Synchronous Condenser Market Growth Opportunities, Top Key Players Like ABB Ltd, BRUSH Group, Eaton Corporation PLC, Fuji Electric Co.Ltd, General Electric

Converting Existing Synchronous Generators Into Synchronous Condensers to Provide Growth Opportunities for Synchronous Condenser Market during 2020–2027

According to our latest market study on “Synchronous Condenser Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Cooling Type, Reactive Power Rating, Starting Method, and Application,” the market was valued at US$ 507.64 million in 2019 and is projected to reach US$ 580.28 million by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027.

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The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America and Europe are being shut down owing to these factors. For instance, in 2019, 8.3 GW worth of capacity retirements took place, of which 53% were coal. Withdrawing a power generation unit decreases a plant's capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to offer new opportunities for the synchronous condenser market globally.

Geographically, North America held the largest share of the synchronous condenser market in 2019, followed by Europe and Asia Pacific. Further, the market in Asia Pacific is projected to witness the highest growth during the forecast period. Based on cooling type, the synchronous condenser market is segmented into air-cooled, hydrogen-cooled, and water-cooled. In 2019, the hydrogen-cooled segment accounted for a significant share in the global market. Based on reactive power rating, the synchronous condenser market is segmented into up to 100 MVAr, 100–200 MVAr, and above 200 MVAr. In 2019, the above 200 MVAr segment accounted for a significant share in the market. Based on starting method, the synchronous condenser market is segmented into pony motor, static frequency converter, and others. In 2019, the static frequency converter segment accounted for a significant share in the global synchronous condenser market. By application, the synchronous condenser market is segmented into metal and mining, electrical utilities and grid operators, marine, oil and gas, and others. In 2019, the electrical utilities and grid operators segment accounted for a significant share in the market.

Impact of COVID-19 Pandemic on Synchronous Condenser Market

The COVID-19 outbreak was first reported in Wuhan, China, during December 2019. The crisis is adversely affecting industries worldwide. The global economy witnessed the worst hit in 2020, and it is likely to continue in 2021. The outbreak is creating significant disruptions in primary industries such as logistics, retail, and e-commerce. In addition, the sharp decline in international trade is hindering the growth of the global economy. The pandemic has temporarily closed down most of the production plants across all industries, and has also disrupted the supply chain and logistics industry. However, lockdown in almost all countries is restricting the supply chain of major components of synchronous condenser as well as hindering the manufacturing of the same.

ABB Ltd.; Brush Group; Eaton Corporation plc; FUJI ELECTRIC CO., LTD.; General Electric Company; IDEAL ELECTRIC POWER CO.; Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation); Siemens Energy (Siemens AG); Voith GmbH & Co. KGaA; and WEG ELECTRIC CORP. are among major companies operating in the synchronous condenser market.

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The report segments the global synchronous condenser market as follows:
By Cooling Type
Air-Cooled
Hydrogen-Cooled
Water-Cooled

By Reactive Power Rating
Up to 100 MVAr
100–200 MVAr
Above 200 MVAr

By Starting Method
Pony Motor
Static Frequency Converter
Others

By Application
Metal and Mining
Electrical Utilities and Grid Operators
Marine
Oil and Gas
Others

By Geography
North America
US
Canada
Mexico

Europe
France
Germany
Italy
UK
Russia
Rest of Europe

Asia Pacific
China
India
South Korea
Japan
Australia
Rest of APAC

Middle East & Africa
South Africa
Saudi Arabia
UAE
Rest of MEA

South America
Brazil
Argentina
Rest of SAM

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This release was published on openPR.