Global Synchronous Condenser Market - 2023-2030
Global synchronous condenser market reached US$ 635.2 million in 2022 and is expected to reach US$ 769.4 million by 2030, growing with a CAGR of 2.4% during the forecast period 2023-2030.
The rapid development of heavy industries and projects including mills, refineries, dams, and power plants. Additionally, the growth in hydropower projects throughout the globe will be a major factor in the synchronous condenser in the upcoming years.
For instance, the first 50MVar distributed synchronous condenser for renewable energy in China was placed into service after a successful 168-hour trial run in the 330kV Xuming substation. After the State Grid's new generation 300MVar big synchronous condenser protection & control system was applied in batches, NR continued to take the lead in the development of distributed synchronous condenser protection & control technology. Therefore, China holds nearly half of the regional market share.
Market Dynamics
Growing Demand for Clean Energy Source
Governments and regulatory organizations are putting more emphasis on the adoption of clean energy solutions as a result of increased awareness of environmental challenges and initiatives to slow down climate change. Synchronous condensers, a technology that makes it possible to use renewable energy effectively, are in line with these environmental objectives and legal standards.
These factors have led to the growth of the global synchronous condenser market as utilities and grid operators realize the value of this technology in enabling the effective integration of clean energy sources, enhancing grid stability, and promoting a more sustainable energy future.
Grid Modernization and Upgradation
Increased renewable energy installations and rising electricity demand necessitate the development and modernization of transmission and distribution networks. To support reactive power and control voltage, synchronous condensers can be placed strategically along the transmission and distribution lines, assuring grid stability and effective energy transfer. In order to meet the difficulties of the evolving energy market, grid modernization and upgrade programs are redefining power systems.
With its capacity to assist grid stability, voltage management, and power quality, synchronous condensers are becoming crucial elements in contemporary power networks. As nations and utilities throughout the world invest in grid modernization initiatives to provide a dependable and sustainable power supply, the demand for synchronous condensers is anticipated to increase further.
Technological Competition
STATCOMs have the ability to control voltage at fast speeds and can react quickly to grid disturbances. They may be selected over synchronous condensers for some grid modernization projects because of their capacity to deliver real-time voltage regulation and reactive power supply.
The advantages and capacities of synchronous condensers may not be well known or understood by grid operators and utilities in some areas. Lack of knowledge may result in a preference for established technology or a reluctance to accept novel approaches, which could have an impact on the market expansion of synchronous condensers.
COVID-19 Impact Analysis
Lockdowns and restrictions to stop the virus's spread caused disruptions in a number of companies, including manufacturing, infrastructure, and construction. Projects were delayed or abandoned as a result of the slowdown in these industries' impact on the demand for synchronous condensers utilized in a variety of applications.
Utility companies, grid operators, and investors were cautious in their spending because of the pandemic's uncertainty and the economic impact. Many long-term investment choices were delayed or put on hold until additional information about the pandemic's duration and economic recovery was available.
Segment Analysis
The global synchronous condenser market is segmented based on insulation, cooling technology, reactive power rating, end-user and region.
High-Voltage DC Systems and Renewable Energy Applications Drives Air-Cooled Segmental Growth
Due to increased demand for synchronous condensers from high-voltage DC systems, wind and solar power production, synchronous condenser upgrades, and other reactive power compensation applications in electric utilities, the air-cooled category dominated the global market in terms of share in 2022. Simple operation and maintenance are two primary benefits of employing an air-cooled system in synchronous condenser.
This is furthermore anticipated to boost this market segment's market growth in the years to come. Therefore, the air-cooledcooling technology segment is expected to grow at a highest CAGR during the forecasted period.
Geographical Analysis
Innovations in Power Systems and Renewable Energy Integration Drives Demand in Regional Market
Numerous organizations conducting research and developing innovative technologies related to power systems and grid stabilization can be found throughout North America. The region's ongoing research and development activities may result in innovative advances in synchronous condenser technology, giving North American companies a competitive advantage in the international marketplace.
Incorporating renewable energy sources like wind and solar has advanced significantly in North America. By supplying reactive power assistance and voltage stabilization, synchronized condensers play a crucial part in assisting the integration of inconsistent renewable energy sources, hence boosting demand for them in the region.
Competitive Landscape
The major global players include Eaton Corporation plc, Voith GmbH & Co. KGaA, ABB LTD, GENERAL ELECTRIC, Ideal Electric Power Co., Fuji Electric, Siemens Energy, Mitsubishi Electric Corporation, Andritz and WEG Group.
Why Purchase the Report?
• To visualize the global synchronous condenser market segmentation based on insulation, cooling technology, reactive power rating, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of synchronous condenser market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global synchronous condenser market report would provide approximately 69 tables, 63 figures and 211 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Insulation
- 3.2. Snippet by Cooling Technology
- 3.3. Snippet by Reactive Power Rating
- 3.4. Snippet by End-User
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Driver
- 4.1.1.1. Growing Demand for Clean Energy Source
- 4.1.1.2. Grid Modernization and Upgradation
- 4.1.2. Restraints
- 4.1.2.1. Technological Competition
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Insulation
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Insulation
- 7.1.2. Market Attractiveness Index, By Insulation
- 7.2. New Synchronous Condenser*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Refurbished Synchronous Condenser
- 8. By Cooling Technology
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Cooling Technology
- 8.1.2. Market Attractiveness Index, By Cooling Technology
- 8.2. Hydrogen-Cooled*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Air-Cooled
- 8.4. Water-Cooled
- 9. By Reactive Power Rating
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Reactive Power Rating
- 9.1.2. Market Attractiveness Index, By Reactive Power Rating
- 9.2. Up to 10 MVAr*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. 101 to 200 MVAr
- 9.4. Above 200 MVAr
- 10. By End-User
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.1.2. Market Attractiveness Index, By End-User
- 10.2. Electrical Utilities*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Industrial Sector
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Insulation
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Cooling Technology
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Reactive Power Rating
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Insulation
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Cooling Technology
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Reactive Power Rating
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. UK
- 11.3.7.3. France
- 11.3.7.4. Italy
- 11.3.7.5. Russia
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Insulation
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Cooling Technology
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Reactive Power Rating
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Insulation
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Cooling Technology
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Reactive Power Rating
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. Australia
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Insulation
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Cooling Technology
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Reactive Power Rating
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Eaton Corporation plc*
- 13.1.1. Company Overview
- 13.1.2. Product Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Recent Developments
- 13.2. Voith GmbH & Co. KGaA
- 13.3. ABB LTD
- 13.4. GENERAL ELECTRIC
- 13.5. Ideal Electric Power Co.
- 13.6. Fuji Electric
- 13.7. Siemens Energy
- 13.8. Mitsubishi Electric Corporation
- 13.9. Andritz
- 13.10. WEG Group
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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