The synchronous condensers market is witnessing a significant growth owing to the special equipment properties. These condensers have the ability to absorb or produce reactive power on a transient basis. This helps correct the power factor and stabilise the power grid against short circuits and other transient fault conditions. It also has active components designed according to project-specific needs. These condensers are used for electrical power utilities and also for industry purposes.
A new research report by Future Market Insights titled ‘Synchronous Condensers Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027′, provides all the crucial insights of the global synchronous condensers market. According to the research report, the global synchronous condensers market is expected to hold a valuation of over US$ 720 Mn in 2017 and reach over US$ 1,200 Mn by the end of 2027. The global market is anticipated to expand at a robust CAGR of 5.2% during the forecast period.
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Global Synchronous Condensers Market: Dynamics
Revenue growth of the global synchronous condensers market is driven by a lot of factors including increase in renewable energy-based power generation and demand for power factor correction. Another factor that plays an important role in the growth of the market is the increase in environment regulations owing to global climate changes. Old power plants generating power from non-renewable energy sources have to be converted into renewable power generation or shifted away from residential areas.
This shifting of power plants away from residential areas results in the setting up of long distance transmission lines for transferring electric power from power plants to the grid located in the city. This leads to power loss, as the length of a transmission line is directly proportional to the power loss occurred. Hence, synchronous condensers are installed at power plants to mitigate the power loss in transmission by moving reactive power and changing the voltage of the grid to balance the distribution across long distances. This factor drives the growth of the synchronous condensers market.
However the market analysis indicates that revenue growth of the market is expected to be hindered by long installation duration time and long refresh cycles associated with synchronous condensers.
Global Synchronous Condensers Market: Segmental Highlights
The global synchronous condensers market is divided into different segments on the basis of various parameters. The segmental forecasts are given below.
On the basis of product type, new synchronous condensers lead the market holding a value of over US$ 409 Mn in 2017 whereas the reconditioned condensers segment is expected to hold a value of over US$ 300 Mn in 2017.
On the basis of cooling type, the hydrogen cooled segment leads the market with its market value expected to reach over US$ 560 Mn in 2027, growing at a CAGR of 5.9%.
In terms of reactive power rating, the above 200 MVAR segment is projected to be the most attractive with an estimated market value of around US$ 690 Mn in 2027, growing at a CAGR of 5.9%.
Based on end use, the electrical power utility segment holds a market value of over US$ 630 Mn and is way ahead of the industrial purpose segment.
On the basis of starting method, the static frequency converters segment dominates the global market with its market value expected to reach over US$ 912 Mn in 2027, registering a CAGR of 5.8% during the forecast period.
On the basis of region, North America leads the market with an expected market value of around US$ 190 Mn in 2017. However, Western Europe leads in terms of CAGR, with a growth rate of 6.5% during 2017-2027.
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Key Factors Shaping the Synchronous Condensers Market
A Paradigm Shift to ‘Renewable & Sustainable Energy Solutions’
Floating solar and wind farms are latest advancements in renewable energy generation. Since solar and wind farms are most viable solutions for delivering clean energy, power plants face difficulties in ensuring supply of high quality power and voltage stability to grid. Therefore, solar and wind farms are incorporating the use of synchronous condensers since solar and wind farms cannot provide sufficiently fast and extensive compensation.
Power plants install synchronous condensers for stable operations and to maintain voltage stability with weak grids. Synchronous condensers help in adjusting the reactive power on electrical power transmission networks. Condensers are either installed in existing plants or old generators in the plant can be retrofitted to synchronous condensers.
In case of wind farms, synchronous condensers are installed on electricity grid for effective functioning. Synchronous condensers are set to witness an upsurge in demand in the upcoming years.
Key Segment
By Product
- New synchronous condenser
- Refurbished synchronous condenser
By Cooling Type
- Air cooled
- Hydrogen cooled
- Water cooled
By Power Rating
- Less than 50 MVAR
- 50 to 80 MVAR
- 80 to 100 MVAR
- 100 to 150 MVAR
- 150 to 200 MVAR
- Above 200 MVAR
By Starting Method
- Static frequency converter
- Pony motors
- Others
By End Use
- Electrical power utilities
- Electric grids
- Solar farms
- Mining
- Commercial
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East
- Africa