Synchronous Condenser Market worth $811 million by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2022 /PRNewswire/ -- Synchronous Condenser Market is projected to grow from USD 661 million in 2022 to USD 811 million by 2030, at a CAGR of 2.6%, according to a new report by MarketsandMarkets™. Synchronous condensers ensure a stable supply to the transmission grid. They can also supply and absorb reactive power and deliver voltage support and dynamic regulation. In addition, many renewable resources are remotely located and feed power into a single radial line. Synchronous condensers can be installed close to the connection point to strengthen the grid with additional short-circuit power. This improves the fault ride-through capability of the power installation itself and provides additional voltage stability. With renewable power generation on the rise, the market for synchronous condensers is expected to witness substantial growth in the coming years. This trend is expected to gain traction in North America and Europe, where renewable energy is gaining momentum, and the conventional power generation infrastructure is aging and converted to synchronous condensers.
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The static frequency converters method, by starting method, is expected to be the most significant Synchronous Condenser Market during the forecast period.
Static frequency converters have the largest share of the Synchronous Condenser Market. Static frequency converters offer better precision and the capability to start multiple condensers. The advantage of using a static frequency converter is that it is independent of supply voltage and load variations. Also, the installation cost of a static frequency converter is low as it does not require heavy machinery and careful alignment. Static converters occupy less space and generate less noise than mechanical converters with heavy machinery, which is the major reason for their high demand in the global Synchronous Condenser Market.
By End-User, the Electrical utilities are expected to grow at the highest CAGR during the forecast period
By End-User, the Synchronous Condensers Market has been segmented into the electrical utilities and industrial sector segments. They generate, transmit, and distribute electricity from various conventional and renewable sources. Thus, they are the major end users of synchronous condensers. Electrical utilities can install synchronous condensers as stand-alone packages, temporarily operate power plants as synchronous condensers, and convert and retrofit existing and decommissioned power plants to run synchronous condensing facilities. In conventional, combined, or open-cycle plants, a turbine-driven generator is decoupled from the turbine by a clutch and operated as a synchronous condenser to provide reactive power.
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Europe is expected to be the second-largest region in the Synchronous Condenser Market
Europe is expected to be the second-largest in the Synchronous Condensers Market during the forecast period. EU is actively adding renewable energy capacities to meet its 32% target for Renewable Energy Sources (RES) in the total energy consumption by 2030. This would increase the share of the electricity supply fed to the grid from the RES. The expansion of decentralized and intermittent renewable generation capacities within Europe would make it imperative to adopt advanced technologies for power factor correction and voltage stabilization, thus ensuring the reliability and quality of power supply to end-users. Controlling the limits in voltage profiles in distributed generation and standardizing parameters for reactive power controllers are the major issues that need to be addressed in the region.
Some of the major players in the Synchronous Condenser Market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and ANDRITZ (Austria). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
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