Global Synchronous Condenser Market (2020 To 2025) - Expanding High-Voltage Direct Current (Hvdc) Network Presents Opportunities

DUBLIN, Jan. 18, 2021 /PRNewswire/ -- The "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power...
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DUBLIN, Jan. 18, 2021 /PRNewswire/ -- The "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power Rating, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global synchronous condenser market is projected to reach USD 574.0 million by 2025 from an estimated USD 508.4 million in 2020, at a CAGR of 2.5% during the forecast period. The increasing electrical power consumption and rising need to maximize transmission capacity are becoming increasingly important. Along with this, growing renewable-based power generation in the energy mix, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC) has had a considerable effect on transmission grid stability. Synchronous condensers play a vital role by generating lagging and leading reactive power, helping to stabilize the transmission grid. It also offers several advantages over other substitutes such as no harmonics, short-circuits power capability, and inertia to the transmission grid among others.

Synchronous condensers rated above 200 MVAr dominate the global market.

The above 200 MVAr segment of synchronous condensers is expected to be the largest market, by reactive power rating, during the forecast period. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.

Hydrogen cooled synchronous condensers are the fastest-growing segment during the forecast period in the global synchronous condenser market.

The hydrogen cooled synchronous condenser is estimated to be the fastest-growing during the forecast period. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for a reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).

By starting method, static frequency converters segment is expected to dominate the global synchronous condenser market.

Static frequency converters accounted for the largest share of the synchronous condenser market, it is also estimated to be the fastest-growing segment during the forecast period. Low installation costs and low noise features of static frequency converters are expected to boost their demand in the synchronous condenser market

North America to lead the global synchronous condensers market in terms of growth rate.

The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. The gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region.Besides North America, Europe was one of the largest markets for synchronous condensers. The demand for synchronous condensers in Europe is mainly driven by rising HVDC network in the region.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights4.1 Attractive Opportunities in Synchronous Condenser Market4.2 Synchronous Condenser Market, by Region4.3 Synchronous Condenser Market, by Cooling Type4.4 Synchronous Condenser Market, by Starting Method4.5 Synchronous Condenser Market, by Reactive Power Rating (Mvar)4.6 Synchronous Condenser Market, by End-user4.7 Synchronous Condenser Market, by Type 5 Market Overview5.1 Introduction5.2 COVID-19 Health Assessment5.3 Market Dynamics5.3.1 Drivers5.3.1.1 Increasing Demand for Renewable Power Generation5.3.1.2 Growing Need for Power Factor Correction (Pfc)5.3.2 Restraints5.3.2.1 High Maintenance and Equipment Costs of Synchronous Condensers5.3.3 Opportunities5.3.3.1 Converting the Existing Synchronous Generators into Synchronous Condensers5.3.3.2 Expanding High-Voltage Direct Current (Hvdc) Network5.3.4 Challenges5.3.4.1 Availability of Low-Cost Alternatives Such as Synchronous Generators, Capacitors, and Statcom5.3.4.2 Rising Product Costs due to Shortage of Components/Parts Used in Manufacturing Synchronous Condensers due to COVID-195.4 Yc-Shift5.4.1 Revenue Shift & New Revenue Pockets for Synchronous Condenser Manufacturers5.5 Market Map5.6 Average Pricing of Synchronous Condenser5.7 Value Chain Analysis5.7.1 Raw Material Providers/ Suppliers5.7.2 Component Manufacturers5.7.3 Assemblers/Manufacturers5.7.4 Distributors (Buyers)/ End-users and Post-Sales Services5.8 Case Study Analysis5.8.1 Terna's Synchronous Condenser Success5.8.1.1 Problem Statement5.8.1.2 Possible Solution by Ge's Synchronous Condenser5.9 Technology Analysis5.10 Regulatory Landscape5.10.1 Regulatory Framework in North America5.10.2 Regulatory Framework in Europe5.11 Porter's Five Forces Analysis5.11.1 Threat of Substitutes5.11.2 Bargaining Power of Suppliers5.11.3 Bargaining Power of Buyers5.11.4 Threat of New Entrants5.11.5 Intensity of Competitive Rivalry 6 Impact of COVID-19 on Synchronous Condenser Market, Scenario Analysis, by Region6.1 Scenario Analysis6.1.1 Optimistic Scenario6.1.2 Realistic Scenario6.1.3 Pessimistic Scenario 7 Synchronous Condenser Market, by Cooling Type7.1 Introduction7.2 Hydrogen Cooled7.2.1 High Thermal Conductivity of Hydrogen-Cooled Synchronous Condensers is Expected to Foster Their Demand7.3 Air Cooled7.3.1 Improved Cooling Feature of Air-Cooled Synchronous Condensers Using Air Circulation is Likely to Fuel Market Growth7.4 Water Cooled7.4.1 Cost Efficiency of Water-Cooled Synchronous Condensers Over Their Hydrogen-Cooled Counterpart is Likely to Foster Their Demand in Market 8 Synchronous Condenser Market, by Starting Method8.1 Introduction8.2 Static Frequency Converters8.2.1 Low Installation Costs and Low Noise Features are Expected to Boost Demand for Static Frequency Converters8.3 Pony Motors8.3.1 Low Cost of Pony Motors is Likely to Foster Their Demand in Synchronous Condenser Market8.4 Others 9 Synchronous Condenser Market, by Reactive Power Rating (Mvar)9.1 Introduction9.2 Up to 100 Mvar Synchronous Condensers9.2.1 Growing Usage of Air- & Water-Cooled Synchronous Condensers is Expected to Foster Demand for Synchronous Condensers of Up to 100 Mvar9.3 100-200 Mvar Synchronous Condensers9.3.1 Use of 100-200 Mvar Synchronous Condensers for Transmission System Stability is Likely to Foster Their Demand9.4 Above 200 Mvar Synchronous Condensers9.4.1 Growing Use of Hydrogen-Cooled Synchronous Condensers is Expected to Boost Their Demand 10 Synchronous Condenser Market, by End-user10.1 Introduction10.2 Electrical Utilities10.2.1 Demand for Grid Stability and Controlling Voltage Fluctuations is Expected to Drive Market10.3 Industries10.3.1 Requirement for Industrial Loads' Power Factor Correction is Likely to Drive Market 11 Synchronous Condenser Market, by Type11.1 Introduction11.2 New Synchronous Condensers11.2.1 Expansion of Hvdc Network is Likely to Generate Demand for New Synchronous Condensers11.3 Refurbished Synchronous Condensers11.3.1 Refurbished Synchronous Condensers are More Economical, Which is Likely to Propel Market Growth 12 Synchronous Condenser Market, by Region12.1 Introduction12.1.1 Impact of COVID-19 on Global Synchronous Condenser Market12.2 North America12.3 Europe12.4 South America12.5 Rest of the World (Row) 13 Competitive Landscape13.1 Overview13.2 Market Share Analysis, 201913.3 Market Evaluation Framework13.4 Synchronous Condenser Revenue Analysis of Top 5 Market Players13.5 Key Market Developments13.5.1 Product Launches13.5.2 Contracts & Agreements13.5.3 Collaborations13.5.4 Mergers & Acquisitions 14 Company Evaluation Quadrant and Company Profiles14.1 Company Evaluation Quadrant Definitions and Methodology14.1.1 Stars14.1.2 Innovators14.1.3 Pervasive14.1.4 Emerging Companies14.1.5 Product Footprint Analysis of Top Players14.2 Company Profiles14.2.1 ABB14.2.2 Siemens14.2.3 GE14.2.4 WEG14.2.5 Eaton14.2.6 Andritz14.2.7 Ansaldo Energia14.2.8 Fuji Electric14.2.9 Voith Group 14.2.10 Bharat Heavy Electricals Limited (Bhel) 14.2.11 Ideal Electric Power (Hyundai Ideal Electric Co.) 14.2.12 Sustainable Power Systems 14.2.13 Power Systems & Controls 14.2.14 Brush Group 14.2.15 Electromechanical Engineering Associates 15 Appendix

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