This detailed market study covers various growth opportunities and competitive scenarios, which can assist the stakeholders in understanding market trends and prospects in the synchronous condenser market. The market report focuses on data from a combination of primary and secondary sources and analyses the information using numerous tools. The research report also offers a detailed analysis of each segment in the synchronous condenser market and evaluates the impact of the COVID-19 outbreak on the industry.
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Global Synchronous Condenser Market Competitive Rivalry
The synchronous condenser market report includes an analysis of the competitive landscape present in the industry. It consists of an assessment of the existing and ongoing trends that players can invest in. The notable players in the synchronous condenser market are Voith Group, Fuji Electric Co. Ltd., Eaton Corporation, Ideal Electric, ABB, Siemens AG, WEG, General Electric, Electromechanical Engineering Associates, and Ansaldo Energia, among others.
Global Synchronous Condenser Market Drivers
The significant factors boosting the growth of the synchronous condenser market include the accelerating demand for renewable power generation, long service life, and the increasing need for power factor correction (PFC). Power plants are leveraging synchronous condensers as backups for renewables to manage voltage strength due to the increasing competence of hydropower and wind power generation. The growing number of installation of solar panels in countries such as US and China is another important factor that is surging the growth of the market.
According to the synchronous condenser market report, the significant shift and conversion of the synchronous generator to synchronous condenser and expansion of high-voltage direct current (HVDC) network will bring innumerable growth opportunities in the market over the forecast period. On the other edge of the spectrum, high maintenance and device costs are the major factors that will have a negative impact on the growth of the market.
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Global Synchronous Condenser Market Segmentation
The chapter of segmentation provides the readers with an overview of the synchronous condenser market, such as its products, applications, and other relevant factors of the industry. Understanding the market segments helps in identifying the importance of different factors that surges market growth over the forecast period (2020-2027).
Segment by Type:
- New Synchronous Condenser
- Refurbished Synchronous Condenser
Segment by Cooling Type:
Segment by Starting Method:
- Static Frequency Converter
- Pony Motor
Segment by Reactive Power Rating:
- Up to 100 MVAr Synchronous Condenser
- 100-200 MVAr Synchronous Condenser
- Above 200 MVAr Synchronous Condenser
Segment by End-user:
- Electrical Utilities
Segment by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)