New York, United States, July 10, 2024 (GLOBE NEWSWIRE) -- The Global Synchronous Condenser Market Size is to Grow from USD 556.30 Billion in 2023 to USD 721.50 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 2.63% during the projected period.
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A DC-excited synchronous motor with an unrestricted spin and no external connections is referred to as a "synchronous condenser". It assists in altering the ideal grid arrangement for the transfer of electrical energy. This condenser's field is controlled by a voltage regulator, which might be used to adjust the grid's voltage or absorb reactive power to improve power factor correction. Electric motors and large generators are installed and operated similarly. These condensers provide an alternative to capacitor banks for power-factor correction in power networks, particularly in light of the increasing requirement for reactive power support and grid stability as well as the increasing integration of renewable energy sources like wind and solar. The phase-out of coal and nuclear power plants is currently the main preoccupation of governments across a wide range of countries. Power correction variables are becoming more and more important in the power sector. The usage of renewable energy sources to generate electricity is expanding globally as well. These condensers are widely used in the generation of renewable energy. However, since expensive raw materials like copper and aluminum are required in their manufacturing, the initial cost of synchronous condenser components is rather high.
Browse key industry insights spread across 190 pages with 110 Market data tables and figures & charts from the report on the "Global Synchronous Condenser Market Size, Share, and COVID-19 Impact Analysis, By Cooling Type (Air-Cooled, Hydrogen-Cooled, and Water-Cooled), By Starting Method (Static Frequency Converter, Pony Motors, and Others), By Power Rating (Up to 200 MVAR and Above 200 MVAR), and By Application (Utility and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hydrogen-cooled segment is anticipated to hold the greatest share of the global synchronous condenser market during the projected timeframe.
Based on the cooling type, the global synchronous condenser market is divided into air-cooled, water-cooled, and hydrogen-cooled. Among these, the hydrogen-cooled is anticipated to hold the greatest share of the global synchronous condenser market during the projected timeframe. It is in great demand due to its various characteristics, which include high specific heat, low density, and high thermal conductivity. This puts further pressure on the market for hydrogen-cooled condensers.
The static frequency converters segment is anticipated to hold the largest share of the global synchronous condenser market during the projected timeframe.
Based on the starting method, the global synchronous condenser market is divided into static frequency converters, pony converters, and others. Among these, the static frequency converters segment is anticipated to hold the largest share of the global synchronous condenser market during the projected timeframe. Static frequency converters are inexpensive to install and insensitive to variations in supply or load voltage. The static frequency converter is characterized by minimal noise and high dependability. This increases the necessity for static frequency converters in the industry.
The 200 MVAR segment is predicted to hold the greatest share of the synchronous condenser market during the estimated period.
Based on the power rating, the global synchronous condenser market is divided into up to 200 MVAR and above 200 MVAR. Among these, the above 200 MVAR segment is predicted to hold the greatest share of the synchronous condenser market during the estimated period. Condensers larger than 200 MVAR are becoming more and more common in the market due to their exceptional efficiency and versatility in applications.
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Asia Pacific is expected to hold the largest share of the global synchronous condenser market over the forecast period.
Asia Pacific is expected to hold the largest share of the global synchronous condenser market over the forecast period. The Asia-Pacific region had a dominating position in the market due to increased utility investments and regional growth. Moreover, industry is growing in this region. The number of these condensers placed on the market rises in parallel with the demand for them.
North America is predicted to grow at the fastest pace in the global synchronous condenser market during the projected timeframe. In this region, there is an increasing need for these condensers due to their conversion from obsolete power plants. In power-generating facilities, condensers help to improve the management of power line voltage. As the country's grid operations become more environmentally friendly, the synchronous condenser market in the United States is expanding quickly.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global synchronous condenser market include Ansaldo Energia, ABB, Doosan, Eaton, Shanghai Electric, Toshiba Energy Systems & Solutions Corporation, WEG, General Electric, Hitachi Energy Ltd., Mitsubishi Electric Power Products, Inc., NIDEC Corporation, Power Systems & Controls, Inc., Siemens Energy, Others.
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Recent Developments
- In January 2023, Ansaldo Energia and Terna transported a transformer and synchronous condenser by land and sea to the Codrongianos power plant in the province of Sassari. Terna's transmission grid will be connected to an electric generator known as a synchronous condenser, which will increase short-circuit power and facilitate the interchange of reactive energy.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global synchronous condenser market based on the below-mentioned segments:
Global Synchronous Condenser Market, By Cooling Type
- Air-Cooled
- Water-Cooled
- Hydrogen-Cooled
Global Synchronous Condenser Market, By Starting Method
- Static Frequency Converter
- Pony Motors
- Others
Global Synchronous Condenser Market, By Power Rating
- Up to 200 MVAR
- Above 200 MVAR
Global Synchronous Condenser Market, By Application
- Utility
- Industrial
Global Synchronous Condenser Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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