Increase in network reliability requirements expected to drive World SVC SVG Market over the forecast period: Ken Research

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SVC or static VAR compensator is a power quality device, used in power electronics to control & regulates the voltage of devices to the needed set point. SVC provides fast-acting reactive power compensation on precise high-voltage electrical systems. It is mainly utilized in large industries, for instance steel-making plants, lower voltage fluctuations, and flicker compensation. It is set up at an appropriate place in electric power system to augment power transfer abilities by enhancing the voltage stability. It develops active power oscillations by adapting the amplitude of power. It is usually set up near high & quickly varying loads in big industries for instance industries prone to flicker & welding plants, and voltage fluctuations. It has an advantage of taking the system power aspect close to unity. Some other benefits are high reliability, augmented ability to transmit power, capability to maintain instant voltage to evade generator breaking, low harmonics, small dimension, and quicker response time.

SVG or static VAR generator is a power electronic device with force commutated devices like GTO, IGBT. It is also known as STATCOM. It is based on the instantaneous reactive power and concept of compensation principle consisting of GTO commutated converter.

According to study, “World SVC SVG Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world SVC SVG market are ABB Ltd., Alstom, Siemens AG, GE Energy, Rongxin Power Electronic Co. Ltd., Toshiba Corp., Hitachi, Epri, Mitsubishi Electric Corp., Crompton Greaves Ltd., Weihan Power, Sieyuan Electric, Zhiguang Electric, XJ Group, Hengshun Electric, Yinhu Electric, Xidian Power, Eaton Corporation Plc., Hyosung, Schneider Electric India Pvt. Ltd., Bharat Heavy Electricals Limited (BHEL), Veeral Controls Pvt. Ltd., Ingeteam, Inc., S&C Electric Company, JEMA Energy USA LLC, American Electric Power, Sieyuan Electric, Surpa Sun Electric, Sanyi Electric, Fujidaneng Electric, Sound Power, Statcom Solutions,  Power One Micro Systems Pvt. Ltd., Signotron India Pvt. Ltd., Jiuzhou Electric.

Based on SVC type, SVC SVG market is segmented into Magnetically Controlled Reactor (MCR) based SVC and thyristor based SVC. Thyristor based SVC is further sub-segmented into thyristor controlled reactor – thyristor switched capacitor (TCR-TSC) and thyristor controlled reactor –fixed capacitor (TCR-FC). Based on product type of SVG, market is segmented into high voltage STATCOM (greater than 100 Mvar), medium voltage STATCOM (20 – 100 Mvar) and low voltage STATCOM (less than 20Mvar). Based on component type, market is segmented into power electronics devices, thyristor, harmonic filter, capacitor bank, reactor, Gis switchgear, surge arrester, Phase-Shifting Transformer (PST) and control protection system. In addition, based on end-use, market is segmented into power distribution, offshore oil & gas, mining, automobile manufacturing, steel manufacturing and power transmission.

The SVC SVG market is driven by surge in power quality & network reliability requirements, followed by increase in demand for renewable sources of energy, growth in demands for continuous advancements in electronics, automation & robotics and up-gradation or replacement of aging power infrastructure in developed regions. However, political intervention in the power & utility market and lack of awareness about MCR-based SVCS may impact the market. Moreover, increase in use of SVC & SVG as high voltage boosters in railways is a key opportunity for market.

Based on geography, China and India countries hold major share in SVC SVG market owing to growth of industrial segment & power infrastructure in the countries. It is anticipated that future of the market will be bright due to rise in technology advancements and increase in demand from renewable energy sources over the forecast period.

For more information, click on the link below:

Global SVC SVG Market

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