and wind power has positively impacted the adoption of static var compensators. The Asia Pacific region holds the greatest opportunity for the global static var compensator market owing to the increasing demand for power, rising population, and rural electrification schemes carried out by governments. China and India are the major countries in the region. In the North America region, the modifications in the existing power distribution networks and upgradation with the latest technological advancements to ensure safety have driven the static var compensator market. The increased adoption of solar energy has been the major factor for the growth of the global static var compensator market in the Europe region. Germany, France, Italy are the major countries in the region.
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