Future Market Insights has recently published its latest report on the synchronous condenser market, which includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report explores the synchronous condenser market and highlights important insights during the forecast period of 2019-2029. As per the key findings, the global synchronous condenser market is anticipated to experience prominent growth over the forecast period, due to multiple driving factors such as increasing number of HVDC projects in developing economies such as India, Indonesia, China, and conversion of conventional generators & cooling plants to synchronous condensers.
Get | Download Sample Copy with Graphs & List of Figures:
https://www.futuremarketinsights.com/reports/sample/rep-gb-4239
The global synchronous condenser market was valued at ~US$ 760 Mn in 2018, and is estimated to increase at a CAGR of ~8% during the forecast period of 2019-2029. This growth is majorly driven by the integration of renewable energy through solar and wind power plants and increasing installation of synchronous condensers to carry robust functioning of the power plants.
Regional Analysis:
Regions such as North America and Europe, are likely to hold prominent market shares in terms of value. However, the South Asiam market is estimated to project lucrative growth in the global synchronous condenser market over the forecast period of 2019-2029. This growth in the region is propelled by the rapid technological advancements and growing number of HVDC projects in prominent countries such as India and Indonesia, among others.
Furthermore, the market of synchronous condensers is expected to grow predominantly in prominent countries of Middle East and Africa including Saudi Arabia, Kuwait, Qatar, Abu Dhabi, Nigeria, and U.A.E., owing to various macroeconomic factors such as growing urbanization, stable political & social backdrop, and rapid industrialization. Increasing number of market players in the region have gained the confidence of foreign investors and grid operators to invest in the market. Moreover, refurbishment of synchronous condensers from old conventional plants and generators to new machines have added expressively positive momentum over the few past years. Also, rapidly growing number of HVDC projects in MEA and installment of sustainable energy plants have boosted the demand for synchronous condensers to provide stability and robust functioning of power plants. These factors have resulted in significant growth of the synchronous condenser market in the region.
The quest to minimize power instability has been fueling the demand for synchronous condensers in power plants. The electric field of synchronous condensers is controlled by a voltage regulator, helping in producing or absorbing reactive power. Coupled with high voltage direct current (HVDC), large synchronous condensers supply reactive power to the alternate electric grid in industrial environments.
The inherent reactive power output characteristic of the synchronous condenser corresponds to dynamic reactive power demand of the power grid, preventing short circuit and transient fault conditions.
For More Information or Query or Customization Before Buying, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-4239
By 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
Synchronous condensers incorporate a brushless or static excitation system, enabling significant over-excitation (field forcing) to deal with network fluctuations. Rotating inertia of the synchronous condenser enables limited voltage backup during very short power drops. The automatic voltage regulator (AVR) – a tailored feature – provides the required excitation control. Further, the kinetic energy accumulated in the rotor of the machine complements the power stabilization in case of emergencies.
To ward off the problems of poor network power quality, and low short circuit capacity, mining operators are relying on synchronous condensers for power factor correction. Further, inclusion of harmonic filters in the synchronous condensers counter the harmonics, and enhance the short circuit level, optimizing mine’s productivity and energy efficacy.
Ask Us Your Questions About This Report:
https://www.futuremarketinsights.com/ask-question/rep-gb-4239
Major Key Players:
The report highlights some of the prominent market players, who have established themselves as leaders in the global synchronous condenser market. Some of the examples of key players in the global synchronous condenser market are ABB Ltd., General Electric, Siemens AG, Mitsubishi Electric Corporation, WEG, Eaton Corp. PLC, Voith GmbH, Ansaldo Energia, Toshiba Corporation, and Sustainable Power Systems Inc., among others.
The global synchronous condenser market is significantly consolidated with some players holding prominent shares of the market. These players are offering synchronous condensers under their business segments such as F.A.CT.S., and motors & generators, among others.