Synchronous Condenser Market Forecast and Trends Analysis Research Report 2020-2027

Synchronous Condenser, also known as Synchronous Compensator, refers to a synchronous motor that runs without mechanical load. It absorbs reactive volt-ampere (VAr) by varying the excitation of its field winding. A synchronous condenser has capability to produce up to 150% additional vars and also acts as an alternative to capacitor banks in power grids for power factor correction. The condenser controls power factor of system smoothly without stepping as per requirement.

The major factors which are driving the growth of the Global Synchronous Condenser include the increase demand for renewable power generation, long service life, and the rising requirement for power factor correction (PFC). Power plants are leveraging synchronous condensers as backups for renewables to manage voltage strength with weak electric grids due to the growing competence of hydro power and wind power generation. The increasing installation of solar panels in countries like US, China among others is also an important factor which is fuelling the growth of the market. Moreover, the shifting and conversion of synchronous generator to synchronous condenser and expansion of high-voltage direct current (HVDC) network will create lucrative opportunities in the growth of the market during the forecast period. However, high maintenance and device cost are restraining the growth of the market.

Based on the Cooling Type, the hydrogen-cooled segment is projected to grow at a higher CAGR in the market during the forecast period owing to the rising adoption of hydrogen-cooled synchronous condenser for medium to large synchronous condensers units between 100 and 300 MVAr across the globe.

Based on the Starting Method, the static frequency convertor segment is expected to grow at a higher CAGR during the forecast period due to its remarkable benefits such as low volume, high reliability, and low noise.

Based on the end-user, the electrical utilities segment is projected to grow at a higher CAGR during the forecast period owing to the increasing adoption of these condensers by the electric utility industry. The industries utilize these condensers when power factor correction is high and the power transmission is over a long distance.

Based on the region, North America is anticipated to lead the global Synchronous Condenser market during the forecast period owing to the rising number of new installations and conversion of existing power plants to synchronous condensers in the US, and increasing demand for synchronous condenser in Canada.

The major key players in the market include ABB, Siemens AG, WEG, Voith Group, Fuji Electric Co. Ltd., General Electric, Eaton Corporation, Ideal Electric, Electromechanical Engineering Associates, Ansaldo Energia, among others.

The Global Synchronous Condenser market has been segmented based on the Type, Cooling Type, Starting Method, Reactive Power Rating, End-User, and key region. Based on Type, the market is segmented into New Synchronous Condenser, and Refurbished Synchronous Condenser. Based on Cooling Type, the market is segmented into Hydrogen-Cooled, Air-Cooled, and Water-Cooled. Based on Starting Method, the market is segmented into Static Frequency Converter, Pony Motor, and Others. Based on Reactive Power Rating, the market is segmented into Up to 100 MVAr Synchronous Condenser, 100–200 MVAr Synchronous Condenser, and Above 200 MVAr Synchronous Condenser. Based on Starting Method, the market is segmented into Electrical Utilities, and Industries.

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Created on May 14th 2020 02:06. Viewed 273 times.

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