Synchronous Condenser Market: Expanding High-Voltage Direct Current (HVDC) Network

 According to the new market research report "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power Rating, and Region-Global Forecast to 2025 ", published by MarketsandMarkets™, 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. Long service life, growth of the renewable energy sector, and an increasing need for power factor correction are driving the growth of the global industry.

Electric utilities are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period

Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high, and the power transmission is over a long distance. Mining and metal processing industries have been the largest users of synchronous condensers, but their share is low as compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.

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Static frequency converters provide superior control for starting synchronous condensers compared with pony motors. Pony motors are preferred for small-sized condensers. Static frequency converters offer better precision and capability to start multiple condensers. Owing to these factors, static frequency converters are expected to lead the market segment and grow at the fastest rate within all the segments.

The hydrogen-cooling segment is expected to be the fastest-growing market for the synchronous condenser

Hydrogen-cooled synchronous condensers are the largest segment and are expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be the installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions.

Synchronous condensers rated above 200 MVAr are expected to capture the major share of the Synchronous Condenser Market

With the rising need for power factor correction, demand for synchronous condensers is expected to grow, especially for condensers rated above 200 MVAr. This is evident from the contracts that have been executed from 2016 to 2020. This may be attributed to the rising demand for reactive power to stabilize the grid and maintain voltage regulation.

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North America is expected to dominate the global Synchronous Condenser Market

Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the US is anticipated to drive the Synchronous Condenser Market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Siemens (Germany), GE (US), Eaton (Ireland), ABB (Switzerland), and WEG (Brazil) along with other prominent manufacturers of synchronous condensers.

Synchronous Condenser Market Competitive Analysis and Global Opportunities to 2021

The synchronous condensers market is projected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021. The growth is attributed to increasing renewable power generation, long service life, and rising need for power factor correction. Existing and planned upgradation and expansion of High-Voltage Direct Current (HVDC) network across the globe in various regions is expected to increase demand for power factor correction equipment such as synchronous condenser.

Browse 71 market data tables and 47 figures spread through 134 pages and in-depth TOC on “Synchronous Condenser Market”

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Increasing renewable power generation to drive the global synchronous condenser market demand close to USD 600 million by 2021

Synchronous condenser key application lies in power generation from renewable sources fed to the main transmission grid.  A synchronous condenser is preferred over its substitutes due to its short-circuit power capability, no harmonics, and inertia to the transmission grid.The global synchronous condenser market size is projected to reach USD 572.9 Million by 2021, largely due to long service life, increasing renewable power generation, and rising need for power factor correction. Ongoing new product developments by leading companies for new applications of condensers are likely to propel further growth of the synchronous condenser the long-term forecast.

High maintenance and equipment cost could hamper the growth of the synchronous condenser market.

Renewable sources are gaining in contribution to the global power generation mix. However, renewable sources offer poorer power quality resulting in weak grid stabilities. Synchronous condenser offers key technology to mitigate this challenge. However, it is associated with high initial costs, owing to large-scale use of expensive raw materials such as aluminium and copper. Usually, new synchronous condensers installation cost runs to hundreds of thousands of USD/MVAr, while converting generators into synchronous condensers or refurbishment cost ranges between USD 20,000/MVAr–USD 50,000/MVAr. This makes the synchronous condenser less popular than alternatives such as STATCOM, shunt reactors, and capacitor banks.

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North America is expected to dominate the global synchronous condensers market

Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the U.S. would drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.

Some of the leading players in the synchronous condenser market include 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), and Hyundai Ideal Electric Co. (U.S.) among others. 

Synchronous Condenser Market Growth Opportunities by Regions, Scope, Key Players, Type and Application, Trend and Forecast to 2022

According to the new market research report "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, and Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, & Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End User, and Region - Global Forecast to 2021", The synchronous condensers market is expected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021, at an estimated CAGR of 2.1%. The global market is witnessing significant growth due to increasing renewable power generation, long service life, and rising need for power factor correction.

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Hydrogen cooling segment is expected to capture the major share of the synchronous condensers market by cooling type
Hydrogen-cooled synchronous condenser is the largest segment and is expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions.

Browse and in-depth TOC on "Synchronous Condenser Market"
71 - Tables
47 - Figures
134 - Pages

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https://www.marketsandmarkets.com/Market-Reports/synchronous-condenser-market-189197147.html

Electric utilities are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period
Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high and the power transmission is over a long distance. Mining and metal processing industries have been the major user of synchronous condensers but their share is low compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.

Market Dynamics

North America is expected to dominate the global synchronous condensers market
Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the U.S. would drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Siemens AG (Germany), General Electric (U.S.), Eaton Corporation Plc. (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany) along with other prominent manufacturers of synchronous condensers.