Synchronous Condenser - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Synchronous Condenser Market is accounted for $528.39 million in 2018 and is expected to reach $745.58 million by 2027 growing at a CAGR of 3.9% during the forecast period. Factors such as growing need for Power Factor Correction (PFC) and increasing demand for renewable power generation are driving the market growth. However, high maintenance and equipment cost may act as negative element for the market. Moreover, converting the existing synchronous generators into synchronous condensers and expanding High-Voltage Direct Current (HVDC) network are creating lucrative opportunities across the globe.
Synchronous condenser is also termed as synchronous compensator. This device is commonly used to control the grid voltage. In addition, it also adjusts conditions on the electric power transmission grid. The field of the synchronous machine is normally composed by a voltage regulator in order to either produce or absorb reactive power which is needed to adjust the grid's voltage or to enhance power factor. The synchronous condenser systems deliver an incredibly reliable and effective solution to address receptive compensation and voltage sustenance necessities. In addition, it also provides an optimized solution for cost to the transmission operators as well as performance and operational flexibility.
Based on cooling type, Hydrogen Cooled synchronous condenser is going to have a lucrative growth due to the widespread adoption of large-sized synchronous condensers between 100 Mega Volt Amps (reactive) (MVAr) and 300 MVAr capacity. Hydrogen cooling is an efficient option for synchronous condensers of these capacities. By geography, North America is estimated to have a huge demand in the forecast period. The market in the region is anticipated to expand in the near future due to factors such as installation of new power plants in the U.S. and increasing use of synchronous condensers in the existing power plants in the country.
Some of the key players in Global Synchronous Condenser market include General Electric, Siemens AG., Sustainable Power Systems, Eaton Corporation Plc, ABB Ltd, Ideal Electric (Hyundai Ideal Electric Co.), Fuji Electric, Voith GmbH, Power Systems & Controls, WEG Electric Corp, Ansaldo Energia, Electromechanical Engineering Associates Inc., Toshiba Corporation, Hyundai Ideal Electric Co., Brush Group, and Mistubishi Electric Corporation.
• Refurbished Synchronous Condenser
• New Synchronous Condenser
Starting Methods Covered:
• Pony Motor
• Static Frequency Converter
• Other Starting Methods
Cooling Types Covered:
• Water Cooled
• Hydrogen Cooled
• Air Cooled
• Other Cooling Types
• Cooling System
• Rotor With Solid Integral Pole Tips
• Other Components
Reactive Power Rating (MVAr) Covered:
• Less than 50 MVAR
• 50 to 80 MVAR
• 80 to 100 MVAR
• 100 to 150 MVAR
• 150 to 200 MVAR
• Above 200 MVAR
• Wind Power
• Other Applications
End Users Covered:
• Utility Power Generation
• Bio Gas
• Water Treatment
• Oil & Gas
• Electrical Utilities
• Metal & Mining
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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