The global synchronous condenser market will develop at a healthy CAGR between the forecast period 2019- 2025, according to the new Market Research Future (MRFR) analysis. Synchronous condensers, simply put, are rotating electrical machines that support network voltage by offering reactive power compensation and short-circuit power capacity. It helps to maintain power quality and allows utilities to attain reliability and grid stability. This offers different advantages over other substitutes like inertia, short-circuits power capability, and no harmonics to the transmission grid, among others.
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Various factors are propelling the global synchronous condenser market share. According to the recent MRFR market estimates, such factors include a growing need for power factor correction, rising demand for renewable power generation, growing power generation that is renewable-based in the energy mix, a growing network of HVDC, and retiring conventional power plants. Besides, growing interest in transforming legacy synchronous generators into synchronous condensers is also adding market growth.
On the contrary, high equipment maintenance cost, high installation costs, and the ongoing COVID-19 pandemic may deter the global synchronous condenser market growth over the forecast period.
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The MRFR report highlights an inclusive market segments analysis of the global synchronous condenser market based on end user, starting method, type, reactive power rating, and cooling type.
- By cooling type, the global synchronous condenser market is segmented into water, air, and hydrogen. Of these, the hydrogen segment will lead the market over the forecast period.
- By reactive power rating, the global synchronous condenser market is segmented into above 200 MVAr, between 100MVAr- 200MVAr, and up to 100 MVAr. Of these, the above 200MVAr segment will dominate the market over the forecast period.
- By type, the global synchronous condenser market is segmented into refurbished and new.
- By starting method, the global synchronous condenser market is segmented into pony motor, converter, static frequency, and others. Of these, the static frequency segment will spearhead the market over the forecast period.
- By end use, the global synchronous condenser market is segmented into industries and electric utilities. Of these, the electric utilities segment will have the lion’s share in the market over the forecast period.
By region, the synchronous condenser market report covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), South America, & the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. Growing grid complexity, increasing T&D expenditure, and major industry players are adding to the global synchronous condenser market growth in the region. China has the utmost share in the market, followed by Australia, Japan, and India.
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In North America, the synchronous condenser market is predicted to have healthy growth over the forecast period. Installation of new power plants in the US, and increasing use in the existing power plants are adding to the global synchronous condenser market growth in the region.
In Europe, the synchronous condenser market is predicted to have sound growth over the forecast period due to the growing HVDC network in this region.
In the MEA and South America, the synchronous condenser market is predicted to have steady growth over the forecast period. Growing urbanization is adding to the growth of the synchronous condenser market in the region. Urbanization has led to growing residential and commercial construction that has led to the burgeoning need for electric power, which in turn has boosted the need for synchronous condensers to maintain power quality all through the grid.
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