Global Synchronous Condenser Market Study Analysis: Reactive power in the Synchronous Condenser segment will boost the growth of the market in the forecast period

The global Synchronous Condenser market size was valued at $ 568.7 Million in 2020 and is expected to reach $ 751.2 Million by 2028 growing at the CAGR of 2.7% from 2021 to 2028. Synchronous condensers are transformers that change the voltage in the AC power system when working. It is called "synchronous" because of its ability to respond to changes in frequency and voltage with zero phase difference (between primary and output). This device helps control power equipment by changing different types of loads coming from generators used on the same electric grid line Basically, a synchronous condenser is a motor whose coils are connected to a capacitor so that its current and voltage are related in exactly the same manner as an induction motor's field coil and armature.

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Global Synchronous Condenser Market Drivers And Restrain:
The main contributors to the growth of the Synchronous Condenser market are the growing need for Power Factor Correction (PFC)

Growing need for Power Factor Correction (PFC):
Current renewable energy sources such as solar power and wind turbines can generate low-frequency currents that may be harmful to electrical appliances. To avoid the fluctuations and surges of generation from renewable resources, it is of utmost importance to design and install Power Factor Correction (PFC) equipment within the premises. Electrical loads with a poor power factor draw more current than those with improved power factors for the same amount of electricity transferred, which can put unnecessary stress on the distribution network.
The market is hampered by the high cost of equipment and maintenance costs.

Impact Of COVID-19 on the Synchronous Condenser Market:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Synchronous Condenser Market Segments:
The global Synchronous Condenser market is further segmented into, type, cooling type, starting method, reactive power rating, end-user, and geography.
By Type: New and Refurbished
By cooling Type: Air-cooled, Water-cooled, and Hydrogen-cooled
By starting method: Static Frequency Converter, Pony Motors, and Others
By reactive Power Rating: Up to 100 MVAR, 100-200 MVAR, and Above 200 MVAR
By End-User: Electrical Utilities and Industrial

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa and South America)
In 2020, Europe held the largest market share in terms of revenue generation owing to a huge consumer base.

Key Players of Global Synchronous Condenser Market:
• ABB (Switzerland)
• Siemens (Germany)
• GE (US)
• Eaton (Ireland)
• Voith Group (Germany)
• Fuji Electric (Japan)
• WEG (Brazil)
• BRUSH Group (UK)
• ANDRITZ (Austria)

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Synchronous Condenser Market
• Value Chain Analysis of Global Synchronous Condenser Market
• What is the CAGR of the global Synchronous Condenser Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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