The market in the APAC region is expected to grow at the highest CAGR during the forecast period. The key reason behind a sharp growth in the APAC region can be attributed to the development of industrial sector and power infrastructure in this region. With the increase in investments, large numbers of plants are expected to be set up, which require SVC solutions for power transmission and distribution, which is directly expected to impact the growth of the overall static VAR compensator market.
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Lack of awareness among companies regarding the benefits of MCR-based SVCs is one of the key restraining factors in the static VAR compensator market. There is reluctance from end customers to adopt or to switch onto SVC because of many reasons, and one such reason among them is—less knowledge about the technology. This unwillingness is mainly a result of ignorance about the benefits of MCR-based SVC. Since the inception of this technology, not much has been done to show the usefulness of this technology. In fact, MCR-based SVC devices have great potential to save the power system from the threat of collapse which in turn reduces the risk of revenue loss and penalties. However, the wide opportunities of SVC in applications such as being used as high voltage boosters for different purposes in the railways sector is responsible for the impressive growth of this market.
Key players in this market are focused on expansions and new product launches to increase their revenue. ABB Ltd. is one of the leaders in the static VAR compensator market. The company focuses on contracts and expansions to maintain their presence in the market all over the world. The company has a huge customer base with long-term contracts. For instance, in December 2014, ABB installed and commissioned four SVCs as part of a project given by Electric Transmission Texas, LLC (Austin). Similarly, ABB has also recently entered into a joint venture with Hitachi to provide HVDC solutions in Japan.
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