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Synchronous Condenser Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
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Request Now !A synchronous condenser is an electrical device that is used to adjust the conditions involving the lagging power factor in the electric power transmission grid. The field of the synchronous condenser is controlled by a voltage regulator, thereby enabling it to adjust the voltage of the grid or improve the power factor. The induction motors present in the electrical circuits face the lagging power factor, which decreases the efficiency of the motors resulting in loss of energy. The synchronous condensers cancel out the lagging power factor by supplying reactive power and thereby, improving the voltage regulation of the line.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (USD) |
Segments covered | Type, Cooling Type, Reactive Power Rating, and Region |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa (Saudi Arabia, UAE, Kuwait, South Africa, and Rest of MEA) |
Companies covered | Siemens, Eaton, ABB, General Electric, Voith Group, Sustainable Power Systems, Inc., Electro Mechanical Engineering Associates, Inc., Toshiba Corporation, WEG, Ideal Electric Company, Power Systems & Controls Inc., AnsaldoEnergia and Andritz. |
COVID-19 scenario analysis:
The outbreak of the global pandemic has severely affected the global synchronous condenser market.
- The nationwide lockdowns imposed by the governments to contain the virus resulted in a significant decrease in business activities. As a result, the demand for energy decreased steeply, thereby affecting the market.
- The outbreak of the global pandemic has affected the manufacturing facilities of the synchronous condenser market to a great extent due to lack of workforce.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The growing need for better energy management solutions and energy efficiency has acted as a major driving factor for the growth of the global synchronous condenser market. The synchronous condensers provide a much better power factor for the power transmission network. Moreover, it also helps to avoid conditions that lead to short circuit and transient fault in power grids by both absorbing and producing the reactive power. The synchronous condensers also provide steady-state and dynamic voltage control, control over reactive power of dynamic loads and thereby stabilizing the grids. On the other hand, with the increasing renewable power generation, there is an increase in complexity of the grids. Major challenges are being faced during the integration of conventional and non-conventional energy leading to disturbed power generation. This is where the synchronous condensers are involved, and they provide the voltage correction in power transmission and supply the additional short-circuit power to strengthen the grid and enhance the power quality of the transmission system. However, the high maintenance cost and the higher cost at low power ratings might be few restraining factors for the market. Several major companies are focusing toward expanding their businesses and creating manufacturing facilities in the developing regions like China, due to the easy availability of land and cheap labor.
In terms of market share, the North America region is leading the global synchronous condenser market owing to increasing applications of synchronous condensers in the power plants, especially in developed nations such as the U.S. The market in the Asia-Pacific region is also expected to grow significantly, due to rapid developments in the power generation sector in the emerging economies such as India and China.
Key segments covered:
Segments | Sub-segments |
Type |
|
Cooling Type |
|
Reactive Power Rating |
|
Key benefits of the report:
- This study presents the analytical depiction of the global synchronous condenser industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global synchronous condenser market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global synchronous condenser market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global synchronous condenser market analysis based on competitive intensity and how the competition will take shape in coming years.
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