Yahoo Finance The Global Synchronous Condenser Market size is expected to reach $676.9 Million by 2028, rising at a market growth of 2.9% CAGR during the forecast period
A synchronous condenser is a DC-excited synchronous machine (giant spinning generator) whose shaft is not connected to any driving equipment. It is also known as a synchronous compensator or synchronous capacitor.
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Synchronous Condenser Market Size, Share & Industry Trends Analysis Report By Reactive Power rating, By Starting Method, By Cooling Technology, By Installation Type, By End User, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06322360/?utm_source=GNW
By continuously producing and absorbing adjustable reactive power, this device improves voltage regulation and stability.
It also strengthens short circuits and stabilizes frequencies by supplying synchronous inertia. Its objective is to leverage the machine’s reactive power control capabilities and synchronous inertia rather than converting electric to mechanical power or vice versa. Due to its ability to continuously change the quantity of reactive power, it provides an intriguing replacement for capacitor banks within the power system.
Synchronous condensers are ideal for controlling voltage on lengthy transmission lines, in networks with a large penetration of power electronic devices, and in networks where there is a significant risk of islanding from the main network. Grid security, efficiency, and dependability are the main priorities for the majority of utilities.
Stresses are being placed on transmission and distribution networks as the grid changes and load profiles shift, making the requirement for voltage support as well as grid management significantly more difficult. The DC excitation is considered normal when the motor power factor is unity. The motor runs at a high-power factor as a result of overexcitation. It runs at a lagged power factor when under stimulation.
COVID-19 Impact Analysis
The COVID-19 pandemic led to a temporary prohibition on manufacturing, processing, and import/export operations across a variety of businesses and electrical utilities, which reduced the demand for the synchronous condenser market. Additionally, the manufacturing units were also closed due to government-imposed lockdowns all over the world. which led to considerable disruption in the manufacturing and production of synchronous condensers. Lockdown measures taken in response to the COVID-19 pandemic led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and electrical utilities, which reduced demand from these customers for synchronous condensers.
Market Growth Factors
Rapidly Growing Adoption Of Renewable Power All Over The World
With the rapidly increasing industrialization all over the world, there is a surge in the level of pollution generated due to these processes. Several countries are turning to clean energy sources as a result of growing demand to address environmental problems, like carbon emissions, global warming, and rising pollution. The International Renewable Energy Agency (IRENA) estimates that a significant proportion of the installed power production capacity across the world in recent years came from renewable sources.
Rising Conversion Of Prevailing Synchronous Generators Into Synchronous Condensers
Due to the decommissioning of outdated power generation facilities, environmental regulations, increasing competition from gas-operated turbines, and an abundance of renewable energy sources, the growth of the conventional power production source market is diminishing. Several outdated coal-fired power stations in numerous countries have been shut down as a result of these factors. Moreover, a number of countries are increasing their efforts in order to get rid of coal-fired electrical generation.
Market Restraining Factors
High Cost Of Manufacturing And Maintenance
Synchronous condensers are quite expensive to produce because they employ a lot of expensive raw materials, like copper and aluminum. For a single synchronous condenser, the annual maintenance costs are also very high. It needs a significant amount of power to run constantly without a load. Installing new synchronous condensers often costs a lot. Synchronous condensers are more expensive than alternatives since they can also be used as DC-excited synchronous motors.
Installation Type Outlook
On the basis of Installation Type, the Synchronous Condenser Market is bifurcated into New and Refurbished. In 2021, the refurbished synchronous condenser segment garnered a significant revenue share of the synchronous condenser market. The rapid expansion in the growth of the segment is attributed to the lower prices of this type of condensers. Refurbished synchronous condensers are used condensers, which are mechanically services and brought to their best feasible form.
Cooling Technology Outlook
Based on Cooling Technology, the Synchronous Condenser Market is segmented into Hydrogen-Cooled Synchronous Condenser, Air-Cooled Synchronous Condenser, and Water-Cooled Synchronous Condenser. In 2021, the hydrogen-cooled synchronous condenser segment acquired the highest revenue share of the synchronous condenser market. The rise in the growth of the segment is primarily owing to the fact that they are in very high demand because of their diverse characteristics, including high specific heat, a low density, and high thermal conductivity.
Starting Method Outlook
By the Starting Method, the Synchronous Condenser Market is segregated into Static Frequency Converter, Pony Motor, and Others. In 2021, the static frequency converter segment witnessed the biggest revenue share of the synchronous condenser market. Static converters are in high demand in the market for synchronous condensers because they are less noisy and take up less space than mechanical converters with large machinery.
Reactive Power Rating Outlook
On the basis of Reactive Power Rating, the Synchronous Condenser Market is classified into Up to 100 MVAr, 101–200 MVAr, and Above 200 MVAr. In 2021, the up to 100 MVARs segment procured a significant revenue share of the synchronous condenser market. Due to the number of inductive loads used in industrial applications, the demand for improving the power factor and reactive power compensation has increased.
End-User Outlook
By End-User, the Synchronous Condenser Market is divided into Electrical Utilities and Industrial Sector. In 2021, the electrical utilities segment registered the highest revenue share of the synchronous condenser market. The rapid rise in the growth of the segment is due to the increase in the demand for grid infrastructure-supporting products like electricity. Additionally, the increasing adoption of electric vehicles has increased the number of charging stations, which serves as a major driver of growth and opens up new possibilities for the integration of renewable electricity in charging stations.
Regional Outlook
Region-Wise, the Synchronous Condenser Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the synchronous condenser market. The growth of the regional market is attributed to the region’s active efforts to replace and upgrade deteriorating infrastructures in order to enhance grid stability and resilience and create intelligent electrical networks.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric (GE) Co., ANDRITZ Group, WEG Equipamentos Elétricos S.A., Fuji Electric Co., Ltd., Mitsubishi Heavy Industries Ltd., Siemens Energy AG, Eaton Corporation PLC, Bharat Heavy Electricals Ltd., and Ansaldo Energia S.p.A.
Strategies deployed in Synchronous Condenser Market
Partnerships, Collaborations and Agreements:
Mar-2022: ANDRITZ signed an agreement with Doosan Heavy Industries and Construction. Under this acquisition, the company aimed to deliver hydro- and electromechanical devices for the 216-MW Upper Trishuli 1 hydropower plant.
Sep-2021: ANDRITZ signed an agreement with SecureEnergy, a joint venture formed by Elecnor and Clough. Following this agreement, the companies would supply electro-mechanical devices for four synchronous condenser plants across New South Wales.
Aug-2021: ABB signed an agreement with Statkraft, the largest renewable energy generator in Europe. This agreement aimed to accelerate the design, development, and deployment of two high-inertia synchronous condenser systems for the Liverpool-based Lister Drive Greener Grid project.
May-2020: General Electric signed an agreement with Terna, a transmission system operator in Italy. Through this agreement, the companies aimed to supply two synchronous condensers as well as a flywheel within the Brindisi substation in southern Italy. Moreover, the company would also provide all the mechanical and electrical auxiliaries and balance of the plant.
Feb-2020: ABB signed an agreement with Ansaldo Energia, an Italian power engineering company. Under this agreement, ABB would distribute, deploy, and commission the system, which connects the synchronous compensators to the grid while also complying with control and protection systems along with monitoring and diagnostic solutions.
Acquisitions and Mergers:
Aug-2022: WEG took over Motion Control, a subsidiary of Gefran. Following this acquisition, WEG would become the sole proprietary of the company to manage the development and manufacture of a complete range of variable frequency drives, special servo drives, and direct current converters.
Jan-2021: WEG completed its acquisition of TGM, a vendor of power generator drivers solutions and equipment. This acquisition aimed to expand the Energy Generation segments and Industrial Electro-electronic Equipment product portfolio of WEG.
Scope of the Study
Market Segments covered in the Report:
By Reactive Power rating
• Above 200 MVAr
• 101–200 MVAr
• Up to 100 MVAr
By Starting Method
• Static Frequency Converter
• Pony Motor
• Others
By Cooling Technology
• Hydrogen-Cooled
• Air-Cooled
• Water-Cooled
By Installation Type
• New
• Refurbished
By End User
• Electrical Utilities
• Industrial Sector
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• ABB Group
• General Electric (GE) Co.
• ANDRITZ Group
• WEG Equipamentos Elétricos S.A.
• Fuji Electric Co., Ltd.
• Mitsubishi Heavy Industries Ltd.
• Siemens Energy AG
• Eaton Corporation PLC
• Bharat Heavy Electricals Ltd.
• Ansaldo Energia S.p.A.
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• Exhaustive coverage
• Highest number of market tables and figures
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• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06322360/?utm_source=GNW
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