Rise in demand for renewable energy sources, escalating demand among industrial and power infrastructure sectors drive the growth of the global static VAR compensators market. However, the outbreak of the COVID-19 pandemic has negatively impacted the global static VAR compensators market, owing to its dependence on electric utility, railways, steel and metal, mining, heavy industrial, oil and gas, and other sectors.
Portland, OR, Oct. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global static VAR compensators market generated $0.7 billion in 2020, and is projected to reach $1.1 billion by 2030, witnessing a CAGR of 4.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for renewable energy sources, escalating demand among industrial and power infrastructure sectors drive the growth of the global static VAR compensators market. However, the high installation cost restrains the market to some extent. On the other hand, advanced digital control algorithm presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic has negatively impacted the global static VAR compensators market, owing to its dependence on electric utility, railways, steel and metal, mining, heavy industrial, oil and gas, and other sectors.
Travel restrictions imposed by government bodies led to declined demand for static VAR compensators among railways.
In addition, almost all countries had temporarily stopped the trade of unnecessary products, which in turn, hampered the demand-supply chain of static VAR compensators, especially during the initial phase.
The report offers detailed segmentation of the global static VAR compensators market based on source, application, end use, and region.
Based on source, the thyristor-based segment held the highest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the MCR-based segment is estimated to register the highest CAGR of 4.7% from 2021 to 2030.
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Based on end use, the electric utility segment held the largest market share in 2020, holding nearly two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the railways segment is projected to register the highest CAGR of 4.6% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. However, APAC is projected to manifest the fastest CAGR of 5.6% during the forecast period.
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Leading players of the global static VAR compensators market analyzed in the research include American Superconductor Corporation, Eaton, General Electric, Hitachi ABB Power Grids, Mitsubishi Electric Corporation, Nidec Industrial Solutions, NISSIN ELECTRIC Co., Ltd., NR Electric Co., Ltd., Rongxin Power Ltd., and Siemens AG.
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