PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1186755
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1186755
Global Synchronous Condenser Market is expected to grow at a significant rate of around 7% during the forecast period. A synchronous condenser also called a synchronous compensator or synchronous capacitor is a DC-excited synchronous machine or large rotating generator whose shaft does not connect to any driving equipment. It is also known as a synchronous compensator or synchronous capacitor. By continually absorbing/generating adjustable reactive power with refined short circuit strength & frequency by delivering synchronous inertia, synchronous condensers are utilized to increase voltage regulation & stability. Due to their capacity to regulate the power factor of the system, synchronous condensers have recently experienced a substantial increase in demand. A synchronous condenser could also be utilized to maintain the required limit under changing contingency scenarios and shifting load conditions for both transmission and distribution voltage levels.
General Electric, ABB, WEG, Eaton Corporation, Mitsubishi Electric Corporation, Siemens Energy, Power System and Control, Bharat Heavy Electricals Limited, Shanghai Electric, and Fuji Electric are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report:
"Amongst cooling type, the hydrogen cooled category to witness higher CAGR during the forecast period"
Based on cooling type, the market is segmented into air-cooled, hydrogen-cooled, and water-cooled. Due to its various properties, including higher specific heat, lower density, and higher thermal conductivity, the hydrogen-cooled segment is anticipated to experience a considerable CAGR throughout the forecast period. Synchronous condensers that are hydrogen-cooled offer greater energy efficiency, increased durability, and reduced noise. In addition, synchronous condensers cooled by hydrogen deliver 1.5 times more heat transfer than their air-cooled counterparts and have 1/14th the density.
"Amongst starting method, the static frequency converter to hold a significant share in the market in 2020"
Based on starting method, the market is categorized into pony motors, static frequency converters, and others. Due to its cheaper installation fee, independent supply voltage, and load volatility, the static frequency converter category is anticipated to have considerable market expansion throughout the projection period. Additionally, static frequency converters assist market growth in the near future and provide higher dependability, enhanced performance with unbalanced loads, and high-frequency stability. Furthermore, static frequency converters are widely used in the transmission, generation, and distribution of electricity along with optimizing performance.
"Asia-Pacific to hold a significant share in the market"
In 2020, Asia-Pacific held a significant share of the global synchronous condenser market. This is mainly attributed to the expanding industry and rising transmission & distribution infrastructure investment. Additionally, in the near future, the market will be populated with outdated power infrastructure that will be replaced with more modern infrastructure to improve power line voltage regulation. Also, the growing adoption of the closed loop current sensor in the data center industry for the linear flow of circuit current and switch mode power supply for the continuous supply is expected to propel the market growth in the region. Furthermore, the increasing investment and research & development activities along with the new partnerships and merger & acquisition are expected to support the market growth in the coming time. For instance, in April 2020 silicon laboratories acquired Redpine signals to diversify its low-power connectivity portfolio & to enhance its current sensor power product market.
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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
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