Want to inform investors similar to SVC about your company?
Submit your Analyst Briefing to get in front of investors, customers, and partners on CB Insights’ platform.
Latest SVC News
Jan 23, 2023
Increasing Requirement for Thyristor-Based SVC Driving Demand for Thyristor Controller Reactors (TCR) Driving Factors: Need for a Dynamic Compensation System is Growing as Copper Mining Activity Increases The increased demand for copper necessitates increased production capacities at mine locations all over the world. Around the world, there are more and more greenfield mine projects being constructed. Existing brownfield mining facilities also assess the expansion of their output capacities. As the drives used in mining operations are predominantly electrical drives, the capacity increase necessitates increased electricity consumption. Over the years, there have been many transmission and distribution issues with power. These factors are expected to boost the static VAR compensator market growth. COVID-19 Impact: Lower Demand for Electricity Reduced Requirement for Static VAR Compensator The global pandemic in 2020 has decreased the demand for electricity. During the early stages of the pandemic, major nations with high electricity consumption saw a decline in usage. The International Energy Agency (IEA) estimates that between February 2019 and February 2020, China's electricity demand decreased by approximately 13%. Due of the pandemic's decreased demand for power, static VAR compensator sales also declined. To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/static-var-compensator-market-101493 Segments: Growing Requirement for Reactive Power for High Voltage Transmission Networks Driving Requirement for Thyristor-Based SVC The market is categorized into thyristor based SVC and MCR based SVC based on type. Thyristor-based SVC holds the highest market share globally among all the types. Quick Buy - Static VAR Compensator Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101493 Increasing Requirement for Thyristor-Based SVC Driving Demand for Thyristor Controller Reactors (TCR) The global SVC market is categorized into phase shifting transformer, GIS switchgear, control protection system, harmonic filter, Thyristor Controlled Reactors (TCR), Thyristor Switched Capacitors (TSC), Advanced Thyristor Valve (ATV), and others based on component. Thyristor Controlled Reactors (TCR) segment will dominate the global market throughout the forecast period. Increasing Voltage Stabilization Requirement Opening Up SVC Demand across Utility Sector The market is divided into electric utility, railway, metallurgy, renewable energy, mining, and others based on application. Electric utility is the dominating segment over the forecast period. The market has been studied geographically across five main regions, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Report Coverage: We offer our reports, which are conducted using a thorough evaluation methodology that places a strong emphasis on supplying accurate information. Our researchers have used a data triangulation technique, which helps us even more in providing reliable estimates and precisely testing the general market dynamics. Additionally, in order to provide stakeholders and business experts with the most current information, our analysts have been granted admission to various regionally and internationally financed registers. Regional Insights: Asia Pacific to Lead Backed by Expansion of Utility and Renewable Energy Sectors In Asia Pacific, the static VAR compensator market share was valued at USD 252 million in 2021, and it is predicted that it would continue to retain the greatest market value share during the projected period. The regional market is driven by the expansion of the utility and renewable energy sectors throughout Asian countries as well as the high volume requirements for grid voltage stabilization. Static VAR compensator's second-largest market is in Europe. The demand for SVC is rising throughout the region as countries in the region improve their smart grid infrastructure at a faster rate and there is a greater demand for renewable electricity. The increase in energy usage throughout the commercial, industrial, and residential sectors is what drives the North American SVC industry. The area also prioritizes expanding the production of electricity from renewable sources. Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/static-var-compensator-market-101493 Competitive Landscape: Key Players' Important Business-Related Announcements that Will Affect Market Dynamics Important market players frequently announce significant business decisions, which have a favorable or negative impact on the market. Players buy businesses, introduce new products, enter into collaboration agreements, agree to terms with governmental bodies, and so forth. List of Key Players Covered in the Report: Siemens (Germany)
Discover the right solution for your team
The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.