Global Synchronous Condenser Market Synopsis:
As per the analysis by Market Research Future Reports (MRFR), the global Synchronous Condenser Market 2020 is majorly driven by the growing demand in the applications and utilities in renewable energy. The global synchronous condenser market’s major drivers and restraints are profiled in the report to provide readers with a clear idea as to the major factors affecting the movement of the market. The leading players operating in the global synchronous condenser market are also profiled in the report to give readers a comprehensive overview of the competitive dynamics within the market. The impact of the COVID-19 pandemic on the global synchronous condenser market is also assessed in the report.
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Synchronous condensers repay for the reactive power and balance the instability in power generation, security, assurance of grid reliability, and balancing the power quality in the grid. Besides, the increasing usage of renewable energy has resulted in a higher demand for synchronous condensers. The growing renewable power generation results in an increment of applications of synchronous condensers globally. There are several hurdles faced by the electric utilities within the grid system, which has raised the need for solving those problems. Here, synchronous condensers play a crucial role. Also, the increasing usage of renewable power generation has augmented the complexity and lacks resilience, and fluctuating electricity has led to increment in demand for synchronous condensers. Synchronous condensers are deployed in several renewable projects due to technical advantages.
Synchronous condensers are rotating electrical machines that provide reactive power compensation and short-circuit power capacity. They help maintain the power quality in an electric grid and also help enable grid stability and reliability. Synchronous condensers contain equipment such as starting equipment, auxiliary power distribution, excitation systems, lube oil supply, rotors, condenser cooling, and stators.
The increasing demand for electrical utilities in emerging regions is likely to be a major driver for the global Synchronous Condenser Industry over the forecast period. Electrical utilities have risen in demand in emerging regions such as Asia Pacific and the Middle East due to the growing urbanization in the region. The urbanization has led to growing commercial and residential construction in these regions, which has led to a growing demand for electric power. This has led to a growing demand for synchronous condensers in order to maintain power quality throughout the grid.
The established players of the global synchronous condenser market are Eaton (Ireland), Siemens (Germany), ABB (Switzerland), Voith Group (Germany), General Electric (US), Sustainable Power Systems, Inc. (the US), Toshiba Corporation (Japan), Electro Mechanical Engineering Associates, Inc. (US), WEG (Brazil), Power Systems & Controls, Inc. (the US), Ideal Electric Company (US), Ansaldo Energia (Italy), Andritz (Austria), and a few others.
Global Synchronous Condenser Market – Segmentation
The report is segmented into six dynamics;
By Cooling Type : Hydrogen, Air, and Water.
By Reactive Power Rating: Up to 100 MVAr, Between 100MVAr–200 MVAr, and Above 200 MVAr.
By Type : New and Refurbished.
By Starting Method : Pony Motor, Static Frequency Converter, and others.
By End Use : Electric Utilities and Industries.
By Regions : Americas, Europe, APAC, and Rest-of-the-World (RoW).
Global Synchronous Condenser Market – Regional Analysis
The Asia Pacific region dominates the global synchronous condenser market. The largest market share attributes to the increasing T&D expenditure and growing grid complexities. Besides, notable industry players such as Fuji Electric Co. Ltd and Toshiba Corporation act as a primary driving force for market growth. Moreover, the augmented demand for energy and industrialization in the region drives the growth of the market.
Furthermore, economic development and growing electrical implementation activities foster the growth of the regional market. China holds a major share in the regional market, followed by India, Japan, and Australia. The APAC synchronous condenser market is projected to retain its dominance throughout the estimated period.
North America stands second in the global synchronous condenser market. The market is driven by the presence of major manufacturing companies, such as General Electric, Sustainable Power Systems, and Electro-Mechanical Engineering Associates. The region demonstrates a higher adoption of synchronous condensers due to continuously rising electric utilities and power industry, which, in turn, drives the regional market. The US, backed by the increasing demand for power and industrialization, holds a significant share in the regional market.
Industry/ Innovation /Related News:
Terna, the operator of Italy’s high-voltage power transmission grid, has awarded 70 million Euros order to ABB and Ansaldo Energia to assure quality grid services. Ansaldo will design, install, and supply three synchronous condensers, each rated 250 MVAR, in southern and central Italy by 2022.
August 04, 2020:
GE Renewable Energy (France), announced that it has been selected by Cypress Wind Turbines to supply construction and long-term operation of the 209 MW Murra Warra II wind farm in Victoria, Australia. GE would supply 38 Cypress 5.5-158 wind turbines with a total capacity of 209 MW, the Murra Warra II wind farm to power the equivalent of more than 150,000 homes in Victoria with clean and renewable energy. Project scope encompasses EPC delivery of the complete wind farm and includes a synchronous condenser for grid stability from GE’s power conversion business.
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