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Data Bridge Market Research has unveiled a new report called “Synchronous Condenser Market“ which provides an in-depth exploration of growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. The Synchronous Condenser marketing report offers an in-depth investigation of the market driving factors, opportunities, restraints, and challenges for obtaining crucial insight of the market. Such a brilliant report has been prepared by a team of enthusiastic analysts, skilled researchers, and experienced forecasters who work meticulously for the same. The wide-ranging market research report presents intelligent solutions to versatile business challenges and instigates an effortless decision-making process.
Data Bridge Market Research analyses that the global synchronous condenser market is expected to reach USD 3,446,810.89 thousand by 2030, at a CAGR of 3.8% during the forecast period. The global synchronous condenser market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.
A synchronous condenser or compensator is a motor running without a fixed load. It can generate or consume reactive volt-ampere (VAr) by varying the excitation of its field winding. It can be arranged to take a maximum current with over-excitation of its field winding. The increasing demand for condensers is due to the introduction of solid-state compensation devices, such as the static VAR compensator (SVC) that provides reactive power. Increasing demand for clean energy sources and the rising need for integrated systems in power plants are the major factors driving the global synchronous condenser market. However, high prices associated with installation and maintenance services are restraining the growth of the global synchronous condenser market. Upsurge in decommissioning of aging conventional power generation sources and rising government initiatives to reduce air pollution are estimated to provide global synchronous condenser market growth opportunities. However, the involvement of sophisticated and time-consuming installation processes creates a challenging environment for market growth.
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Noteworthy Players Operating at Regional and Global Levels:
- General Electric
- ABB (Asea Brown Boveri)
- Siemens
- Eaton
- WEG
- Ansaldo Energia
- Shanghai Electric Power Generation Equipment Co., Ltd. (A subsidiary of Shanghai Electric)
- Ingeteam
- Hitachi Energy Ltd
- Mitsubishi Electric Power Products, Inc.
- Baker Hughes Company
- Power Systems & Controls, Inc.
- IDEAL ELECTRIC POWER CO.
- Doosan Škoda Power
- ANDRITZ
Recent Developments
- In April 2023, Eaton announced the acquisition of a 9% stake in Jiangsu Ryan Electrical Co. Ltd., which manufactures power distribution and sub-transmission transformers in China. This acquisition will help the company to concentrate on electrical products and services. Moreover, it accelerates the company’s global distribution, especially in Asia-Pacific.
- In January 2022, Siemens announced signing an agreement with Elering to construct three synchronous condensers at 330 kV junction stations in Estonia by 2024. This agreement helped the company to gain a business of USD 83.5 million and market recognition for synchronous condensers and enhanced the business in Germany.
Global Synchronous Condenser Market Segmentations:
Cooling Technology
- Hydrogen Cooled Synchronous Condenser
- Air-Cooled Synchronous Condenser
- Water Cooled Synchronous Condenser
Starting Method
- Static Frequency Convertor
- Pony Motor
- Others
Reactive Power Rating
- Above 200 MVAR
- 101-200 MVAR
- 61-100 MVAR
- 31-60 MVAR
- 0-30 MVAR
End User
- Electrical Utilities
- Industrial Sectors
Type
- New Synchronous Condenser
- Refurbished Synchronous Condenser
No. of Poles
- 4 To 8
- Less Than 4
- More Than 8
Design
- Salient Pole Design
- Cylindrical Rotor Design
Excitation System Type
- Static Excitation
- Brushless Excitation System
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