Synchronous Condenser Market - 2021 Industry Trends and Demands Research Report

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Synchronous Condenser Market by Cooling Type,
Reactive Power Rating, Type, Starting Method, End
User and by Region- 2021
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Synchronous Condenser Market by Cooling Type
(Hydrogen, Air, and Water), Reactive Power Rating
(Up to 100 MVAr, 100-200 MVAr, Above 200 MVAr),
Type, Starting Method (Static Frequency
Converter, Pony Motor), End User, and Region -
Global Forecast to 2021 The synchronous
condensers market is expected to grow from an
estimated USD 515.3 Million in 2016 to USD 572.9
Million by 2021, at an estimated CAGR of 2.1.
The global market is witnessing significant
growth due to increasing renewable power
generation, long service life, and rising need
for power factor correction. PDF Brochure
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Static frequency converter segment is expected to
lead synchronous condensers market by starting
method Static frequency converters provide
superior control for starting synchronous
condensers compared with pony motors. Pony motors
are preferred for small-sized condensers. Static
frequency converters offer better precision and
capability to start multiple condensers. Owing to
these factors, static frequency converters are
expected to lead the market segment and grow at
the fastest rate within all the segments.
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Hydrogen cooling segment is expected to capture
the major share of the synchronous condensers
market by cooling type Hydrogen-cooled
synchronous condenser is the largest segment and
is expected to grow faster than other cooling
methods. It is the preferred method of cooling
employed for medium- to large-sized synchronous
condensers. The key driving factor will be
installation of medium- to large-sized
synchronous condenser units between 100 and 300
MVAr across the regions. Request for
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Synchronous condensers rated above 200 MVAr are
expected to capture the major share of the
synchronous condensers market by reactive power
rating With the rising need for power factor
correction, demand for synchronous condensers is
expected to grow, especially for condensers rated
above 200 MVAr. This is evident from the
contracts that have been executed from 2012 to
2016. This may be attributed to the rising demand
for reactive power to stabilize the grid and
maintain voltage regulation.
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Electric utilities are the leading end-users of
synchronous condensers and are expected to lead
the market throughout the forecast
period Electric utilities have been
historically the largest users of power factor
correction equipment. Industries employ
synchronous condensers only when the requirement
for power factor correction is high and the power
transmission is over a long distance. Mining and
metal processing industries have been the major
user of synchronous condensers but their share is
low compared with electric utilities. Hence, the
market for electric utilities will remain
dominant and grow at a faster rate during the
forecast period. Request Sample _at_
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North America is expected to dominate the global
synchronous condensers market Rising demand for
synchronous condensers in Canada, especially new
installations and conversion of old power plants
to synchronous condensers in the U.S. would drive
the synchronous condenser market in North
America. Many thermal power plants are being shut
down in the U.S. to curb pollution and promote
renewable power generation. This is also likely
to create a huge demand for synchronous
condensers in the region.
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Market Ecosystem The ecosystem of the global
synchronous condensers market starts with
tendering for substations, or HVDC networks. The
tenders goes through contractors/manufacturers of
synchronous condensers for new units or
conversion of old power plants. The delivering
services, further, include a new synchronous
condenser units, ancillary components for
refurbishment or conversion. This is followed by
installation of new units or converting to
synchronous condenser mode. Maintenance and
repair is the next stage of the ecosystem, which
includes scheduled maintenance, repairs,
refurbishments, and replacements. Some of the
major players in the synchronous condensers
market are Siemens AG (Germany), General Electric
(U.S.), Eaton Co. Plc. (Ireland), ABB Ltd.
(Switzerland), Voith GmbH (Germany), Fuji
Electric Co., Ltd. (Japan), Toshiba Corporation
(Japan), and Hyundai Ideal Electric Co. (U.S.)
among others. Speak to analyst _at_
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