Market Research Report
Synchronous Condenser Market by Type, Cooling Type, Starting Method, Reactive Power Rating, and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030
|Synchronous Condenser Market by Type, Cooling Type, Starting Method, Reactive Power Rating, and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030|
Published: July 1, 2021
Allied Market Research
Content info: 285 Pages
Delivery time: 2-3 business days
The global synchronous condenser market was valued at $568.9 million in 2020, and is projected to reach $751.0 million by 2030, growing at a CAGR of 2.8% from 2021 to 2030.
Synchronous condenser is a device that converts electrical power to mechanical power and vice-versa. This device is used to adjust the stability conditions occurs on electrical utilities such as generation, transmission, and distribution networks. The control of electric field of synchronous condenser is done with the help of voltage regulator to generate or absorb the reactive power in improving power factor of grid.
Rise in demand for power factor correction and reactive power compensation across the globe is a key factor driving the growth of the global synchronous condenser market during the forecast period. In addition, rapid increase in renewable power integration significantly contributes toward the growth of the global synchronous condenser market from 2021 to 2030. However, high cost associated with synchronous condensers and availability of alternatives to synchronous condensers are expected to hamper the growth of the market, globally. Conversely, technological advancements in synchronous condensers along with increase in demand for synchronous condensers from HVDC network and conversion of synchronous generators to synchronous condensers are expected to create potential growth opportunity for key player operating in this market.
The global synchronous condensers market is segmented into type, cooling type, starting method, end user, reactive power rating, and region. Depending on type, the market is categorized into new and refurbished. On the basis of cooling type, it is bifurcated into air cooled, water cooled, and hydrogen cooled. As per starting method, it is classified into static frequency converter, pony motor, and others. The end users covered in the study include electric utilities and industrial. By reactive power rating, the market is fragmented into up to 100 MVAR, 100-200 MVAR, and above 200 MVAR. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Cooling Type
By Starting Method
By Reactive Power Rating
By End User