The Global Synchronous Condenser Market size is expected to reach $676.9 Million by 2028, rising at a market growth of 2.9% CAGR during the forecast period.
A synchronous condenser is a DC-excited synchronous machine (giant spinning generator) whose shaft is not connected to any driving equipment. It is also known as a synchronous compensator or synchronous capacitor. By continuously producing and absorbing adjustable reactive power, this device improves voltage regulation and stability.
It also strengthens short circuits and stabilizes frequencies by supplying synchronous inertia. Its objective is to leverage the machine's reactive power control capabilities and synchronous inertia rather than converting electric to mechanical power or vice versa. Due to its ability to continuously change the quantity of reactive power, it provides an intriguing replacement for capacitor banks within the power system.
Synchronous condensers are ideal for controlling voltage on lengthy transmission lines, in networks with a large penetration of power electronic devices, and in networks where there is a significant risk of islanding from the main network. Grid security, efficiency, and dependability are the main priorities for the majority of utilities.
Stresses are being placed on transmission and distribution networks as the grid changes and load profiles shift, making the requirement for voltage support as well as grid management significantly more difficult. The DC excitation is considered normal when the motor power factor is unity. The motor runs at a high-power factor as a result of overexcitation. It runs at a lagged power factor when under stimulation.
The COVID-19 pandemic led to a temporary prohibition on manufacturing, processing, and import/export operations across a variety of businesses and electrical utilities, which reduced the demand for the synchronous condenser market. Additionally, the manufacturing units were also closed due to government-imposed lockdowns all over the world. which led to considerable disruption in the manufacturing and production of synchronous condensers. Lockdown measures taken in response to the COVID-19 pandemic led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and electrical utilities, which reduced demand from these customers for synchronous condensers.
With the rapidly increasing industrialization all over the world, there is a surge in the level of pollution generated due to these processes. Several countries are turning to clean energy sources as a result of growing demand to address environmental problems, like carbon emissions, global warming, and rising pollution. The International Renewable Energy Agency (IRENA) estimates that a significant proportion of the installed power production capacity across the world in recent years came from renewable sources.
Due to the decommissioning of outdated power generation facilities, environmental regulations, increasing competition from gas-operated turbines, and an abundance of renewable energy sources, the growth of the conventional power production source market is diminishing. Several outdated coal-fired power stations in numerous countries have been shut down as a result of these factors. Moreover, a number of countries are increasing their efforts in order to get rid of coal-fired electrical generation.
Synchronous condensers are quite expensive to produce because they employ a lot of expensive raw materials, like copper and aluminum. For a single synchronous condenser, the annual maintenance costs are also very high. It needs a significant amount of power to run constantly without a load. Installing new synchronous condensers often costs a lot. Synchronous condensers are more expensive than alternatives since they can also be used as DC-excited synchronous motors.
On the basis of Installation Type, the Synchronous Condenser Market is bifurcated into New and Refurbished. In 2021, the refurbished synchronous condenser segment garnered a significant revenue share of the synchronous condenser market. The rapid expansion in the growth of the segment is attributed to the lower prices of this type of condensers. Refurbished synchronous condensers are used condensers, which are mechanically services and brought to their best feasible form.
Based on Cooling Technology, the Synchronous Condenser Market is segmented into Hydrogen-Cooled Synchronous Condenser, Air-Cooled Synchronous Condenser, and Water-Cooled Synchronous Condenser. In 2021, the hydrogen-cooled synchronous condenser segment acquired the highest revenue share of the synchronous condenser market. The rise in the growth of the segment is primarily owing to the fact that they are in very high demand because of their diverse characteristics, including high specific heat, a low density, and high thermal conductivity.
By the Starting Method, the Synchronous Condenser Market is segregated into Static Frequency Converter, Pony Motor, and Others. In 2021, the static frequency converter segment witnessed the biggest revenue share of the synchronous condenser market. Static converters are in high demand in the market for synchronous condensers because they are less noisy and take up less space than mechanical converters with large machinery.
On the basis of Reactive Power Rating, the Synchronous Condenser Market is classified into Up to 100 MVAr, 101–200 MVAr, and Above 200 MVAr. In 2021, the up to 100 MVARs segment procured a significant revenue share of the synchronous condenser market. Due to the number of inductive loads used in industrial applications, the demand for improving the power factor and reactive power compensation has increased.
By End-User, the Synchronous Condenser Market is divided into Electrical Utilities and Industrial Sector. In 2021, the electrical utilities segment registered the highest revenue share of the synchronous condenser market. The rapid rise in the growth of the segment is due to the increase in the demand for grid infrastructure-supporting products like electricity. Additionally, the increasing adoption of electric vehicles has increased the number of charging stations, which serves as a major driver of growth and opens up new possibilities for the integration of renewable electricity in charging stations.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 556.1 Million |
| Market size forecast in 2028 | USD 676.9 Million |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 2.9% from 2022 to 2028 |
| Number of Pages | 292 |
| Number of Tables | 510 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Reactive Power rating, Starting Method, Cooling Technology, Installation Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-Wise, the Synchronous Condenser Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the synchronous condenser market. The growth of the regional market is attributed to the region's active efforts to replace and upgrade deteriorating infrastructures in order to enhance grid stability and resilience and create intelligent electrical networks.
Free Valuable Insights: Global Synchronous Condenser Market size to reach USD 676.9 Million by 2028
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 Geography
The global Synchronous Condenser size is expected to reach $676.9 Million by 2028.
Rapidly Growing Adoption Of Renewable Power All Over The World Are Growing are driving the market in coming years, however, High Cost Of Manufacturing And Maintenance restraints the growth of the market.
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.
The expected CAGR of the Synchronous Condenser is 2.9% from 2022 to 2028.
The Above 200 MVAr segment acquired maximum revenue share in the Global Synchronous Condenser Market by Reactive Power rating in 2021 thereby, achieving a market value of $264.5 million by 2028.
The North America market dominated the Global Synchronous Condenser Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $235.4 million by 2028.
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