Market Highlights —
Global Synchronous Condenser Market is predicted to grow at approximately 2% by 2023
Growth in electric power consumption and increasing need to widen transmission capacity are becoming critical in current market. Also, increase in renewable power generation, retiring old power plants, and increasing need of High-Voltage-Direct-Current (HVDC) has a substantial effect on stability of transmission grid. Synchronous condensers play a key role by generating leading and lagging reactive power resulting to stabilize the transmission grid. Its main advantages are short-circuit power capability, no harmonics are generated and provides inertia to the transmission grid. The key driving factors for this market is the large-scale demand by utilities for high-capacity synchronous condensers, also power generated from renewable sources is of fluctuating nature and needs power factor correction to maintain voltage stability and durability of synchronous condenser among others.
Market Research Analysis
Currently, the synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. Gradual termination of conventional thermal power plants and growing renewable power generation are driving the synchronous condensers market in the region. North America is followed by Europe. Requirement for synchronous condensers in Europe is mainly driven by growing HVDC network in the region.
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The key players of drill pipe market are
• 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),
• Hyundai Ideal Electric Co. (U.S.),
• Sustainable Power Systems LLC. (USA),
• WEG Industries (Brazil),
• Electro Mechanical Engineering Associates (USA),
• Power Systems
• Control (USA)
The growing electrical power consumption and rising need to maximize transmission capacity are becoming progressively important. Along with this, developing renewable-based power generation in the energy mix, retiring old power plants, and growing network of High-Voltage Direct Current (HVDC) has had a major effect on transmission grid stability. Synchronous condensers play a critical role by generating leading and lagging reactive power and helping to balance the transmission grid. It also offers considerable advantages over the other substitutes such as no harmonics, short-circuit power capability, and inertia to the transmission grid among others
Electric utilities are leading the end-users of synchronous condensers
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 for the long distance power transmission. Metal and mining process industries have been the leading 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.
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The report has been analyzed based on the cooling type, the hydrogen-cooled synchronous condenser segment is one of the largest segment and is expected to grow tremendously in forecasted period than other cooling methods used for cooling synchronous condensers. This growth is due to the endorsement and efficiency of large-sized synchronous condensers for reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr) in all major regions across.
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Release ID: 250028