The Worldwide Synchronous Condenser Industry is Projected to Reach $574 Million by 2025 - ResearchAndMarkets.com

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Jan 15, 2021 09:29 am
DUBLIN -- 

The "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power Rating, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global synchronous condenser market is projected to reach USD 574.0 million by 2025 from an estimated USD 508.4 million in 2020, at a CAGR of 2.5% during the forecast period.

The increasing electrical power consumption and rising need to maximize transmission capacity are becoming increasingly important. Along with this, growing renewable-based power generation in the energy mix, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC) has had a considerable effect on transmission grid stability. Synchronous condensers play a vital role by generating lagging and leading reactive power, helping to stabilize the transmission grid. It also offers several advantages over other substitutes such as no harmonics, short-circuits power capability, and inertia to the transmission grid among others.

Synchronous condensers rated above 200 MVAr dominate the global market.

The above 200 MVAr segment of synchronous condensers is expected to be the largest market, by reactive power rating, during the forecast period. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.

Hydrogen cooled synchronous condensers are the fastest-growing segment during the forecast period in the global synchronous condenser market.

The hydrogen cooled synchronous condenser is estimated to be the fastest-growing during the forecast period. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for a reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).

By starting method, static frequency converters segment is expected to dominate the global synchronous condenser market.

Static frequency converters accounted for the largest share of the synchronous condenser market, it is also estimated to be the fastest-growing segment during the forecast period. Low installation costs and low noise features of static frequency converters are expected to boost their demand in the synchronous condenser market

North America to lead the global synchronous condensers market in terms of growth rate.

The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. The gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region.

Besides North America, Europe was one of the largest markets for synchronous condensers. The demand for synchronous condensers in Europe is mainly driven by rising HVDC network in the region.

Market Dynamics

Drivers

  • Increasing Demand for Renewable Power Generation
  • Growing Need for Power Factor Correction (Pfc)

Restraints

  • High Maintenance and Equipment Costs of Synchronous Condensers

Opportunities

  • Converting the Existing Synchronous Generators into Synchronous Condensers
  • Expanding High-Voltage Direct Current (Hvdc) Network

Challenges

  • Availability of Low-Cost Alternatives Such as Synchronous Generators, Capacitors, and Statcom
  • Rising Product Costs due to Shortage of Components/Parts Used in Manufacturing Synchronous Condensers due to COVID-19

Companies Mentioned

  • ABB
  • Andritz
  • Ansaldo Energia
  • Bharat Heavy Electricals Limited (Bhel)
  • Brush Group
  • Eaton
  • Electromechanical Engineering Associates
  • Fuji Electric
  • GE
  • Ideal Electric Power (Hyundai Ideal Electric Co.)
  • Power Systems & Controls
  • Siemens
  • Sustainable Power Systems
  • Voith Group
  • WEG

For more information about this report visit https://www.researchandmarkets.com/r/o8i6od

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
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