Global Synchronous Condenser Market is expected to reach $745.58 million by 2027 growing at a CAGR 3.9% during 2018 to 2027.
Some of the key players in Global Synchronous Condenser market include General Electric, Siemens AG., Sustainable Power Systems, Eaton Corporation Plc, ABB Ltd, Toshiba Corporation, Hyundai Ideal Electric Co., Brush Group, and Mistubishi Electric Corporation.
Factors such as growing need for Power Factor Correction (PFC) and increasing demand for renewable power generation are driving the market growth. However, high maintenance and equipment cost may act as negative element for the market. Moreover, converting the existing synchronous generators into synchronous condensers and expanding High-Voltage Direct Current (HVDC) network are creating lucrative opportunities across the globe.
Synchronous condenser is also termed as synchronous compensator. This device is commonly used to control the grid voltage. In addition, it also adjusts conditions on the electric power transmission grid. The field of the synchronous machine is normally composed by a voltage regulator in order to either produce or absorb reactive power which is needed to adjust the grid’s voltage or to enhance power factor. The synchronous condenser systems deliver an incredibly reliable and effective solution to address receptive compensation and voltage sustenance necessities. In addition, it also provides an optimized solution for cost to the transmission operators as well as performance and operational flexibility.
Based on cooling type, Hydrogen Cooled synchronous condenser is going to have a lucrative growth due to the widespread adoption of large-sized synchronous condensers between 100 Mega Volt Amps (reactive) (MVAr) and 300 MVAr capacity. Hydrogen cooling is an efficient option for synchronous condensers of these capacities.
By geography, North America is estimated to have a huge demand in the forecast period. 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.
Refurbished Synchronous Condenser
New Synchronous Condenser
Starting Methods Covered:
Static Frequency Converter
Other Starting Methods
Cooling Types Covered:
Other Cooling Types
Rotor With Solid Integral Pole Tips
Reactive Power Rating (MVAr) Covered:
Less than 50 MVAR
50 to 80 MVAR
80 to 100 MVAR
100 to 150 MVAR
150 to 200 MVAR
Above 200 MVAR
End Users Covered:
Utility Power Generation
Oil & Gas
Metal & Mining
Other End Users
o Rest of Europe
o New Zealand
o South Korea
o Rest of Asia Pacific
o Rest of South America
Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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