PUBLISHER: Polaris Market Research | PRODUCT CODE: 1108713
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1108713
The global synchronous condenser market size is expected to reach USD 819.3 million by 2030, according to a new study by Polaris Market Research. The report "Synchronous Condenser Market Share, Size, Trends, Industry Analysis Report, By End-Use; By Cooling Technology, By Type; By Reactive Power Rating; By Starting Method; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The demand for the systems is increasing as it is an excellent source of short circuit power and inertia in electrical utilities and the industrial sector. The growing integration of renewable energy sources into mainstream power generation is expected to drive demand as the systems are being used to stabilize the variability of energy generated through renewables.
The growing renewable energy installations across North America and Europe are expected to have a positive impact on the demand for the systems. The renewable energy generation in the two regions combined grew by 6.7% in 2021 from 2020, with Europe accounting for 57%. This is likely to complement the demand for the systems as it is increasingly used as a stabilizer in the two regions.
COVID-19 had a negative impact on the market owing to the worldwide lockdowns and trade restrictions. In addition, the global economic slowdown also affected the energy & power sector, owing to which the demand for the systems saw a considerable decline. However, the resumption of industrial activities in 2021 aided in the market's slow but steady recovery.
The growing need for reactive power generator systems to avoid production and operational losses in the industrial sector is expected to drive the growth of the systems. In addition, the growing demand for alternative power sources during failure and power outages is also likely to have a positive impact on the industry growth.
Synchronous Condenser Market Report Highlights
New systems segment accounted for the largest share in 2021 owing to the growing demand for the systems to stabilize the variable power generated through renewable sources
Hydrogen-cooled technology is expected to witness significant growth owing to the increasing demand for systems with reactive power rating with over 200 MVAr in electrical utilities
Electrical utilities accounted for the largest revenue share in 2021, owing to the increasing integration of renewable energy sources with mainstream power generation driving the demand for the systems
North America is expected to grow at a CAGR of 3.8% over the forecast period owing to the increasing renewable energy generation capacity in the U.S., positively impacting the demand for the system
In May 2022, world largest flywheel arrived at Moneypoint power station in southwest Ireland and completed the synchronous condenser for grid stabilization built for Irish utility ESB
Polaris Market Research has segmented the synchronous condenser market report based on type, cooling technology, starting method, reactive power rating, end-use, and region:
Synchronous Condenser, Type Outlook (Revenue - USD Million, 2018 - 2030)
New
Refurbished
Synchronous Condenser, Cooling Technology Outlook (Revenue - USD Million, 2018 - 2030)
Hydrogen-cooled
Air-cooled
Water-cooled
Synchronous Condenser, Starting Method Outlook (Revenue - USD Million, 2018 - 2030)
Static Frequency Converter
Pony Motor
Others
Synchronous Condenser, Reactive Power Rating Outlook (Revenue - USD Million, 2018 - 2030)
Up to 100 MVAr
101 - 200 MVAr
Above 200 MVAr
Synchronous Condenser, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Electrical Utilities
Industrial
Synchronous Condenser, Regional Outlook (Revenue - USD Million, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
List of Tables
Figure 1. Global Synchronous Condenser Market, 2018 - 2030 (USD Million)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Approach
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Type
Figure 7. Global Synchronous Condenser Market, by Type, 2021 & 2030 (USD Million)
Figure 8. Market by Starting Method
Figure 9. Global Synchronous Condenser Market, by Starting Method, 2021 & 2030 (USD Million)
Figure 10. Market by End-Use
Figure 11. Global Synchronous Condenser Market, by End-Use, 2021 & 2030 (USD Million)
Figure 12. Market by Reactive Power Rating
Figure 13. Global Synchronous Condenser Market, by Reactive Power Rating, 2021 & 2030 (USD Million)
Figure 14. Market by Cooling Technology
Figure 15. Global Synchronous Condenser Market, by Cooling Technology, 2021 & 2030 (USD Million)