Bannan was suspended for three matches after receiving a straight red card during Wednesday’s 3-0 win over Nottingham Forest.
The Scotland international has been a key player for the Owls this season, and there were fears that his absence could derail the side.
However, Wednesday have coped well without Bannan in their team - winning all three matches that he has been missing for.
And Carvalhal said: “Barry is an important player to us and everyone was a little concerned what would happen in the three games without him. We gave a strong answer, winning the three games he missed. We are happy that Barry is coming back. But our team, during the season, can win without most players.
“We are acting like a team. It is a collective game. It is not tennis. We play for each other and we have created a good atmosphere and soul.”
Despite Wednesday’s strong run of form without Bannan, the Sheffield Telegraph suggest that the former Crystal Palace man is set to come straight back into their starting line-up.
Wednesday’s next match comes against Bristol City on Saturday, where they will be the heavy favourites to win.
The Robins have been struggling against relegation this season, whereas Wednesday are looking to consolidate their place in the play offs.
As things stand, Carvalhal’s men are in fifth place in the Championship table - five points clear of seventh placed Cardiff City.