Press Release / Environment / Synchronous Condenser Market Size, Share, and Growth by Leading International Manufacturers and Regional Analysis by 2023

Synchronous Condenser Market Size, Share, and Growth by Leading International Manufacturers and Regional Analysis by 2023

Market Overview:-
Growth in electric power consumption and increasing need to widen transmission capacity are becoming critical in current market. Also, increase in renewable power generation, retiring old power plants, and increasing need of High-Voltage-Direct-Current (HVDC) has a substantial effect on stability of transmission grid. Synchronous condensers play a key role by generating leading and lagging reactive power resulting to stabilize the transmission grid. Its main advantages are short-circuit power capability, no harmonics are generated and provides inertia to the transmission grid. The key driving factors for this market is the large-scale demand by utilities for high-capacity synchronous condensers, also power generated from renewable sources is of fluctuating nature and needs power factor correction to maintain voltage stability and durability of synchronous condenser among others.
 
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Industry Top Key Players:-
The key players of 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), Hyundai Ideal Electric Co. (U.S.), Sustainable Power Systems LLC. (USA), WEG Industries (Brazil), Electro Mechanical Engineering Associates (USA), Power Systems and Control (USA) among others. 
 
 
Scope of the Report:-
This study provides an overview of the global synchronous condenser market, tracking five market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global synchronous condenser market by its cooling method, end user, reactive power rating, starting method, product type and by regions.
 
By Cooling

Hydrogen
Air
Water

 
By Reactive Power Rating

Up to 100 MVAr
Between 100-200 MVAr
Above 200 MVAr

 
By Starting Method

Static Frequency Converter
Pony Motor
Others

 
By End User

Electrical Utilities
Industries

 
By Product

New
Refurbished

 
By Region

North America 
Asia Pacific 
Europe
Rest of the World  

 
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Global Analysis:-
The global synchronous condenser market begins with the tendering for HVDC network and substations. The tender is then scrutinized by the contractors/manufacturers for new units or replacement of conventional power plants. The delivering services, in addition, accommodate a new synchronous condenser units, ancillary components for renovation or alteration. Further step is installation of new units or alteration to synchronous condenser mode. Repair and maintenance is the following step which includes scheduled maintenance, repairs, renovations and alterations.
The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. Gradual termination of conventional thermal power plants and growing renewable power generation are driving the synchronous condensers market in the region. North America is followed by Europe. Requirement for synchronous condensers in Europe is mainly driven by growing HVDC network in the region.
 
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