The global synchronous condenser market accounted for a value of USD 511 million in 2019 and is projected to register growth at a CAGR of 3.0% during forecast period.
COVID-19 has impacted synchronous condenser market. The manufacturing units have to halt its production due to lockdown. The supply chain of raw materials and finished products is disrupted due to travel restriction. The demand for synchronous condenser has been decline due to spread of corona virus.
For More Details, visit: Global Synchronous Condenser Market By Cooling Type (Water-Cooled, Hydrogen-Cooled, Others), By Starting Method (Pony Motor, Static Frequency Converter, Others), By Type, By End-Users, By Region, Forecast & Opportunities to 2026
The government is adopting various initiatives to replace nuclear power generation and fossil fuel with renewables. The requirement for power factor is increasing around the world. This increases demand for synchronous condenser and drives growth in synchronous condenser.
On the basis of cooling type, the synchronous market is segmented into water-cooled, air-cooled and hydrogen-cooled. The hydrogen-cooled segment is estimated to dominate the market during forecast period. The adoption of synchronous condenser between 100 Mega Volt Amps to 300 Mega Volt Amp is increasing around the world. Such synchronous condenser required hydrogen cooling systems for efficient cooling. The hydrogen cooling system is largely adopted and this drives growth in hydrogen-cooled segment during forecast period.
On the basis of cooling type, the synchronous market is segmented into pony motor, static frequency converter and others. The static frequency converter segment is estimated to hold largest market share during forecast period. it is independent of load variations and supply voltage. It has low maintenance cost, low volume and high reliability. It has low noise characteristic. This increases demand for static frequency converter and drives growth in this segment during forecast period.
North America region is estimated to hold largest market share during forecast period. The demand for synchronous condenser is very high in this region. The demand for synchronous condenser is high in Canada and US. The old power plants are converting into synchronous condensers in this region. This drives growth in North America region during forecast period.
The key market players in synchronous condenser industry are ABB, Siemens, WEG, Voith group, Fuji Electric, GE, Eaton, Hyundai Ideal Electric, Sustainable Power Systems, Electromechanical Engineering Associates, Power Systems & Controls, Ansaido Energia, Andritz, Toshiba and WEG.
- What are the expected industry trends over the next three to five years?
- Which of the synchronous condenser type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?