Global Synchronous Condenser Market is expected to foresee significant growth. APAC to lead the growth!

A synchronous condenser also called a synchronous compensator or synchronous capacitor is a DC-excited synchronous machine or large rotating generator whose shaft does not connect to any driving equipment. A synchronous condenser is used to obtain improved voltage regulation & stability by continuously absorbing/generating adjustable reactive power with refined short circuit strength & frequency by delivering synchronous inertia. In recent times, synchronous condensers witnessed a significant demand owing to their ability to control the power factor of the system. Additionally, a synchronous condenser could be used for both transmission and distribution voltage levels to maintain the desired limit under changing contingency situations and changing load conditions.

The Synchronous Condenser Market is expected to grow at a steady rate of around 7% during the forecast period (2022-2028) owing to the increasing demand for the power factor improver, counterbalance the flux and maintain the inertia of the power generator infrastructure along with the growing adoption of the renewable power integration. Major companies in the market are focusing to provide synchronous condensers with technologically advanced features. For instance, Siemens provides a synchronous condenser solution with the surplus rotating mass from a flywheel to maintain effective inertia.

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Based on cooling type, the market is segmented into air-cooled, hydrogen-cooled, and water-cooled. The hydrogen-cooled segment is expected to witness a significant CAGR during the forecast period owing to their diverse characteristics such as higher specific heat, lower density, and higher thermal conductivity. Hydrogen-cooled synchronous condensers provide higher energy efficiency, longer durability, and lower noise. Furthermore, a hydrogen-cooled synchronous condenser offers 1.5 times higher heat transfer compared to its counterpart and have1/14th the density compared to its air-cooled counterpart.

Based on reactive power rating, the market is segmented into up to 100 MVAR, 100-200 MVAR, and above 200 MVAR. The above 200 MVAR segments are expected to witness significant growth during the forecast period due to the higher efficiency and compatibility with different industries. Also, the rapid industrialization and urbanization coupled with the development in utility and grid technology are expected to support the market growth during the forecast period.

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For a better understanding of the market adoption of the synchronous condenser industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing industrialization and increasing investment in the transmission and distribution system. Also, the aging power infrastructure and its conversion into technologically advanced infrastructure to enhance the power line voltage regulation will people the market in the coming time. For instance, in February 2021, POWERGRID (Power Grid Corporation of India Limited) inaugurated a 320kV 2000 MW HVDC power plant. Furthermore, the increasing number of high-voltage direct current (HVDC) projects and capacity addition in the region is expected to propel the market. For instance, Maharashtra planned to invest one billion dollars in the Palghar district for the underground HVDC project to solve the blackout issue.

Some of the major players operating in the market include General Electric, ABB, WEG, Eaton Corporation, Mitsubishi Electric Corporation, Siemens Energy, Power System and Control, Bharat Heavy Electricals Limited, Shanghai Electric, and Fuji Electric.

Global Synchronous Condenser Market Segmentation

Market Insight, by Cooling Type

• Air Cooled
• Hydrogen Cooled
• Water Cooled

Market Insight, by Starting Method

• Pony Motors
• Static Frequency Converter
• Others

Market Insight, by Reactive Power Rating

• Up to 100 MVAR
• 100-200 MVAR
• Above 200 MVAR

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• General Electric
• ABB
• WEG
• Eaton Corporation
• Mitsubishi Electric Corporation
• Siemens Energy
• Power System and Control
• Bharat Heavy Electricals Limited
• Shanghai Electric
• Fuji Electric