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Thyristor Based Static Var Compensator Market By Voltage (Low Voltage IGBTs, Medium Voltage IGBTs); By Packaging Type (IGBT Discrete, IGBT Module); By Application (Power Transmission Systems, Renewable Energy); By Geography – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032
Thyristor Based Static Var Compensator Market size was valued USD 865.14 million in 2024 and is anticipated to reach USD 1278.21 million by 2032, at a CAGR of 5% during the forecast period.
REPORT ATTRIBUTE
DETAILS
Historical Period
2020-2023
Base Year
2024
Forecast Period
2025-2032
Thyristor Based Static Var Compensator Market Size 2024
USD 865.14 Million
Thyristor Based Static Var Compensator Market, CAGR
5%
Thyristor Based Static Var Compensator Market Size 2032
USD 1278.21 Million
The Thyristor Based Static Var Compensator Market is shaped by leading players such as ABB, General Electric, Hitachi Energy Ltd., Eaton, Delta Electronics, Inc., American Superconductor, JEMA Energy, Elco Power, Komachine Inc., and Clariant Power System Limited. These companies focus on advanced product development, grid modernization projects, and integration with renewable energy networks to strengthen their market positions. North America emerges as the leading region, holding a 34% share, driven by strong investments in transmission infrastructure, renewable integration, and smart grid initiatives. The competitive landscape emphasizes technological innovation, reliability, and global expansion strategies.
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The Thyristor Based Static Var Compensator Market was valued at USD 865.14 million in 2024 and is projected to reach USD 1278.21 million by 2032, growing at a CAGR of 5% during the forecast period.
Key drivers include rising renewable energy integration, grid modernization programs, and increasing demand for power quality and transmission stability across utility and industrial sectors.
Market trends highlight the adoption of smart grid technologies, digital monitoring systems, and expansion of high-voltage applications, supported by continuous R&D investments.
The competitive landscape is shaped by major players such as ABB, General Electric, Hitachi Energy Ltd., and others, focusing on technological innovation, cost efficiency, and strategic partnerships to expand global reach.
North America leads with a 34% regional share, supported by strong renewable and grid projects, while the power transmission systems segment dominates applications, reflecting the growing need for reactive power compensation worldwide.
Market Segmentation Analysis:
By Voltage
In the Thyristor Based Static Var Compensator Market, the high voltage IGBTs segment dominates with the largest market share. Its strong position is supported by extensive deployment in large-scale power transmission systems, where high switching capacity and efficiency are critical. Utilities adopt high voltage IGBTs to stabilize grid fluctuations and improve reliability during peak demand. Medium voltage IGBTs follow due to growing demand in industrial plants and regional substations. Low voltage IGBTs hold a smaller share, mainly serving compact and low-power systems. Rising investments in smart grids and advanced substations further accelerate high voltage adoption.
For instance, Hitachi Energy’s HiPak IGBT modules operate over voltages from 1,700 V up to 6,500 V, offering phase-leg, chopper, and dual-diode configurations for high-power applications.
By Packaging Type
The IGBT module segment leads the market with the highest share, driven by its compact design and superior power handling capabilities. IGBT modules are widely used in high-power applications, including renewable energy integration and large-scale transmission projects. They deliver better thermal performance and reliability compared to discrete IGBTs, making them the preferred choice for grid-level applications. Discrete IGBTs remain relevant in low-power and cost-sensitive systems, especially in UPS and consumer-level equipment. The strong demand for modular and scalable power devices continues to fuel module adoption in SVC deployments worldwide.
For instance, Clariant Power System Ltd. offers a Medium-Voltage STATCOM with an IGBT core that provides a capacity of ±0.1 Mvar to ±200 Mvar. It operates on rated voltages up to 35 kV and has a total response time of less than 5 ms.
By Application
Power transmission systems account for the largest market share in the application segment, supported by ongoing upgrades in transmission infrastructure and growing electricity demand. Utilities rely on SVCs to reduce voltage instability, ensure reactive power compensation, and prevent grid failures. Renewable energy integration, especially wind and solar projects, is the second key driver, as intermittent generation creates higher need for grid stability. Rail traction systems and UPS solutions also contribute steadily, while electric and hybrid vehicles present emerging opportunities. Expanding renewable capacity and grid modernization initiatives ensure power transmission remains the dominant application area.
Key Growth Drivers
Expansion of Renewable Energy Integration
The growing adoption of renewable energy sources such as wind and solar power is driving demand for thyristor-based static var compensators (SVCs). These systems help stabilize voltage fluctuations caused by variable energy generation and ensure grid reliability. Governments and utilities are investing heavily in grid modernization projects to support cleaner energy mixes. The need for reactive power management in renewable-heavy networks positions thyristor-based SVCs as critical components in enhancing energy efficiency and grid stability.
For instance, GE’s SVC solution in the Saudi Arabia Jeddah North project was rated at −150/+300 Mvar, used in its patented Main Reactor Design to provide fast voltage support.
Rising Demand from Power Transmission Systems
Expanding power transmission infrastructure worldwide is a major driver for the market. High-voltage networks require stable voltage and power factor correction, which thyristor-based SVCs efficiently provide. Urbanization, industrial growth, and rising electricity demand are prompting utilities to strengthen long-distance transmission systems. These devices reduce transmission losses and increase network reliability, making them vital for utilities operating large-scale grids. Governments’ emphasis on grid resilience and stability further accelerates adoption.
For instance, ABB has developed a 6-inch thyristor rated at 8.5 kV and 4000 A for use in ultra-high voltage DC transmission systems. This device shows dv/dt capability exceeding 4000 V/μs and survives 5000 load cycles with an 80 °C temperature difference in reliability tests.
Growth in Rail and Transportation Electrification
Electrification of rail networks and urban transit systems is creating strong growth prospects. Modern rail systems require reliable voltage stability to handle fluctuating loads, and thyristor-based SVCs ensure optimal power quality. Countries investing in high-speed rail and metro projects are adopting advanced power compensation technologies. This trend is particularly strong in Asia-Pacific and Europe, where sustainable mobility initiatives are growing. By enhancing energy efficiency in electrified transport, SVCs support both operational reliability and environmental goals.
Key Trends & Opportunities
Adoption of Smart Grid Technologies
The shift toward smart grids presents significant opportunities for thyristor-based SVCs. Integration with digital monitoring and control systems allows real-time reactive power compensation, improving overall grid efficiency. Utilities are deploying SVCs with advanced communication and automation capabilities to ensure seamless operation within modern networks. This trend also aligns with the increasing focus on digital twin solutions and predictive maintenance technologies.
For instance, ABB’s VArPro STATCOM supports reactive power compensation from 100 kVAr up to 100 MVAr with built-in redundancy and protection systems, enabling fast response to voltage fluctuations. ([ABB VArPro STATCOM datasheet]).
Focus on Industrial Energy Efficiency
Industries are prioritizing energy efficiency and power quality to cut costs and reduce downtime. Thyristor-based SVCs help maintain stable voltage and minimize disruptions in energy-intensive sectors such as steel, cement, and chemicals. Industrial growth in emerging economies is boosting demand for these solutions. As companies adopt cleaner and more efficient energy practices, opportunities for SVC integration across manufacturing plants and process industries are expanding.
For instance, Elco provides static var compensator (SVC) and static var generator (SVG) solutions built on proven thyristor and IGBT technology. Their SVC systems cover medium voltages from 3.3 kV up to 38.5 kV, and reactive power capacity up to 250 MVAr.
Supportive Regulatory Environment
Government policies promoting energy efficiency and grid modernization are creating favorable conditions. Regulations mandating grid stability and reliability push utilities to adopt compensation systems. Incentives for renewable energy and carbon reduction targets further encourage deployment of advanced grid technologies. These regulatory measures enhance the market potential for thyristor-based SVCs in both developed and emerging regions.
Key Challenges
High Installation and Maintenance Costs
One of the main challenges for the market is the high capital cost of thyristor-based SVCs. Installation involves significant infrastructure upgrades, including substation modifications, which increase overall project expenses. Maintenance also requires specialized technical expertise, adding to lifecycle costs. These financial barriers may limit adoption in price-sensitive markets, particularly in developing economies.
Competition from Alternative Technologies
The market faces growing competition from alternative compensation technologies, including STATCOMs (Static Synchronous Compensators). STATCOMs offer faster response times and higher efficiency in certain applications, making them attractive to utilities seeking advanced solutions. The rising adoption of STATCOMs could challenge the growth trajectory of thyristor-based SVCs, pushing manufacturers to focus on cost competitiveness and technological enhancements.
Regional Analysis
North America
North America leads the Thyristor Based Static Var Compensator Market with a 34% share. Strong investments in grid modernization and integration of renewable energy sources drive adoption. Utilities in the United States and Canada prioritize voltage stability and transmission efficiency, especially as wind and solar capacities expand. The presence of established players and government incentives for smart grid deployment further strengthen the regional market. Industrial sectors such as steel and automotive also contribute significantly by adopting reactive power compensation solutions to enhance energy efficiency and reduce operational disruptions.
Europe
Europe accounts for 28% of the market share, supported by stringent energy regulations and a strong focus on sustainability. Countries such as Germany, France, and the United Kingdom are investing heavily in renewable energy integration and smart grid development. The electrification of rail networks and expansion of high-speed transport systems also boost demand. European utilities adopt SVC solutions to manage intermittent renewable output and enhance grid reliability. Government-backed initiatives for carbon reduction and energy efficiency create additional momentum, positioning Europe as a key hub for advanced reactive power compensation technologies.
Asia-Pacific
Asia-Pacific holds a 25% market share, driven by rapid industrialization, urbanization, and massive infrastructure projects. China and India are leading adopters, with growing electricity demand and renewable energy integration requiring enhanced grid stability. Investments in electrified rail networks and metro systems create strong demand for thyristor-based SVCs. Japan and South Korea contribute with advanced technology deployments and industrial modernization programs. The rising focus on reducing transmission losses and improving grid reliability underpins steady growth. The region’s large-scale renewable capacity additions ensure continued opportunities for SVC solutions in both utility and industrial sectors.
Latin America
America captures 7% of the market share, supported by energy sector reforms and increasing renewable energy penetration. Countries like Brazil, Chile, and Mexico are modernizing transmission networks to handle fluctuating loads from solar and wind projects. Industrial growth in mining and manufacturing sectors adds to the demand for voltage stability and power quality solutions. However, limited financial resources and high installation costs act as barriers to wider adoption. Regional governments’ emphasis on energy efficiency and international investments in grid upgrades are expected to gradually strengthen the market in the coming years.
Middle East & Africa
The Middle East & Africa region holds a 6% share in the thyristor-based SVC market. Rising investments in large-scale infrastructure, including power transmission and industrial projects, drive adoption. The Middle East focuses on integrating renewable energy projects like solar farms in Saudi Arabia and the UAE, requiring advanced grid stabilization technologies. In Africa, expanding electrification programs and growing urban demand highlight the need for reliable voltage management. Despite challenges related to cost and technical expertise, international collaborations and government-backed modernization plans are fostering gradual uptake of SVC solutions across both regions.
Market Segmentations:
By Voltage:
Low Voltage IGBTs
Medium Voltage IGBTs
By Packaging Type:
IGBT Discrete
IGBT Module
By Application:
Power Transmission Systems
Renewable Energy
By Geography
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Competitive Landscape
The Thyristor Based Static Var Compensator Market features strong competition from key players such as JEMA Energy, Eaton, Komachine Inc., Hitachi Energy Ltd., Clariant Power System Limited, General Electric, ABB, Elco Power, American Superconductor, and Delta Electronics, Inc. The Thyristor Based Static Var Compensator Market is characterized by intense competition, driven by rapid technological advancements and expanding application areas. Manufacturers focus on delivering reliable, cost-efficient, and scalable solutions that meet the growing demand for grid stability and energy efficiency. The market emphasizes innovation in high-voltage compensation systems, integration with renewable energy sources, and compatibility with smart grid infrastructure. Strategic partnerships, mergers, and acquisitions are common as companies aim to strengthen global presence and enhance product portfolios. Competitive intensity remains high, with firms investing in R&D, sustainability, and regional expansion to capture new growth opportunities.
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In April 2025, Littelfuse unveiled the Pxxx0S3G-A SIDACtor series, the first 2 kA protection thyristors in a DO-214AB package, giving telecom boards higher surge immunity without enlarging footprints.
In March 2024, Hitachi Energy, increased its chip production for 1,200V IGBTs through its semiconductor technology 300mm wafer. The innovative development boosts chip production capacity and enables more complex structures of these power semiconductor devices, rapidly switching power supplies in high-power applications.
In November 2023, Merus Power is undertaking the modernization of a 110 Mvar static power compensator at the Arcelor Mittal Warszawa steel mill across Poland. The upgraded SVC will stabilize voltage fluctuations associated with the Electric Arc Furnace and ensure consistent power quality at the steel plant’s high-voltage connection point.
In July 2023, Nexperia entered into the IGBT market with a flexible range of 600 V devices, offering medium-speed (M3) and high-speed (H3) switching capabilities. These IGBTs feature a carrier-stored trench-gate advanced Field-stop (FS) construction, providing low conduction and switching losses with high ruggedness.
Report Coverage
The research report offers an in-depth analysis based on Voltage, Packaging Type, Application and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The market will expand with rising renewable energy integration across global power grids.
Grid modernization initiatives will continue to drive demand for advanced compensation systems.
Increasing electrification of rail networks will create new opportunities for deployment.
Industrial sectors will adopt more solutions to enhance energy efficiency and reliability.
Smart grid adoption will accelerate integration of digitalized thyristor-based systems.
Emerging economies will invest heavily in grid stability to meet rising electricity demand.
Competition from STATCOM technology will push innovation in cost-effective SVC solutions.
Government policies promoting energy efficiency will strengthen market penetration.
Strategic collaborations will enhance product development and global reach.
Long-term growth will be shaped by sustainability goals and carbon reduction targets.
1. Introduction
1.1. Report Description
1.2. Purpose of the Report
1.3. USP & Key Offerings
1.4. Key Benefits for Stakeholders
1.5. Target Audience
1.6. Report Scope
1.7. Regional Scope 2. Scope and Methodology
2.1. Objectives of the Study
2.2. Stakeholders
2.3. Data Sources
2.3.1. Primary Sources
2.3.2. Secondary Sources
2.4. Market Estimation
2.4.1. Bottom-Up Approach
2.4.2. Top-Down Approach
2.5. Forecasting Methodology 3. Executive Summary 4. Introduction
4.1. Overview
4.2. Key Industry Trends 5. Global Thyristor Based Static Var Compensator Market
5.1. Market Overview
5.2. Market Performance
5.3. Impact of COVID-19
5.4. Market Forecast 6. Market Breakup by Voltage
6.1. Low Voltage IGBTs
6.1.1. Market Trends
6.1.2. Market Forecast
6.1.3. Revenue Share
6.1.4. Revenue Growth Opportunity
6.2. Medium Voltage IGBTs
6.2.1. Market Trends
6.2.2. Market Forecast
6.2.3. Revenue Share
6.2.4. Revenue Growth Opportunity 7. Market Breakup by Packaging Type
7.1. IGBT Discrete
7.1.1. Market Trends
7.1.2. Market Forecast
7.1.3. Revenue Share
7.1.4. Revenue Growth Opportunity
7.2. IGBT Module
7.2.1. Market Trends
7.2.2. Market Forecast
7.2.3. Revenue Share
7.2.4. Revenue Growth Opportunity 8. Market Breakup by Application
8.1. Power Transmission Systems
8.1.1. Market Trends
8.1.2. Market Forecast
8.1.3. Revenue Share
8.1.4. Revenue Growth Opportunity
8.2. Renewable Energy
8.2.1. Market Trends
8.2.2. Market Forecast
8.2.3. Revenue Share
8.2.4. Revenue Growth Opportunity 9. Market Breakup by Region
9.1. North America
9.1.1. United States
9.1.1.1. Market Trends
9.1.1.2. Market Forecast
9.1.2. Canada
9.1.2.1. Market Trends
9.1.2.2. Market Forecast
9.2. Asia-Pacific
9.2.1. China
9.2.2. Japan
9.2.3. India
9.2.4. South Korea
9.2.5. Australia
9.2.6. Indonesia
9.2.7. Others
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. United Kingdom
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Others
9.4. Latin America
9.4.1. Brazil
9.4.2. Mexico
9.4.3. Others
9.5. Middle East and Africa
9.5.1. Market Trends
9.5.2. Market Breakup by Country
9.5.3. Market Forecast 10. SWOT Analysis
10.1. Overview
10.2. Strengths
10.3. Weaknesses
10.4. Opportunities
10.5. Threats 11. Value Chain Analysis 12. Porter’s Five Forces Analysis
12.1. Overview
12.2. Bargaining Power of Buyers
12.3. Bargaining Power of Suppliers
12.4. Degree of Competition
12.5. Threat of New Entrants
12.6. Threat of Substitutes 13. Price Analysis 14. Competitive Landscape
14.1. Market Structure
14.2. Key Players
14.3. Profiles of Key Players
14.3.1. JEMA Energy
14.3.1.1. Company Overview
14.3.1.2. Product Portfolio
14.3.1.3. Financials
14.3.1.4. SWOT Analysis
14.3.2. Eaton
14.3.2.1. Company Overview
14.3.2.2. Product Portfolio
14.3.2.3. Financials
14.3.2.4. SWOT Analysis
14.3.3. Komachine Inc.
14.3.3.1. Company Overview
14.3.3.2. Product Portfolio
14.3.3.3. Financials
14.3.3.4. SWOT Analysis
14.3.4. Hitachi Energy Ltd.
14.3.4.1. Company Overview
14.3.4.2. Product Portfolio
14.3.4.3. Financials
14.3.4.4. SWOT Analysis
14.3.5. Clariant Power System Limited
14.3.5.1. Company Overview
14.3.5.2. Product Portfolio
14.3.5.3. Financials
14.3.5.4. SWOT Analysis
14.3.6. General Electric
14.3.6.1. Company Overview
14.3.6.2. Product Portfolio
14.3.6.3. Financials
14.3.6.4. SWOT Analysis
14.3.7. ABB
14.3.7.1. Company Overview
14.3.7.2. Product Portfolio
14.3.7.3. Financials
14.3.7.4. SWOT Analysis
14.3.8. Elco Power
14.3.8.1. Company Overview
14.3.8.2. Product Portfolio
14.3.8.3. Financials
14.3.8.4. SWOT Analysis
14.3.9. American Superconductor
14.3.9.1. Company Overview
14.3.9.2. Product Portfolio
14.3.9.3. Financials
14.3.9.4. SWOT Analysis
14.3.10. Delta Electronics, Inc.
14.3.10.1. Company Overview
14.3.10.2. Product Portfolio
14.3.10.3. Financials
14.3.10.4. SWOT Analysis 15. Research Methodology
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What is the current market size for Thyristor Based Static Var Compensator Market, and what is its projected size in 2032?
The market size was USD 865.14 million in 2024 and is projected to reach USD 1278.21 million by 2032.
At what Compound Annual Growth Rate is the Thyristor Based Static Var Compensator Market projected to grow between 2025 and 2032?
The market is projected to grow at a CAGR of 5% during the forecast period.
Which Thyristor Based Static Var Compensator Market segment held the largest share in 2024?
The high voltage IGBTs segment held the largest share in 2024.
What are the primary factors fueling the growth of the Thyristor Based Static Var Compensator Market?
Key factors include renewable energy integration, grid modernization, and rising electricity demand.
Who are the leading companies in the Thyristor Based Static Var Compensator Market?
Leading companies include ABB, General Electric, Hitachi Energy Ltd., Eaton, and Delta Electronics, Inc.
Which region commanded the largest share of the Thyristor Based Static Var Compensator Market in 2024?
North America led the market with a 34% regional share in 2024.
About Author
Ganesh Chandwade
Senior Industry Consultant
Ganesh is a senior industry consultant specializing in heavy industries and advanced materials.
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