Market Synopsis
Synchronous Condenser Market is projected to exceed USD 725 Million by 2030, growing at a CAGR of 5.2% during the forecast period.
As per the analysis by Market Research Future Reports (MRFR), the global synchronous condenser market is majorly driven by the growing demand in the applications and utilities in renewable energy. Synchronous condensers repay for the reactive power and balance the instability in power generation, security, assurance of grid reliability, and balancing the power quality in the grid. Besides, the increasing usage of renewable energy has resulted in a higher demand for synchronous condensers. The growing renewable power generation results in an increment of applications of synchronous condensers globally. There are several hurdles faced by the electric utilities within the grid system, which has raised the need for solving those problems. Here, synchronous condensers play a crucial role. Also, the increasing usage of renewable power generation has augmented the complexity and lacks resilience, and fluctuating electricity has led to increment in demand for synchronous condensers. Synchronous condenser are deployed in several renewable projects due to technical advantages.
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Market Segmentation
On the basis of end-use, the global synchronous condenser application can be classified into industries and electric utilities.
On the basis of the starting method, the global synchronous condenser market can be classified into pony motor, static frequency converter, and others.
On the basis of cooling type, the global synchronous condenser market can be classified into hydrogen, water, and, air,
On the basis of reactive power rating, the global synchronous condenser market can be classified into up to 100 MVAr, between 100MVAr- 200 MVAr, and above 200 MVAr.
On the basis of type, the global synchronous condenser market can be classified into refurbished and new.
On the basis of region, the synchronous condenser market report can be classified into Europe, North America, the Middle East & Africa, Asia-Pacific, and South America.
Regional Analysis
The geographical analysis of Europe, North America, the Middle East & Africa, Asia-Pacific, and South America has been conducted. As per the analysis, the Asia-Pacific region is estimated to acquire the largest market share during the review period. The increasing grid complexity and the growing T&D expenditure is estimated to be the most significant factor driving the regional market. Among all, China has acquired the first position, followed by India, Japan, and Australia. Moreover, the presence of established players like Toshiba Corporation and Fuji Electric Co. Ltd in the APAC region is another reason fueling the market in the region.
However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the market dynamics.
Key Players
The established players of the global synchronous condenser market are Eaton (Ireland), Siemens (Germany), ABB (Switzerland), Voith Group (Germany), General Electric (US), Sustainable Power Systems, Inc. (the US), Toshiba Corporation (Japan), Electro Mechanical Engineering Associates, Inc. (US), WEG (Brazil), Power Systems & Controls, Inc. (the US), Ideal Electric Company (US), Ansaldo Energia (Italy), Andritz (Austria), and a few others.
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