Static VAR Compensator (SVC) Market to Garner Brimming Revenues by 2025
Albany, NY -- (SBWire) -- 08/10/2018 --Static VAR compensator, usually referred to as SVC, is a power quality device employed in power electronics to control the reactive power flow of the systems to which it is connected. It provides fast-acting reactive power compensation on high-voltage electrical systems. In other words, a static VAR compensator regulates and controls the voltage of devices to the required set point, thereby providing fast-acting reactive power on electricity transmission networks. Static VAR compensators are primarily used in large industries, such as steel-making plants, to lower voltage fluctuations and flicker compensation. Additionally, SVCs are installed at appropriate positions in the electric power system to increase power transfer capabilities by improving the voltage stability. SVCs can also improve active power oscillations by modulating the amplitude of the voltage. Furthermore, they have the advantage of taking the system power factor close to unity. SVCs are generally installed near high and rapidly varying loads in large industries such as welding plants, and industries prone to flicker and voltage fluctuations.
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Static VAR compensators offers numerous benefits. They maximize power compensation, increase economic benefits, eliminate harmonics, and reduce voltage distortion. Furthermore, they provide near-instantaneous response to system voltage variations. They also provide load balancing on three-phase systems. Increase in demand for renewable energy sources and power quality & network reliability requirements is anticipated to boost the static VAR compensator market in the near future. The need for upgrade and replacement of aging power infrastructure and rise in usage of SVCs in railways as high voltage boosters in developed regions are likely to boost the static VAR compensator market. With major developments taking place in industrial and power infrastructure sectors across the world, the static VAR compensator market is anticipated to expand at rapid pace during the forecast period.
Lack of awareness regarding the advantages of MCR-based SVCs among companies and high political involvement in the power industry are the major factors hampering the static VAR compensator market. Reluctance of end-customers to adopt or switch to static VAR compensators is anticipated to adversely affect market growth.
The static VAR compensator market can be segmented based on technology type, component, and application. In terms of technology type, the static VAR compensator market can be bifurcated into thyristor-based SVC and Magnetically Controlled Reactor (Mcr)-based SVC. Based on component, the static VAR compensator market can be classified into power electronics devices, harmonic filter, capacitor bank, thyristor, Phase-shifting Transformer (PST), reactor, Gas insulated switchgear (GIS), surge arrester, and control protection system. In terms of application, the static VAR compensator market can be segregated into electric utility, renewable, railway, industrial and oil & gas.
Geographically, the static VAR compensator market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific led the global static VAR compensator market in 2016, followed by North America. The market in Asia Pacific is anticipated to expand at a fast-paced CAGR during the forecast period, owing to the increase in the number of investments in the renewable sector in countries such as China, India, Japan, and South Korea. The static VAR compensator market in Europe is projected to expand significantly during the forecast period, due to the implementation of stringent government regulations to greenhouse gas and carbon emissions in the region. The static VAR compensator market in Middle East & Africa and Latin America is likely to expand at a moderate pace during the forecast period, due to stringent restrictions on the investments in the renewable energy sector in various countries in these regions.
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Key players operating in the static VAR compensator market are ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, General Electric, Eaton Corporation Plc., and American Electric Power.
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