The North American Synchronous Condenser Market was valued USD177.24 million in 2020 and is expected to grow at a rate of 3.63% from 2021-2026.
Growth in North America Synchronous Condenser market can be attributed to the increasing demand in utilities and applications in renewable energy sector. Synchronous condensers play a vital role in improving the power sector of the power transmission network.
Additionally, synchronous condensers compensate for the reactive power and stabilize the variability in power generation, ensure grid reliability, efficiency, and security, and maintain the power quality in the grid. The synchronous condenser is one of the essential equipment utilized in power transmission.
The North American Synchronous Condenser Market can be segmented based on cooling type, starting method, end-user, reactive power rating and country. Based on reactive power rating, the market is typically segmented into up to 100 MVAr, 100-200 MVAr, and above 200 MVAr. The increasing installations of large-sized, above 200 MVAr synchronous condensers, especially in the US, are likely to foster the growth of synchronous condenser market in North America.
The North American Synchronous Condenser Market, by end-user, is segmented into electric utilities and industries. Electric utilities dominates the market with a share of 82.94% in 2020 as synchronous condensers help electrical utilities achieve grid reliability, stability, inertia, and strength. Demand for grid stability and controlling voltage fluctuations in electrical utilities is expected to drive the synchronous condenser market.
Siemens AG, ABB Ltd, Sustainable Power Systems Inc, Eaton Corporation PLC, Power Systems and Control Inc, WEG Industries, Fuji Electric Co. Ltd, General Electric Company, Electromechanical Engineering Associates Inc., Hyundai Ideal Electric Co. are the leading players in the North American Synchronous Condenser Market.
Companies operating in the market are using organic strategies such as product and technological advancement through addition of new features, mergers and collaborations to boost their share.
The US is at the forefront of the North American Synchronous Condenser Market and is expected to continue its dominance during the forecast period due to the increasing demand of synchronous condensers in the renewable sector. Furthermore, some other factors responsible for the growth of this market include rising government initiatives to replace use of fossil fuels with clean energy generation methods.
Key Target Audience:
Synchronous condenser manufacturers
Synchronous condenser suppliers and distributors and other stakeholders
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to synchronous condenser
Market research and consulting firms
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of Covid-19 on North America Synchronous Condenser Market
5. Voice of Customer
6. North America Synchronous Condenser Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Cooling Type (Hydrogen-Cooled, Air-Cooled and Water-Cooled) 6.2.2. By Starting Method (Static Frequency Converter, Pony Motor and Others) 6.2.3. By End-User (Electrical Utilities and Industries) 6.2.4. By Reactive Power Rating (Up to 100 MVAr, 100 MVAr-200 MVAr and Above 200 MVAr) 6.2.5. By Company (2020) 6.2.6. By Country 6.3. Product Market Map 6.4. North America: Country Analysis 6.4.1. United States Synchronous Condenser Market Outlook 6.4.2. Canada Synchronous Condenser Market Outlook 6.4.3. Mexico Synchronous Condenser Market Outlook
7. Market Dynamics 7.1. Drivers 7.2. Challenges
8. Market Trends & Developments
9. Competitive Landscape 9.1. Competition Outlook 9.1.1. Siemens AG 9.1.2. ABB Ltd 9.1.3. Sustainable Power Systems Inc 9.1.4. Eaton Corporation PLC 9.1.5. Power Systems and Control Inc 9.1.6. WEG Industries 9.1.7. Fuji Electric Co. Ltd 9.1.8. General Electric Company 9.1.9. Electromechanical Engineering Associates Inc. 9.1.10. Hyundai Ideal Electric Co.