Synchronous Condenser Market Trends & Dynamic Forecast to 2027
Synchronous condensers or compensators are used in controlling the grid voltage and adjust settings on the electric grid. It can provide or absorb reactive power and enhance power as per the needs or necessities of clients. The global synchronous condenser market report by Market Research Future (MRFR) directs its focus on electric grids and substations and its need for power supply during the period of 2019 to 2025 (forecast period). The outbreak of the COVID-19 virus and its impact on the industry are explored in the report.
The global synchronous condenser market is poised for a huge valuation by the end of the forecast period owing to optimized solutions for voltage sustenance and reactive compensation. The huge demand in utilities and applications in renewable energy can drive market demand significantly. The increased power of power transmission networks and stabilization of power and security and efficiency of systems can drive the market demand.
The huge investments by utility companies for upgrading electric infrastructure can fuel the market growth. New renewable energy project bid and need for power factor corrections can spur the market.
The global synchronous condenser market is segmented based on cooling type, reactive power rating, type, starting method, and end use. By cooling type, the global market is segmented into hydrogen, air, and water. By reactive power rating, the global market is segmented into up to 100 MVAr, between 100MVAr- 200 MVAr, and above 200 MVAr. Based on type, the global market has been segmented into new and refurbished. Based on the starting method, the global synchronous condenser market has been segmented into pony motor, static frequency converter, and others. Based on end use, the global market has been segmented into electric utilities and industries. The electric utilities industry is the biggest end user of the synchronous condenser market owing to applications in water treatment, oil & gas, wind/solar, and others.
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Geographically, the global synchronous condenser market is segmented into Europe, North America, the Middle East & Africa (MEA), Asia Pacific (APAC), and South America. APAC is expected to hold the major share of the market during the forecast period owing to the increasing transmission and distribution (T&D) expenditure and growing grid complexity. China is expected to hold the highest share in the regional market during the forecast period, followed by India, Japan, and Australia. The presence of prominent companies offering synchronous condensers can drive its adoption rate in this region. Advantages of renewable energy such as diversification of energy supply, reduction of greenhouse gas emissions, and low dependence on fossil fuels as well as subsidies by governments can bode well for the regional synchronous condenser market.
North America is expected to be lucrative for the global synchronous condenser market owing to industrial developments and R&D investments by majority of industrial sectors. Replacement of old power generation plants with synchronous condensers is likely to drive regional market demand.
Siemens, WEG, Ideal Electric Company, Toshiba Corporation, Electro Mechanical Engineering Associates, Inc., Voith Group, Eaton, Andritz, Power Systems & Controls, Inc., ABB, Sustainable Power Systems, Inc., Ansaldo Energia, and General Electric are key players of the global synchronous condenser market.
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