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Synchronous Condensers Market Intelligence Report for Comprehensive Information 2017 - 2027
Synchronous Condensers Market: Dynamics
With the rise in demand and consumption of electrical power in the current scenario for commercial, residential and industrial purposes, the network of power grid system has also increased expanding to many remote areas of the world improving the transmission and distribution grid, thereby necessitating the requirement of synchronous condensers in the network to control power surges, paving a way for the growth of the synchronous condensers market. This is also augmented by the fact that higher adoption of renewable sources of energy to generate electrical power has improved the dynamics of the market on a favourable side. The need for correcting the power factor has also placed a high demand for the installation of synchronous condensers in the T&D network.
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Though the utilization of synchronous condensers has greatly affected the way electrical power is transmitted with minimal losses and hazards, it is not without its disadvantages that can come across as a dent in the growth of the market in the upcoming years. High installation costs and periodical maintenance required to run the synchronous condensers for a longer period of time can hinder the market from a sustainable growth.
Synchronous condensers are known as the oldest known voltage regulation devices since the inception of power grids hence, cheaper, newer and efficient alternatives such as Static VAr Compensators and Static Synchronous Compensators are slowly replacing synchronous condensers restricting the growth of the market in the upcoming years.
Synchronous CondensersMarket: Segmentation
Synchronous CondensersMarket can be segmented as follows;
By Product Type, the Synchronous Condensers market can be segmented as:
New Synchronous Condensers
Reconditioned Synchronous Condensers
By Cooling Type, the Synchronous Condensers market can be segmented as:
Hydrogen-Cooled Synchronous Condensers
Water-Cooled Synchronous Condenser
Air-Cooled Synchronous Condenser
By Reactive Power Rating, the Synchronous Condensers market can be segmented as:
Below 100 MVAR
100 MVAR-200 MVAR
Above 200 MVAR
By End Users, the Synchronous Condensers market can be segmented as:
Electrical Power Utilities
Industrial Purposes
Synchronous CondensersMarket: Regional Outlook
The growth of the synchronous condensers market depends on the fact how much the power grid network has penetrated into different regions of the world and the demand placed by the consumers on electric power. North America is attributed to be on the forefront for the demand of synchronous condensers owing to improved industrialization and urban development as well as increased adoption of renewable sources of energy to meet their power demands. The same can be said for Japan and Europe, in particular, the western region. Asia Pacific region has also witnessed tremendous activities in the industrial sector, especially in China and India, which can be observed as an opportunity for the growth of the synchronous condensers market in the said region.
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Synchronous Condensers Market: Market Participants
Examples of some of the market participants identified in the Global Synchronous Condensers market include:
General Electric Company
Siemens AG
Power Systems & Controls, Inc.
WEG Industries
Hyundai Ideal Electric Co.
ABB Limited
Voith GmbH
Fuji Electric Co., Limited
Sustainable Power Systems, Inc.
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