Static VAR Generator Market Size, Share & Industry Analysis, By Type (Thyristor Based, MCR Based), By End-User (Electric Utility, Renewable, Railway, Oil & Gas, Steel and Mining Industry, Others) and Regional Forecast, 2024-2032

Today the power requirement has been changing very rapidly in different parts of the world. Efficient transmission and distribution of electric power is a challenge faced by many utility companies which include excessive demand for electricity, shifting trends towards renewable generation, aging transmission infrastructure, interconnected grid, and so many others.

These factors fluctuate the power flow stability and make it more complex to network operators to manage the smooth transmission and distribution of power. An effective and sophisticated solution is required to smooth out fluctuation in the power supply. Static VAR generator is an excellent solution to all the challenges faced by utility operators.

It not only compensates the power line losses caused by reactive power, increases in voltage under normal condition but also offers reactive power adjustment in time damp harmonics & flickers and improve system stability under fault condition. Static VAR generator has numerous technical advantages such as faster response speed, the wide operational range of rated power, low harmonic content, and multiple compensation functions.

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It is mainly used in long-distance power transmission, arc furnaces, rolling mills, electric locomotive power supply, and in heavy industrial loads. Aging power distribution system, increasing power generation by renewables, and demand for stable power supply are expected to fuel the proliferation of static VAR generator market.

Static VAR generator market is segmented into type and end-user. Based on type is divided into thyristor and MCR. The MCR based static VAR generator is projected to grow at a rapid pace owing to its excellent features such as high reliability and compact design, faster response time as compared to thyristor-based. Stati VAR generator finds a wide range of application in railway, utility, oil & gas, steel & mining industry where load fluctuation is frequent.  

Investment by utility companies in order to enhance the transmission and distribution of power and upgradation of existing power distribution system infrastructure is fuelling the growth of the static VAR generator market. An increasing trend towards renewable generation and consistent demand from the consumer for stable power supply is augmenting the growth of the static VAR generator.

The operating cost of the static VAR generator is quite expensive than the traditional generator, and lack of awareness among key competitors in the market is inhibiting the growth of the static VAR generator market.

Key Players Covered

The major companies manufacturing static VAR generator are ABB, Siemens, GE Grid Solutions, Delta Power Solutions, Rongxin Huiko Electric Technology Co. Ltd, NR Electric Co., Ltd, Mitsubishi Electric, AMSC, Galt Electric., Captech Pty Ltd, S&C Electric Company, China XD Group, Taikai Power Electronic Co., Ltd., Singotron, Sinexcel, and CG Power and Industrial Solutions Limited.

Segmentation

Regional Analysis

The static VAR generator market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Static VAR generator market is driven by replacement of aging power distribution system, adoption of energy-efficient devices, and investment in renewable energy in North America. European countries are very strict about implementing pollution norms and promoting energy-efficient devices in a bid to protect the environment. Investment by major utility companies for the installation of a highly sophisticated power distribution system is expected to increase the growth of the static VAR compensator in Europe.

The high potential of growth in Asian countries specifically India and China due to the presence of enormous market opportunities. Government is taking the initiative to expand its electrification project and investing in power distribution equipment to ease the transmission of power is fuelling the demand for static VAR generator in Asia Pacific. The gulf countries are mainly focussed on energy-efficient technologies and extensively using district cooling system for air conditioning on large scale. Utility companies are continuously striving to provide steady power supply and working tirelessly in order to improve the performance of the power distribution system. These factors contributing the proliferation of static VAR generator in MEA.

Key Industry Developments

• In July 2018, ABB bags $150 million order from Orsted for Hornsea project. Under the contract deal, the company will supply a wide range of technologies for integrating and transmitting renewable wind energy from offshore wind farm to the UK grid.


• In June 2018, CG Power secures contract of worth Rs. 319 crores from Indian Railway to supply diesel-electric tower car which required for track electrification.