Global Static VAR Compensators (SVC) Market to Reach $962.6 Million by 2027
Amid the COVID-19 crisis, the global market for Static VAR Compensators (SVC) estimated at US$752.3 Million in the year 2020, is projected to reach a revised size of US$962.6 Million by 2027, growing at aCAGR of 3.6% over the period 2020-2027. Thyristor-based, one of the segments analyzed in the report, is projected to record 3.1% CAGR and reach US$609.8 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the MCR-based segment is readjusted to a revised 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $221.2 Million, While China is Forecast to Grow at 3.4% CAGR
The Static VAR Compensators (SVC) market in the U.S. is estimated at US$221.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$171.9 Million by the year 2027 trailing a CAGR of 3.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.We bring years of research experience to this 8th edition of our report. The 185-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- ABB Ltd.
- American Electric Power Co., Inc.
- American Superconductor Corporation
- Eaton Corporation PLC
- General Electric Company
- Hyosung Corporation
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
- Rongxin Power Electronic Co., Ltd.
- Siemens AG