Global Synchronous Condenser Market Overview:
A synchronous condenser is a mechanical device, which is indistinguishable from a synchronous motor. Its motivation is to change conditions on the electric power transmission grid. The condenser's installation and operation are identical from enormous electric motors. Synchronous Condenser Controller (SCC) enables a sustainable power source half breed framework to perform at appropriate voltage when the reinforcement generator is get turned off or is worked close to the solidarity control factor when paralleled with a generator. An advanced voltage controller alters the DC field current of the synchronous generator to control the terminal voltage. While working in parallel with the reinforcement generator the alteration of the DC field current controls receptive power on the lines, amplifying the measure of work that should be possible with the power delivered.
As per latest study released by AMA Research, the Global Synchronous Condenser market is expected to see growth rate of 2.7%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rising Demand of Hydrogen-Cooled Synchronous Condensers
Market Growth Drivers:
Rising Demand for Renewable Power Generation and Rising Need for Power Factor Correction
Challenges:
High Number of Low-Cost Substitutes
Restraints:
Huge Maintenance and Equipment Cost
Opportunities:
Rising High Voltage Direct Current Network
Competitive Landscape:
The global synchronous condenser market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensification their market share and escalation their profitability.
Some of the key players profiled in the report are Siemens (Germany), GE (United States), Eaton (Ireland), ABB (Switzerland), Voith (Germany), WEG (Brazil), Fuji Electric (Japan), BRUSH Group (United Kingdom), Mitsubishi Electric (Japan) and Sustainable Power Systems, Inc. (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Synchronous Condenser market by 2030. Considering Market by Reactive Power Rating, the sub-segment i.e. Up to 100 MVAr will boost the Synchronous Condenser market. Considering Market by Starting Method, the sub-segment i.e. Static Frequency Converter will boost the Synchronous Condenser market. Considering Market by Cooling , the sub-segment i.e. Hydrogen will boost the Synchronous Condenser market.
Latest Market Insights:
In 2021, ANDRITZ Group signed a contract to supply hydro and electromechanical equipment from Doosan Heavy Industries & Construction to the 216MW Upper Trishuli 1 Hydro Power Plant, a leading power plant in Nepal owned by Nepal Water & Energy Development. Company Pvt. Ltd. An order for electromechanical equipment consists of basic and detailed design of turbine and generator components, complete power system, plant balancing, automation, installation and commissioning.
In 2021, ABB has won a major turnkey contract with Statkraft, Europe's largest renewable energy generator, to design, manufacture and install two high-inertia synchronous condenser systems for the Lister Drive Greener Grid project in Liverpool, North West England. and In 2021, Italian transport system operator Terna. S.p.A (Terna) has ordered two static synchronous compensator (STATCOM) systems and two synchronous capacitors ensure the stability of the Italian grid.
What Can be Explored with the Synchronous Condenser Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Synchronous Condenser Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Synchronous Condenser
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Synchronous Condenser market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Synchronous Condenser market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Synchronous Condenser Manufacturers, Suppliers and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.