Synchronous Condenser Market worth $580.28 Million by 2027 - Exclusive Report by The Insight Partners

The global synchronous condenser market is growing at a CAGR of 2.6% from 2020 to 2027

Pune, India, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Most of the engines used in industries are induction engines in which currents would be drawn by loads such as lamps, fans, heaters, etc. Due to large reactive components, these lagging currents would decrease the power factor of the entire unit. The overall performance of the device would therefore decrease. Using a synchronous motor in parallel with induction motors or transformers, the leading reactive volt-amperes supplied by the synchronous motor may be corrected by compensating for the lagging reactive volt-amperes of other power equipment. In this way, to increase the overall power factor of the device, a synchronous condenser is useful.

Synchronous Condenser Market in terms of revenue was estimated to be worth $507.64 million in 2019 and is poised to reach $580.28 million by 2027, growing at a CAGR of 2.6% from 2020 to 2027 according to a new report published by The Insight Partners.

The growing adoption of synchronous condensers among electrical utilities and grid operators is anticipated to drive market growth during the forecast period.

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Global Synchronous Condenser Market Scope:

Report Coverage	Details
Market Size Value in	USD 507.64 Million in 2019
Market Size Value by	USD 580.28 Million by 2027
Growth rate	CAGR of 2.6% from 2020 to 2027
Forecast Period	2020-2027
Base Year	2019
Segments covered	Cooling Type, Reactive Power Rating, Starting Method, and Application
Regional scope	North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scope	Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Report coverage	Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

In 2019, North America dominated synchronous condenser market and accounted for more than one third of the global synchronous condenser market revenue. The US, Canada, and Mexico are the established economies in North America. The technological advancements across North America have resulted in a highly competitive market for all sectors. At present, the adoption of synchronous condenser has increased in the US and Canada across the industries such as electrical utilities and grid operators, metal and mining, marine, and oil & gas. Additionally, rising investments by government bodies and private enterprises to adopt renewable energy across their process is fueling the growth of the market in the region. For instance, in 2019, the investment in clean energy by the US accounted for US$ 301.7 billion. Thus, the rising investment is encouraging enterprises to offer advanced solutions across local and global energy generation sector.

It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has also affected the supply chain and logistics industry of the country adversely. Though the demand for power was very high across the region especially arising from the healthcare sector to support all systems has influenced the rise in demand for renewable energy across the region. However, owing to nationwide lockdown across major economies like United States and Canada, the supply chain of major components of synchronous condenser was adversely affected, thereby impacted the manufacturing of the same. Thus, the above mentioned factors indicate that the outbreak of the coid-19 pandemic has an adverse impact on the market across the region

Rising demand for renewable energy coupled with the electrification of transportation and increased involvement of oil & gas companies in the electricity value chain are accelerating the convergence of the above-mentioned industries. Rising initiatives among states, cities, and utilities to pursue decarbonaization plans over the years are increasing the demand for renewable energy across the world.

The development of renewable energy is expected to accelerate during the forecast period, as the new administration begins to adopt an agenda that includes rejoining the Paris Climate Agreement, investing US$ 2 trillion in renewable energy and fully decarbonizing the power sector by 2035 to reach a larger goal of zero carbon net emissions by 2050. The new administration is required to exercise its executive power to facilitate the implementation of renewables. This can include government land, procurement, foreign relations, trade, and agency appointments.

The energy production of most countries around the world has been dominated by fossil fuels since the industrial revolution. This significantly affects both the global climate and human health. The combustion of fossil fuels for electricity results in three-quarters of global greenhouse gas emissions. Fossil fuels are responsible for significant quantities of local air pollution— a health issue that contributes to at least 5 million premature deaths per year. In order to reduce carbon dioxide emission across the globe, the consumption of renewable energy has increased, leading to the high demand for the same. For instance, according to the International Renewable Energy Agency, the top 10 countries in terms of renewable power and electricity generation capacity are the US, China, Brazil, Germany, the UK, Thailand, Japan, Italy, India and Finland. Thus, rising investments in renewable power generation by major economies across the globe are expected to influence the adoption of synchronous condensers.

Synchronous Condenser Market: Segmental Overview

Based on cooling type, in 2019, hydrogen-cooled segment accounted for the highest share in the market. Since there is no torque provided by a synchronous condenser, the output shaft can be dispensed with and the unit can be easily enclosed in a gas-tight shell. To aid cooling and reduce windage losses, the synchronous condenser can be filled with hydrogen. In addition, the thermal conductivity of hydrogen is ten times high that of air. Heat removal is therefore ten times more efficient. As a result, a synchronous condenser filled with hydrogen can be driven harder than an air-cooled unit or, for a given capacity, it may be physically smaller. As long as the hydrogen concentration is kept above 70%, typically above 91%, there is no risk of explosion. Because of certain properties, such as low density, high specific heat, and high thermal conductivity, hydrogen-cooled synchronous condensers are highly preferred, which is likely to boost the demand for synchronous condensers during the forecast period. Moreover, it is a preferred cooling method for synchronous medium- and large-sized condensers. Increasing installation of medium and large synchronous condenser units of between 100 and 300 MVAr across the world will be the key driving factor.

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Synchronous Condenser Market: Competition Landscape & Key Developments

ABB Ltd., BRUSH Group, Eaton Corporation PLC, Fuji Electric Co., Ltd., General Electric, Hyundai Idela Electric Co., Mitsubishi Electric Corporation, Siemens AG, Voith GmBH, and WEG Electric Corp. are the key companies operating in the global synchronous condenser market. The leading companies in the market are looking forward to expanding and diversifying their market presence along with acquiring new customer base and tapping prevailing business opportunities.

Recent Developments:

In 2019, General Electric celebrated its 100th anniversary of supplying synchronous condenser solutions to utility customers and transmission system operators. The company’s latest synchronous condenser offerings have undergone various developments since its first supply. General Electric now offers synchronous condensers ranging from 20 Mvar to 300 Mvar.

In 2020, Siemens Energy engaged in designing, manufacturing, and installing grid stabilization technology in South Wales, Great Britain. The technology consists of a synchronous condenser and flywheel that provides inertia to strengthen the grid, short circuit power to ensure a reliable operation, and reactive power for voltage control.

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