Thyristor Based Static Var Compensator Market Research Report: By Technology (Thyristor Controlled Reactor (TCR), Static Synchronous Compensator (STATCOM), Capacitor Banks), By Application (Transmission Grids, Distribution Grids, Industrial Power Systems), By Voltage Level (Medium Voltage (MV), High Voltage (HV), Extra High Voltage (EHV)), By Power Rating (Below 100 MVAR, 100-500 MVAR, 500-1000 MVAR, Above 1000 MVAR), By Control System (Analog Control, Digital Control, Hybrid Control) and By Regional (North America, Europe, South America, A

Global Thyristor Based Static Var Compensator Market Overview

As per MRFR analysis, the Thyristor Based Static Var Compensator Market Size was estimated at 1.74 (USD Billion) in 2022. The Thyristor Based Static Var Compensator Market Industry is expected to grow from 1.85(USD Billion) in 2023 to 3.2 (USD Billion) by 2032. The Thyristor Based Static Var Compensator Market CAGR (growth rate) is expected to be around 6.28% during the forecast period (2024 - 2032).

Key Thyristor Based Static Var Compensator Market Trends Highlighted

The Thyristor Based Static Var Compensator Market is expected to observe substantial growth owing to the increasing requirement for reactive power compensation in power systems. These factors range from the growing need for voltage support enhancement, lowering the power factor, and covering variable electricity demands with renewable energy. Emerging grid energy storage systems and microgrid systems technology present the opportunity for growth. New developments include advanced control systems with smaller sizes and faster switching speed with the development of new construction units.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Thyristor Based Static Var Compensator Market Drivers

Increasing Demand for Renewable Energy Integration

The growing adoption of renewable energy sources, such as solar and wind power, is driving the demand for Thyristor Based Static Var Compensator (SVC) systems in the Thyristor Based Static Var Compensator Market Industry. These renewable energy sources are intermittent in nature, meaning their power output can vary significantly depending on weather conditions. SVC systems help to stabilize the grid voltage and frequency by regulating reactive power flow, ensuring the reliable and efficient integration of renewable energy into the grid.By mitigating voltage fluctuations and harmonics, SVC systems enhance the stability and resilience of the power grid, facilitating the seamless integration of renewable energy sources and reducing the reliance on fossil fuels.

Expansion of Transmission and Distribution Networks

The expansion and modernization of transmission and distribution networks are creating new opportunities for the Thyristor Based Static Var Compensator Market Industry. As power grids are extended to remote areas and the demand for electricity grows, the need for reactive power compensation becomes more critical. SVC systems play a crucial role in maintaining voltage stability and power quality in these expanding networks. By regulating reactive power flow, SVC systems help to reduce transmission losses, improve grid efficiency, and enhance the reliability of power delivery.The growing investment in grid infrastructure, particularly in developing regions, is expected to drive the demand for SVC systems in the coming years.

Government Initiatives and Regulations

Government initiatives and regulations aimed at improving grid stability and reducing carbon emissions are supporting the growth of the Thyristor Based Static Var Compensator Market Industry. Governments worldwide are recognizing the importance of reliable and efficient power grids to support economic growth and sustainable development. They are implementing policies and regulations that encourage the adoption of advanced grid technologies, including SVC systems.These initiatives provide financial incentives, streamline regulatory approvals, and promote research and development in the field. The supportive policy environment is expected to accelerate the adoption of SVC systems and drive market growth in the years to come.

Thyristor Based Static Var Compensator Market Segment Insights:

Thyristor Based Static Var Compensator Market Technology Insights

The Thyristor Based Static Var Compensator Market is segmented by technology into Thyristor Controlled Reactor (TCR), Static Synchronous Compensator (STATCOM), and Capacitor Banks. Among these, the STATCOM segment is expected to witness the fastest growth over the forecast period, owing to its superior performance and reliability compared to TCRs and capacitor banks. STATCOMs offer several advantages over TCRs and capacitor banks, including faster response times, lower harmonic distortion, and improved voltage regulation. As a result, STATCOMs are increasingly being deployed in power systems around the world to improve grid stability and efficiency.The TCR segment is expected to account for a significant share of the Thyristor Based Static Var Compensator Market in 2023 due to its lower cost and simpler design compared to STATCOMs. However, the market share of TCRs is expected to decline over the forecast period as STATCOMs become more cost-effective and widely adopted. Capacitor banks are the most mature technology among the three segments and are expected to continue to play an important role in the Thyristor Based Static Var Compensator Market. Capacitor banks are relatively inexpensive and easy to install, making them a suitable option for small-scale applications.The growth of the market is being driven by the increasing demand for reliable and efficient power transmission and distribution systems, as well as the growing adoption of renewable energy sources.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Thyristor Based Static Var Compensator Market Application Insights

The application segment of the Thyristor Based Static Var Compensator Market is bifurcated into Transmission Grids, Distribution Grids, and Industrial Power Systems. The transmission grid sector is projected to grow significantly during the forecast period, owing to the increasing demand for reliable and efficient power transmission systems. The growth of this segment can be attributed to the rising need for grid expansion and modernization, as well as the integration of renewable energy sources into the grid. The Distribution Grids sector is also expected to witness substantial growth, driven by the increasing demand for electricity in urban and rural areas.The Industrial Power Systems sector is anticipated to grow steadily, fueled by the growing demand for power quality and reliability in industrial applications. Overall, the Thyristor Based Static Var Compensator Market is expected to exhibit a robust growth rate during the forecast period, with the increasing demand for power quality and reliability across various sectors.

Thyristor Based Static Var Compensator Market Voltage Level Insights

The Thyristor Based Static Var Compensator Market is segmented by voltage level into Medium Voltage (MV), High Voltage (HV), and Extra High Voltage (EHV). The MV segment accounted for the largest share of the market in 2023 and is projected to continue to dominate the market through 2032. The HV segment is expected to grow at a faster CAGR over the forecast period, owing to increasing demand for HV substations and transmission lines. The EHV segment is expected to witness moderate growth due to the limited number of EHV projects in the pipeline.Key factors driving the growth of the Thyristor Based Static Var Compensator Market include increasing demand for reliable and efficient power transmission, growing adoption of renewable energy sources, and increasing investment in smart grid infrastructure. Rapid industrialization and urbanization in emerging economies are also contributing to the market growth. The Thyristor Based Static Var Compensator Market is highly competitive, with several major players operating in the market. Some of the key players include ABB, Siemens, General Electric, Mitsubishi Electric, and Toshiba.These players are investing in research and development to develop new and innovative products and are also expanding their global presence through strategic partnerships and acquisitions.

Thyristor Based Static Var Compensator Market Power Rating Insights

The Thyristor Based Static Var Compensator Market is segmented by power rating into Below 100 MVAR, 100-500 MVAR, 500-1000 MVAR, and Above 1000 MVAR. Among these segments, the 100-500 MVAR segment is expected to account for the largest market share in 2023, owing to the increasing demand for flexible and reliable power transmission systems. The Below 100 MVAR segment is also expected to witness significant growth over the forecast period due to its growing adoption in small-scale power distribution networks. Moreover, the 500-1000 MVAR and Above 1000 MVAR segments are anticipated to contribute to the overall market growth, driven by the rising demand for high-power transmission capabilities in emerging economies.

Thyristor Based Static Var Compensator Market Control System Insights

The Control System segment is a crucial component of the Thyristor Based Static Var Compensator Market, playing a vital role in regulating voltage and enhancing power quality. Analog Control, Digital Control, and Hybrid Control are the key sub-segments within the Control System segment, each with its distinct characteristics and applications. Analog Control, with its simplicity and cost-effectiveness, remains a popular choice for smaller and less complex systems. Digital Control, on the other hand, offers greater precision and flexibility, making it suitable for larger and more sophisticated applications.Hybrid Control, combining the advantages of both Analog and Digital Control, provides an optimal balance of cost and performance. In terms of market share, Analog Control holds a significant portion due to its widespread adoption in low-power applications. However, the increasing demand for advanced control capabilities is driving the growth of Digital Control, which is expected to gain significant market share in the coming years. Hybrid Control, with its unique blend of features, is also projected to witness steady growth, catering to applications requiring both cost-effectiveness and high performance.The Thyristor Based Static Var Compensator Market for Control System is expected to grow at a steady pace over the next five years, driven by increasing demand for voltage regulation and power quality improvement across various industries. The growing adoption of renewable energy sources, which often introduce voltage fluctuations, is also contributing to the demand for Static Var Compensators with advanced control systems.

Thyristor Based Static Var Compensator Market Regional Insights

The Thyristor Based Static Var Compensator Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2024, owing to the increasing demand for electricity from emerging economies such as China and India. The rising adoption of renewable energy sources in the region is also driving the growth of the Thyristor Based Static Var Compensator Market. North America and Europe are expected to follow APAC in terms of market size due to the presence of well-established power grids and the increasing adoption of smart grid technologies.South America and MEA are expected to witness significant growth in the coming years due to the increasing investments in infrastructure development and the growing demand for electricity from these regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Thyristor Based Static Var Compensator Market Key Players and Competitive Insights:

Major players in Thyristor Based Static Var Compensator Market are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and strengthening their distribution networks. Moreover, strategic partnerships, mergers, and acquisitions are common in the industry as companies seek to consolidate their market position and gain access to new technologies and markets. Leading Thyristor Based Static Var Compensator Market players are actively involved in developing innovative solutions that cater to the specific needs of different industries.Siemens is a leading player in the Thyristor Based Static Var Compensator Market industry, with a strong global presence and a comprehensive portfolio of products and solutions. The company has a well-established track record of providing reliable and efficient SVC solutions to various industries, including power utilities, oil and gas, and transportation. Siemens' commitment to innovation and customer satisfaction has enabled it to maintain its position as a leading provider of SVC systems worldwide.ABB is a key competitor in the Thyristor Based Static Var Compensator Market, offering a wide range of SVC solutions for various applications. The company has a strong focus on research and development, continuously improving its products and processes to meet the evolving needs of customers. ABB's global presence, technical expertise, and commitment to quality have made it a preferred choice for many industries that require reliable and efficient SVC systems.

Key Companies in the Thyristor Based Static Var Compensator Market Include:

• Jiangsu Jinling Tongxue Electric Co., Ltd.


• Siemens AG


• General Electric Company


• Power Electronics Ltd.


• Hyundai Heavy Industries Co., Ltd.


• Bharat Heavy Electricals Limited


• Mitsubishi Electric Corporation


• Alstom SA


• LS Electric Co., Ltd.


• Schneider Electric SE


• TBEA Co., Ltd.


• Toshiba Corporation


• Hitachi, Ltd.


• CG Power and Industrial Solutions Limited


• ABB Ltd

Thyristor Based Static Var Compensator Market Industry Developments

The Thyristor Based Static Var Compensator Market is anticipated to grow significantly over the forecast period, owing to the increasing demand for reactive power compensation and voltage regulation in various industries. The market is expected to witness substantial growth in the coming years due to rising investments in renewable energy sources and the need for grid stability and efficiency. Technological advancements, such as the development of high-power thyristors and digital control systems, are further driving market growth.Recent news developments and current affairs in the market include strategic partnerships, new product launches, and capacity expansions. For instance, in 2023, ABB announced a collaboration with Hitachi Energy to develop and supply advanced SVC solutions for grid applications. Additionally, Siemens Energy unveiled its latest SVC PLUS system, designed to enhance grid stability and improve power quality. These developments indicate a competitive and innovative market landscape, with key players focusing on offering advanced solutions to meet the evolving needs of customers.

Thyristor Based Static Var Compensator Market Segmentation Insights

• Thyristor Based Static Var Compensator Market Technology Outlook
  
  
  
  • Thyristor Controlled Reactor (TCR)
  
  
  • Static Synchronous Compensator (STATCOM)
  
  
  • Capacitor Banks
  
  
  
  

• Thyristor Based Static Var Compensator Market Application Outlook
  
  
  
  • Transmission Grids
  
  
  • Distribution Grids
  
  
  • Industrial Power Systems
  
  
  
  

• Thyristor Based Static Var Compensator Market Voltage Level Outlook
  
  
  
  • Medium Voltage (MV)
  
  
  • High Voltage (HV)
  
  
  • Extra High Voltage (EHV)
  
  
  
  

• Thyristor Based Static Var Compensator Market Power Rating Outlook
  
  
  
  • Below 100 MVAR
  
  
  • 100-500 MVAR
  
  
  • 500-1000 MVAR
  
  
  • Above 1000 MVAR
  
  
  
  

• Thyristor Based Static Var Compensator Market Control System Outlook
  
  
  
  • Analog Control
  
  
  • Digital Control
  
  
  • Hybrid Control
  
  
  
  

• Thyristor Based Static Var Compensator Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa