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.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Synchronous Condenser Market 4.2 Synchronous Condenser Market, by Region 4.3 Synchronous Condenser Market, by Cooling Type 4.4 Synchronous Condenser Market, by Starting Method 4.5 Synchronous Condenser Market, by Reactive Power Rating (Mvar) 4.6 Synchronous Condenser Market, by End-user 4.7 Synchronous Condenser Market, by Type
5 Market Overview 5.1 Introduction 5.2 COVID-19 Health Assessment 5.3 Market Dynamics 5.3.1 Drivers 184.108.40.206 Increasing Demand for Renewable Power Generation 220.127.116.11 Growing Need for Power Factor Correction (Pfc) 5.3.2 Restraints 18.104.22.168 High Maintenance and Equipment Costs of Synchronous Condensers 5.3.3 Opportunities 22.214.171.124 Converting the Existing Synchronous Generators into Synchronous Condensers 126.96.36.199 Expanding High-Voltage Direct Current (Hvdc) Network 5.3.4 Challenges 188.8.131.52 Availability of Low-Cost Alternatives Such as Synchronous Generators, Capacitors, and Statcom 184.108.40.206 Rising Product Costs due to Shortage of Components/Parts Used in Manufacturing Synchronous Condensers due to COVID-19 5.4 Yc-Shift 5.4.1 Revenue Shift & New Revenue Pockets for Synchronous Condenser Manufacturers 5.5 Market Map 5.6 Average Pricing of Synchronous Condenser 5.7 Value Chain Analysis 5.7.1 Raw Material Providers/ Suppliers 5.7.2 Component Manufacturers 5.7.3 Assemblers/Manufacturers 5.7.4 Distributors (Buyers)/ End-users and Post-Sales Services 5.8 Case Study Analysis 5.8.1 Terna's Synchronous Condenser Success 220.127.116.11 Problem Statement 18.104.22.168 Possible Solution by Ge's Synchronous Condenser 5.9 Technology Analysis 5.10 Regulatory Landscape 5.10.1 Regulatory Framework in North America 5.10.2 Regulatory Framework in Europe 5.11 Porter's Five Forces Analysis 5.11.1 Threat of Substitutes 5.11.2 Bargaining Power of Suppliers 5.11.3 Bargaining Power of Buyers 5.11.4 Threat of New Entrants 5.11.5 Intensity of Competitive Rivalry
6 Impact of COVID-19 on Synchronous Condenser Market, Scenario Analysis, by Region 6.1 Scenario Analysis 6.1.1 Optimistic Scenario 6.1.2 Realistic Scenario 6.1.3 Pessimistic Scenario 7 Synchronous Condenser Market, by Cooling Type 7.1 Introduction 7.2 Hydrogen Cooled 7.2.1 High Thermal Conductivity of Hydrogen-Cooled Synchronous Condensers is Expected to Foster Their Demand 7.3 Air Cooled 7.3.1 Improved Cooling Feature of Air-Cooled Synchronous Condensers Using Air Circulation is Likely to Fuel Market Growth 7.4 Water Cooled 7.4.1 Cost Efficiency of Water-Cooled Synchronous Condensers Over Their Hydrogen-Cooled Counterpart is Likely to Foster Their Demand in Market 8 Synchronous Condenser Market, by Starting Method 8.1 Introduction 8.2 Static Frequency Converters 8.2.1 Low Installation Costs and Low Noise Features are Expected to Boost Demand for Static Frequency Converters 8.3 Pony Motors 8.3.1 Low Cost of Pony Motors is Likely to Foster Their Demand in Synchronous Condenser Market 8.4 Others 9 Synchronous Condenser Market, by Reactive Power Rating (Mvar) 9.1 Introduction 9.2 Up to 100 Mvar Synchronous Condensers 9.2.1 Growing Usage of Air- & Water-Cooled Synchronous Condensers is Expected to Foster Demand for Synchronous Condensers of Up to 100 Mvar 9.3 100-200 Mvar Synchronous Condensers 9.3.1 Use of 100-200 Mvar Synchronous Condensers for Transmission System Stability is Likely to Foster Their Demand 9.4 Above 200 Mvar Synchronous Condensers 9.4.1 Growing Use of Hydrogen-Cooled Synchronous Condensers is Expected to Boost Their Demand 10 Synchronous Condenser Market, by End-user 10.1 Introduction 10.2 Electrical Utilities 10.2.1 Demand for Grid Stability and Controlling Voltage Fluctuations is Expected to Drive Market 10.3 Industries 10.3.1 Requirement for Industrial Loads' Power Factor Correction is Likely to Drive Market
11 Synchronous Condenser Market, by Type 11.1 Introduction 11.2 New Synchronous Condensers 11.2.1 Expansion of Hvdc Network is Likely to Generate Demand for New Synchronous Condensers 11.3 Refurbished Synchronous Condensers 11.3.1 Refurbished Synchronous Condensers are More Economical, Which is Likely to Propel Market Growth 12 Synchronous Condenser Market, by Region 12.1 Introduction 12.1.1 Impact of COVID-19 on Global Synchronous Condenser Market 12.2 North America 12.3 Europe 12.4 South America 12.5 Rest of the World (Row) 13 Competitive Landscape 13.1 Overview 13.2 Market Share Analysis, 2019 13.3 Market Evaluation Framework 13.4 Synchronous Condenser Revenue Analysis of Top 5 Market Players 13.5 Key Market Developments 13.5.1 Product Launches 13.5.2 Contracts & Agreements 13.5.3 Collaborations 13.5.4 Mergers & Acquisitions 14 Company Evaluation Quadrant and Company Profiles 14.1 Company Evaluation Quadrant Definitions and Methodology 14.1.1 Stars 14.1.2 Innovators 14.1.3 Pervasive 14.1.4 Emerging Companies 14.1.5 Product Footprint Analysis of Top Players 14.2 Company Profiles 14.2.1 ABB 14.2.2 Siemens 14.2.3 GE 14.2.4 WEG 14.2.5 Eaton 14.2.6 Andritz 14.2.7 Ansaldo Energia 14.2.8 Fuji Electric 14.2.9 Voith Group 14.2.10 Bharat Heavy Electricals Limited (Bhel) 14.2.11 Ideal Electric Power (Hyundai Ideal Electric Co.) 14.2.12 Sustainable Power Systems 14.2.13 Power Systems & Controls 14.2.14 Brush Group 14.2.15 Electromechanical Engineering Associates