Worldwide Synchronous Condenser Industry to 2027 - Converting the Existing Synchronous Generators into Synchronous Condensers Presents Opportunities

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Mar 12, 2021, 08:45 ET

DUBLIN, March 12, 2021 /PRNewswire/ -- The "Synchronous Condenser Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Cooling Type, Reactive Power Rating, Starting Method, and Application" report has been added to ResearchAndMarkets.com's offering.

According to this report the global synchronous condenser market was valued at US$ 507.64 million in 2019 and is projected to reach US$ 580.28 million by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027.

The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America and Europe are being shut down owing to these factors. For instance, in 2019, 8.3 GW worth of capacity retirements took place, of which 53% were coal. Withdrawing a power generation unit decreases a plant's capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to offer new opportunities for the synchronous condenser market globally.

Geographically, North America held the largest share of the synchronous condenser market in 2019, followed by Europe and Asia Pacific. Further, the market in Asia Pacific is projected to witness the highest growth during the forecast period. Based on cooling type, the synchronous condenser market is segmented into air-cooled, hydrogen-cooled, and water-cooled. In 2019, the hydrogen-cooled segment accounted for a significant share in the global market. Based on reactive power rating, the synchronous condenser market is segmented into up to 100 MVAr, 100-200 MVAr, and above 200 MVAr. In 2019, the above 200 MVAr segment accounted for a significant share in the market. Based on starting method, the synchronous condenser market is segmented into pony motor, static frequency converter, and others. In 2019, the static frequency converter segment accounted for a significant share in the global synchronous condenser market. By application, the synchronous condenser market is segmented into metal and mining, electrical utilities and grid operators, marine, oil and gas, and others. In 2019, the electrical utilities and grid operators segment accounted for a significant share in the market.

Impact of COVID-19 Pandemic on Synchronous Condenser Market

The COVID-19 outbreak was first reported in Wuhan, China, during December 2019. The crisis is adversely affecting industries worldwide. The global economy witnessed the worst hit in 2020, and it is likely to continue in 2021. The outbreak is creating significant disruptions in primary industries such as logistics, retail, and e-commerce. In addition, the sharp decline in international trade is hindering the growth of the global economy. The pandemic has temporarily closed down most of the production plants across all industries, and has also disrupted the supply chain and logistics industry. However, lockdown in almost all countries is restricting the supply chain of major components of synchronous condenser as well as hindering the manufacturing of the same.

ABB Ltd.; Brush Group; Eaton Corporation plc; FUJI ELECTRIC CO., LTD.; General Electric Company; IDEAL ELECTRIC POWER CO.; Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation); Siemens Energy (Siemens AG); Voith GmbH & Co. KGaA; and WEG ELECTRIC CORP. are among major companies operating in the synchronous condenser market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global synchronous condenser market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global synchronous condenser market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Key Topics Covered:

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Synchronous Condenser Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia Pacific - PEST Analysis
4.2.4 Middle East and Africa - PEST Analysis
4.2.5 South America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Synchronous Condenser Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for Renewable Power Generation
5.1.2 Growing Need for Power Factor Correction (Pfc)
5.2 Market Restraints
5.2.1 High Equipment and Maintenance Costs of Synchronous Condensers
5.3 Market Opportunities
5.3.1 Converting the existing synchronous generators into synchronous condensers
5.4 Future Trends
5.4.1 Expanding High-Voltage Direct Current (HVDC) Network
5.5 Impact Analysis of Drivers and Restraints

6. Synchronous Condenser Market - Global Market Analysis
6.1 Global Synchronous Condenser Market Overview
6.2 Synchronous Condenser Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Five Key Players

7. Synchronous Condenser Market Analysis - By Cooling Type
7.1 Overview
7.2 Synchronous Condenser Market, By Cooling Type (2019 and 2027)
7.3 Air-Cooled
7.3.1 Overview
7.3.2 Air-Cooled: Synchronous Condenser Market - Revenue and Forecast to 2027 (US$ Million)
7.4 Hydrogen-Cooled
7.4.1 Overview
7.4.2 Hydrogen-Cooled: Synchronous Condenser Market - Revenue and Forecast to 2027 (US$ Million)
7.5 Water-Cooled
7.5.1 Overview
7.5.2 Water-Cooled: Synchronous Condenser Market - Revenue and Forecast to 2027 (US$ Million)

8. Synchronous Condenser Market Analysis - By Reactive Power Rating
8.1 Overview
8.2 Synchronous Condenser Market Breakdown, by Reactive Power Rating, 2019 & 2027
8.3 Up to 100 MVAr
8.3.1 Overview
8.3.2 Up to 100 MVAr Market Revenue and Forecast to 2027 (US$ Million)
8.4-200 MVAr
8.4.1 Overview
8.4.2-200 MVAr Market Revenue and Forecast to 2027 (US$ Million)
8.5 Above 200 MVAr
8.5.1 Overview
8.5.2 Above 200 MVAr Market Revenue and Forecast to 2027 (US$ Mn)

9. Synchronous Condenser Market Analysis - By Starting Method
9.1 Overview
9.2 Synchronous Condenser Market Breakdown, by Starting Method, 2019 & 2027
9.3 Pony Motor
9.3.1 Overview
9.3.2 Pony Motor Market Revenue and Forecast to 2027 (US$ Million)
9.4 Static Frequency Converter
9.4.1 Overview
9.4.2 Static Frequency Converter Market Revenue and Forecast to 2027 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others Market Revenue and Forecast to 2027 (US$ Mn)

10. Synchronous Condenser Market Analysis - By Application
10.1 Overview
10.2 Synchronous Condenser Market Breakdown, by Application, 2019 & 2027
10.3 Metal and Mining
10.3.1 Overview
10.3.2 Metal and Mining Market Revenue and Forecast to 2027 (US$ Million)
10.4 Electrical Utilities and Grid Operators
10.4.1 Overview
10.4.2 Electrical Utilities and Grid Operators Market Revenue and Forecast to 2027 (US$ Million)
10.5 Marine
10.5.1 Overview
10.5.2 Marine Market Revenue and Forecast to 2027 (US$ Mn)
10.6 Oil and Gas
10.6.1 Overview
10.6.2 Oil and Gas Market Revenue and Forecast to 2027 (US$ Mn)
10.7 Others
10.7.1 Overview
10.7.2 Others Market Revenue and Forecast to 2027 (US$ Mn)

11. Synchronous Condenser Market - Geographic Analysis
11.1 Overview
11.2 North America: Synchronous Condenser Market
11.3 Europe: Synchronous Condenser Market
11.4 APAC: Synchronous Condenser Market
11.5 MEA: Synchronous Condenser Market
11.6 SAM: Synchronous Condenser Market

12. Impact of COVID-19 Pandemic on Global Synchronous Condenser Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
12.2 Europe: Impact Assessment of COVID-19 Pandemic
12.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
12.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
12.5 South America Impact Assessment of COVID-19 Pandemic

13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development

14. Company Profiles
14.1 ABB Ltd.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Brush Group
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Eaton Corporation plc
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 FUJI ELECTRIC CO., LTD.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Electric Company
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 IDEAL ELECTRIC POWER CO.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation)
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Siemens AG (Siemens Energy)
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Voith GmbH & Co. KGaA
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 WEG ELECTRIC CORP.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments

15. Appendix
15.1 About the Publisher
15.2 Word Index

For more information about this report visit https://www.researchandmarkets.com/r/x7bx2u

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