The Europe Synchronous Condenser Market would witness market growth of 2.5% CAGR during the forecast period (2022-2028).
The synchronous condensers market is anticipated to have significant expansion in the coming years due to the increase in the production of renewable energy. Until there were any electronic power compensation devices, the traditional method for controlling reactive power was a synchronous condenser. An AC synchronous motor that is not connected to any powered machinery is referred to a conventional synchronous condenser.
When utilized with the proper automatic exciter, the gadget can continuously control reactive power. A rise in the device's field excitation causes the system to receive more magnetizing power (kVAr). Transmission and distribution voltage levels have typically used synchronous condensers to increase stability and keep voltages within tolerable levels under contingency situations and changing load conditions. They do this by supplying losses with a little amount of active power through the power system.
Government initiatives in the region in order to produce and leverage more renewable energy are rising at a very rapid pace. According to Eurostat, in 2020, the EU's total net power generation was 2 664 Terawatt hours (TWh), which is 4% less than the previous year. With a total output of 2 844 TWh in 2008, the EU's net electricity generation in 2020 was 6.3% lower than that year. Germany was the EU Member State with the greatest level of net electricity generation in 2020, contributing 20.5% of the EU's total, marginally ahead of France (19.1%)., Italy was the only other country with a double-digit proportion (10.2%).
The Germany market dominated the Europe Synchronous Condenser Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $46.9 million by 2028. The UK market is anticipated to grow a CAGR of 1.7% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 3.3% during (2022 - 2028).
Based on Reactive Power rating, the market is segmented into Above 200 MVAr, 101–200 MVAr, and Up to 100 MVAr. Based on Starting Method, the market is segmented into Static Frequency Converter, Pony Motor, and Others. Based on Cooling Technology, the market is segmented into Hydrogen-Cooled, Air-Cooled, and Water-Cooled. Based on Installation Type, the market is segmented into New and Refurbished. Based on End User, the market is segmented into Electrical Utilities and Industrial Sector. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Synchronous Condenser Market will Hit $676.9 Million by 2028, at a CAGR of 2.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric (GE) Co., ANDRITZ Group, WEG Equipamentos Elétricos S.A., Fuji Electric Co., Ltd., Mitsubishi Heavy Industries Ltd., Siemens Energy AG, Eaton Corporation PLC, Bharat Heavy Electricals Ltd., and Ansaldo Energia S.p.A.
By Reactive Power rating
By Starting Method
By Cooling Technology
By Installation Type
By End User
By Country
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