The synchronous condenser market is expected to reach USD 606 million by 2021, at a CAGR of 2.0%
NEW YORK, Sept. 17, 2019 /PRNewswire/ -- The synchronous condenser market is expected to reach USD 606 million by 2021, at a CAGR of 2.0% from 2019 to 2024
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The global synchronous condenser market is projected to reach USD 606 million by 2024 from an estimated USD 549 million in 2019, at a CAGR of 2.0% 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 dominate the global 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).
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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
-- By Company Type: Tier I-60%, Tier II-20%, and Tier III-20%
-- By Designation: C-Level-55%, Director Level-30%, and Others-15%
-- By Region: North America- 40%, Europe- 30%, South America- 15%, Rest of the World- 15%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:
The global synchronous condenser market is dominated by a few major players that have a wide regional presence. The leading players in the synchronous condenser market are Siemens AG (Germany), General Electric Company (U.S.), Eaton Corporation (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany).
Research Coverage:
The report defines, describes, and forecasts the global synchronous condenser market, by type, material, cooling type, reactive power rating, starting method, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the synchronous condenser market.
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