Synchronous Condenser Market Expected to Post a Growth Rate Of 2% CAFR by 2018 To 2023

Market Highlights:-

Increase in electric power consumption and growing need to increase transmission capacity are becoming important in current market. Also, increase in renewable power generation, retiring conventional power plants, and increasing need of High-Voltage-Direct-Current (HVDC) has a substantial effect on stability of transmission grid. Synchronous condensers play a key role by generating leading and lagging reactive power resulting to stabilize the transmission grid. Its main advantages are short-circuit power capability, no harmonics are generated and provides inertia to the transmission grid. The key driving factors for this market is the large-scale demand by utilities for high-capacity synchronous condensers, also power generated from renewable sources is of fluctuating nature and needs power factor correction to maintain voltage stability and durability of synchronous condenser among others.

A synchronous condenser is an identical device to a synchronous motor, whose main shaft is not interlinked with any other device but has free spin. Its main application is to adjust conditions on the electric power transmission grid. Voltage regulator controls its field to generate or absorb reactive power as needed to reduce the fluctuating grid’s voltage, or to improve power factor.

Industry Top Key Players:-

The key players of Synchronous Condenser Market are Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), ABB Ltd. (Switzerland), Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), Hyundai Ideal Electric Co. (U.S.), Sustainable Power Systems LLC. (USA), WEG Industries (Brazil), Electro Mechanical Engineering Associates (USA), Power Systems and Control (USA) among others.

Global Analysis :-

The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. Gradual termination of conventional thermal power plants and growing renewable power generation are driving the synchronous condensers market in the region. North America is followed by Europe. Requirement for synchronous condensers in Europe is mainly driven by growing HVDC network in the region.

The global synchronous condenser market begins with the tendering for HVDC network and substations. The tender is then scrutinized by the contractors/manufacturers for new units or replacement of conventional power plants. The delivering services, in addition, accommodate a new synchronous condenser units, ancillary components for renovation or alteration. Further step is installation of new units or alteration to synchronous condenser mode. Repair and maintenance is the following step which includes scheduled maintenance, repairs, renovations and alterations.

The report for Synchronous Condenser Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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