Synchronous Condenser Market Analytical Overview and Size(Value and Volume) by 2031
The global synchronous condenser market was evaluated at US$ 508.4 million in the base year of the study i.e. 2020. The latest studies indicate that the global synchronous condenser market will grow at a steady growth rate of 2.5 % over the forecast period of 2020 to 2025. The studies also project that the global synchronous condenser market will reach the final evaluation of US$ 574 million by the end of the year 2025. The growth within the global synchronous condenser market is driven by the constantly rising efforts of power generation through renewable energy sources.
Some of the most essential drivers for the development of the global synchronous condenser market in recent years include the increasing need for power factor correction as well as the requirement for longer service life. Furthermore, the existing as well as planned expansion and upgrades in high voltage direct current or HVDC networks around the world, in several geographical regions is also anticipated to contribute to the growth within the global synchronous condenser market in coming years. However, the high cost associated with the initial acquisition of equipment as well as timely and regular maintenance may restrict the growth within the global synchronous condenser market in coming years.
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On the other hand, the manufacturers and players operational within the global synchronous condenser market are expected to enjoy several lucrative growth opportunities owing to the recent trend of converting the existing synchronous generators to the products in the global synchronous condenser market i.e. synchronous condensers. This trend is bolstered by the presence of old and aging power generation plants, environmental regulations, and increasing competition from gas fired turbines. The rising demand for generation of clean and sustainable energy from renewable energy sources is also stimulating growth in the global synchronous condenser market.
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Synchronous Condenser Market: Overview
Power generation has seen considerable improvements over the years. It has been observing tremendous expansion across many countries and regions, especially in developing economies. The growing magnification of power generation plants across remote areas and the rising number of power plants in developing and densely populated countries may serve as a prominent growth generating factor for the synchronous condenser market during the assessment period of 2020-2030.
The usage of fossil fuels for electricity generation has become difficult due to the rapid depletion of resources. A large number of renewable energy sources are being used for electricity generation. This is where synchronous condensers come into the picture. The growing trend of renewable energy power generation plants is directly proportional to the growth of the synchronous condenser market.
Synchronous condensers are motors void of any connected load or generators without prime movers. They perform the function of producing or absorbing reactive power. It serves as a substitute for capacitor banks. The advantages attached to synchronous condensers will bring immense growth prospects across the forecast period of 2020-2030.
Synchronous condensers are available in various types such as water-cooled, hydrogen-cooled, and air-cooled. On the basis of starting method, the synchronous condenser market can be segmented into static frequency converter, pony motor, and others. The diverse reactive power ratings on which the synchronous condensers are categorized are up to 100 MVAr, 100-200 MVAr, and above 200 MVAr.
This report brings a wide array of information on various aspects related to the synchronous condenser market. The TMR Research team has explored the various dimensions of the synchronous condenser market and has compiled them systematically in the report. The stakeholders and CXOs are provided with the exact information through the L.E.A.P mechanism that the researchers follow. The report highlights the COVID-19 impact on the synchronous condenser market and the repercussions of the pandemic on the market.
Synchronous Condenser Market: Industrial Insights
The synchronous condenser market has numerous players vying for the top position in terms of revenue. The players indulge in intense competition. They invest heavily in research and development activities. These activities help the players to discover novel insights. The insights help in upgrading the products, eventually increasing the revenues.
Some key players in the synchronous condenser market are;
Fuji Electric Co. Ltd
Synchronous Condenser Market: Notable Trends
Growing Concerns for Power Factor Correction to Bring Good Growth Opportunities
Power correction is a major problem faced by many power grids around the world. The heightening use of the synchronous condenser for eliminating power corrections will bring good growth opportunities across the assessment period of 2020-2030. The need for high-speed power generation has increased the demand for synchronous condensers extensively. Thus, all these factors add extra stars of growth to the synchronous condenser market.
Aging Power Generation Plants to Provide Great Growth Opportunities
The growing number of aging power generation plants may serve as a vital growth factor for the synchronous condenser market. The replacement of existing power generation plants with synchronous condensers for stabilizing grid systems will serve as a golden growth opportunity for the players in the synchronous condenser market.
Synchronous Condenser Market: Regional Insights
The synchronous condenser market in North America will emerge as a dominating growth-contributing region during the tenure of 2020-2030. The replacement drives of aging power plants across various countries in the region may serve as a promising growth contributor.
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