Synchronous Condenser Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Synchronous condensers are synchronous motors that are usually employed for power factor correction in power lines. Electrical circuits involving induction motors or inductive loads are usually encountered with lagging power factors, due to which the efficiency of the system goes down. Lagging power factors result in the loss of energy. Synchronous condensers are introduced in such circuits to cancel out the lagging power factor. They feed the circuits with leading power factors. However, synchronous motors can be used to compensate leading and lagging power factors by supplying reactive power to the line. This helps in enhancing the voltage regulation of the line. Synchronous condensers also help in improving the efficiency of long power transmission lines. Furthermore, synchronous condensers help in avoiding short circuit conditions and transient fault conditions in power grids, due to their ability to absorb and produce reactive power. Other benefits of synchronous condensers include provision of sufficient short-circuit power and inertia, steady-state and dynamic voltage control, reactive power control of dynamic loads, which can be incorporated for stabilization of grids, line-commutated converters based high voltage DC transmission links, renewable power generation based transmission grids, and retirement/shut-down of thermal power plants. However, use of synchronous condenser has few disadvantages such as losses in the motor, high maintenance cost due to rotating component, noise, high cost at low power ratings compared to static capacitors method, and need of excitation equipment for starting the synchronous motors. This gives rise to the need for employment of substitute methods for power correction such as static capacitor method or phase advancer method.
Based on the cooling method, the synchronous condenser market can be segmented into air cooled, water cooled, and hydrogen cooled. The hydrogen cooled segment dominates the market. This trend is anticipated to continue during the forecast period. This is primarily due to the better results of hydrogen cooled synchronous condensers in terms of cooling and losses, as the density of hydrogen is much lesser while thermal conductivity is much higher than that of air.
Based on reactive power rating, the synchronous condenser market can be segmented into up to 100 MVAr, 100-200MVAr, and above 200MVAr. The need for power factor correction is increasing due to the rising demand for reactive power for grid stabilization and voltage regulation. Moreover, the costs with synchronous condensers employed for low power ratings is high. Therefore, synchronous condensers with the rating above 200MVAr are highly preferred. The above 200 MVAr segment is likely to expand during the forecast period.
In terms of geography, the market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the synchronous condenser market. The market in the region is anticipated to expand in the near future due to factors such as installation of new power plants in the U.S. and increasing use of synchronous condensers in the existing power plants in the country. Asia Pacific is also one of the major markets for synchronous condensers and is anticipated to expand at a descent pace, especially in the countries such as China.
Major players operating in the global market include Siemens AG, General Electric, Eaton Corporation Plc, ABB Ltd., Voith GmbH, Hyundai Ideal Electric Co., and WEG Electric Corp.
Companies are expanding their market share by adopting several marketing
and merger & acquisition strategies. Companies are also shifting their
manufacturing facilities to developing countries, such as China and India
in Asia Pacific, to avail the easily available land, cheap labor, and
government subsidies in the region.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.
More from Materials
MaterialsChinese Markets for Roofing Materials
Chemicals and MaterialsGlobal Market Study on Sodium Cyanide: Upswing in Mining Activities Boosting Sales Prospects