Synchronous Condenser Market is set to enter growth phase at a CAGR of 2.07% between 2019 and 2025. Existing and planned upgrades and expansions of high-voltage direct current (HVDC) networks across key regions augments the demand for synchronous condensers.
Increasing renewable power generation, long service life, and rising need for power factor correction are the other factors driving the synchronous condenser market size during the forecast period.
Additionally, increasing interests towards transforming the traditional synchronous generators into synchronous condensers is set to create long term market growth opportunities across key players operating in the synchronous condenser market.
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However, the high cost associated with the installation and maintenance of synchronous condenser are challenges hindering the synchronous condenser market growth.
Key cooling types and Starting Method are set to project macro share in synchronous condenser market growth and demand
Different cooling types used by synchronous condenser are penetrating the market growth and the key type include hydrogen cooled, water cooled, and air cooled. The potential of hydrogen cooled synchronous condensers to provide high specific heat, high thermal conductivity, and low-density segment drives the synchronous condensers market to grow at high CAGR over the forecast period.
Further, among the key starting methods which comprise of pony motor and static frequency converter, static frequency converter is marking high market share during the forecast period driven by advantages of independent supply voltage, provision of load variations, and low installation cost.
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In addition, the potential of static frequency converters to have superior control for starting synchronous condensers, better precision and capability to start multiple condensers is projecting high demand of across key market trends.
Large consumption by key end-users opens huge market growth opportunities during the estimated period
Among key end-use industries, electric utilities is set to emerge with significant growth during the forecast years, followed by industrial consumers. The strong market share of electric utilities is driven by the booming electrical industry, rise in demand for grid stability and need for controlling voltage fluctuations across power utilities.
In addition, mining and metal processing industries are forecast to emerge with strong market value and share during the estimated period.
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Synchronous Condenser market is a nascent sector across Asia Pacific while developers in Americas are set to reach niche targets
Asia Pacific is set to emerge with strong market share over the period driven by increasing adoption of synchronous condenser in several electrical and industrial applications.
Whereas, the North American market is estimated to record high CAGR market growth for synchronous condensers. Presence of cluster of key OEMs, rising installations of synchronous condensers, in particular, large-sized condensers of above 200 MVAr for large scale projects is set to stimulate the synchronous condensers market growth across North America.
In addition, countries across North America are largely consuming Synchronous Condenser to meet the requirements of new power plants as well as ongoing initiatives to replacing old grids with synchronous condensers.
Focus on collaborations, partnerships and novel product development is observed across major market players
Key market are entering into partnership and are highly concentrating on research & development initiatives and new product developments for the growth of synchronous condenser market share. For instance, in 2018, Siemens entered into partnership with VINCI-Energies/Electrix to design, develop and deliver first large synchronous condenser.
Further, major market OEMs are collaborating with utilities and research partners to serve power and energy sectors and support long term synchronous condenser market growth opportunities. Accordingly, since 2018, ABB has been working in collaboration with leading electric utilities and academic partners to develop technologically advanced synchronous condensers and static synchronous compensators to achieve grid stability.
Key market players operating in synchronous condenser market include ABB, Siemens, WEG, Voith Group, Fuji Electric, GE, Eaton, Ideal Electric, Sustainable Power Systems, and Ansaldo Energia among others.
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