As per the in-depth analysis conducted by GMI Research, the prominent factors responsible for the synchronous condenser market includes the increasing requirement for power factor correction (PFC), long service life, and high penetration for renewable power generation.
Introduction of the Synchronous Condenser Market
Synchronous condenser is also called Synchronous Compensator. It is a synchronous motor that runs without mechanical load. It absorbs reactive volt-ampere (VAr) by changing the excitation of its field winding. Synchronous condenser acts as an alternative to capacitor banks in power grids for power factor correction, and it can produce up to 150 percent additional vars. The condenser smoothly maintains the system's power factor without stepping as required.
Key Players of the Market
- Siemens AG
- Voith Group
- Fuji Electric Co., Ltd.
- General Electric
- Eaton Corporation
- Ideal Electric
- Electromechanical Engineering Associates
- Ansaldo Energia
Synchronous Condenser Market Dynamics
The increased demand for renewable power generation, long service life, and the growing need for power factor correction (PFC) are the significant factors fueling the growth of the Global Synchronous Condenser market. The increasing competence of hydropower and wind power generation makes power plants leverage synchronous condensers as backups for renewables to regulate voltage strength with weak electric grids. The installation of solar panels is increasing in countries like the US, China, and others is also a crucial factor that is propelling the market growth. Moreover, the movement and transformation of a synchronous condenser from a synchronous generator and expansion of a high-voltage direct current (HVDC) network will create numerous synchronous condenser market opportunities during the forecast period. However, high maintenance and device costs restrain the synchronous condenser market size.
Synchronous Condenser Market Segmentation
Cooling Type Market Drivers
Based on the Cooling Type, the hydrogen-cooled segment is expected to grow at a faster CAGR during the forecast period due to the increasing acceptance of hydrogen-cooled synchronous condensers for medium to large synchronous condensers units ranging from 100 and 300 MVAr around the world.
Starting Method Market Drivers
Based on the Starting Method, the static frequency converter segment is anticipated to rise at a higher CAGR during the forecast period. It provides remarkable advantages such as low noise, high reliability, and low volume.
End-User Market Drivers
Based on the end-user, the electrical utilities segment is expected to witness a higher CAGR during the forecast period. It is due to the electric utility industry is highly adopting these condensers. The industries utilize these condensers when power factor correction is high, and transmission is over a long distance.
Based on the region, North America is expected to dominate the global synchronous condenser market during the forecast period due to the conversion of existing power plants to synchronous condensers in the US, the increasing number of new installations, and the high penetration of synchronous condensers in Canada.
Synchronous Condenser Market Segmentation
Market Segmentation by Type
- New Synchronous Condenser
- Refurbished Synchronous Condenser
Market Segmentation by Cooling Type
Market Segmentation by Starting Method
- Static Frequency Converter
- Pony Motor
Market Segmentation by Reactive Power Rating
- Up to 100 MVAr Synchronous Condenser
- 100–200 MVAr Synchronous Condenser
- Above 200 MVAr Synchronous Condenser
Market Segmentation by End-User
- Electrical Utilities
Market Segmentation by Region
- North America
- United States of America (US)
- United Kingdom (UK)
- Rest of Europe
- Rest of APAC
- South Africa
- Saudi Arabia
- Rest of world
Introduction of GMI Research
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