Global Synchronous Condenser Market Analysis:
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.
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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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 condensers are deployed in several renewable projects due to technical advantages.
Synchronous condensers are rotating electrical machines that provide reactive power compensation and short-circuit power capacity. They help maintain the power quality in an electric grid and also help enable grid stability and reliability. Synchronous condensers contain equipment such as starting equipment, auxiliary power distribution, excitation systems, lube oil supply, rotors, condenser cooling, and stators.
The increasing demand for electrical utilities in emerging regions is likely to be a major driver for the global synchronous condenser industry over the forecast period. Electrical utilities have risen in demand in emerging regions such as Asia Pacific and the Middle East due to the growing urbanization in the region. The urbanization has led to growing commercial and residential construction in these regions, which has led to a growing demand for electric power. This has led to a growing demand for synchronous condensers in order to maintain power quality throughout the grid.
Synchronous Condenser Market Segmentation
The global Synchronous Condenser Industry 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.
Global Synchronous Condenser Market – Regional Analysis
The Asia Pacific region dominates the global synchronous condenser market. The largest market share attributes to the increasing T&D expenditure and growing grid complexities. Besides, notable industry players such as Fuji Electric Co. Ltd and Toshiba Corporation act as a primary driving force for market growth. Moreover, the augmented demand for energy and industrialization in the region drives the growth of the market.
Furthermore, economic development and growing electrical implementation activities foster the growth of the regional market. China holds a major share in the regional market, followed by India, Japan, and Australia. The APAC synchronous condenser market is projected to retain its dominance throughout the estimated period.
North America stands second in the global synchronous condenser market. The market is driven by the presence of major manufacturing companies, such as General Electric, Sustainable Power Systems, and Electro-Mechanical Engineering Associates. The region demonstrates a higher adoption of synchronous condensers due to continuously rising electric utilities and power industry, which, in turn, drives the regional market. The US, backed by the increasing demand for power and industrialization, holds a significant share in the regional market.
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