Synchronous Condenser Global Market Key Players Analyzed In Report:
General Electric (US), Siemens AG (Germany), Eaton Co. Plc. (Ireland), Voith GmbH (Germany), ABB Ltd. (Switzerland), Fuji Electric Co., Ltd. (Japan), Hyundai Ideal Electric Co. (US), Toshiba Corporation (Japan), WEG Industries (Brazil), Sustainable Power Systems LLC. (USA), Electro-Mechanical Engineering Associates (USA),
Growing Demand for Synchronous Condenser Market:
Synchronous condenser technology has significant potential for reaping benefits. Large-scale commercial array deployments of power plants are projected to be followed by massive cost reductions. With the strong development in offshore wind energy, the Synchronous Condenser Market growth is expected to be stable as several investments can be made into the cost reduction. The market needs constant financial and policy support from governments for rapid commercialization and technology development.
Synchronous Condenser Market Analysis Period:-
- Base Year – 2017
- Projection Period – From 2018 to 2023
- Market Denomination – USD Million
- Conversion Rate – Considered as per the respective financial years
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Worldwide Synchronous Condenser Market – Segmentation
The synchronous condenser market is segmented into six key dynamics for the convenience of the report and enhanced understanding;
By Cooling Types : Hydrogen, Air, and Water.
By Reactive Power Ratings : Up to 100 MVAr, Between 100-200 MVAr, & Above 200 MVAr.
By Product Types : New, Refurbished.
By Starting Methods : Static Frequency Converter, Pony Motor, Others.
By End-Users : Electrical Utilities, Industries.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global Synchronous Condenser Market – Regional Analysis
Geographically, North America synchronous condenser market is estimated to be the fastest growing market. Favorable government regulations coupled with the integration of Synchronous Condenser is projected to provide the growth opportunities in this region. Besides, a gradual shift over renewable power generation from conventional thermal power plants has been observed in the region which in turn, is expected to drive the synchronous condensers market, increasing its uptake.
Asia Pacific region is emerging as the fastest growing market, galvanizing rapidly. Increasing demand for power, fuelled by the growing population, industrialization, urbanization & improving economic conditions is some of the factors driving the market growth off synchronous condenser in the APAC region.
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Europe synchronous condenser market is closely following the North America Market. Growing demand for these devices driven by the growing HVDC network is driving the market growth in the region. Also, factors such as technological advancements coupled with the boosting manufacturing sector in the region are impacting the market growth positively.
On the other hand, the Middle East and Africa (MEA) region is expected to reach a plateau despite the proliferation of HVDC network, especially in the ME region.
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