Synchronous Condenser Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Cooling Type (Air-Cooled, Hydrogen-Cooled, and Water-Cooled); Starting Method (Pony Motors, Static Frequency Converters, and Others); Reactive Power Rating (100 MVAR, 100-200 MVAR, and above 200 MVAR); and Region/Country
Global Synchronous Condenser Market is expected to grow at a significant rate of around 7% during the forecast period. 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. It is also known as a synchronous compensator or synchronous capacitor. By continually absorbing/generating adjustable reactive power with refined short circuit strength & frequency by delivering synchronous inertia, synchronous condensers are utilized to increase voltage regulation & stability. Due to their capacity to regulate the power factor of the system, synchronous condensers have recently experienced a substantial increase in demand. A synchronous condenser could also be utilized to maintain the required limit under changing contingency scenarios and shifting load conditions for both transmission and distribution voltage levels.
General Electric, ABB, WEG, Eaton Corporation, Mitsubishi Electric Corporation, Siemens Energy, Power System and Control, Bharat Heavy Electricals Limited, Shanghai Electric, and Fuji Electric are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst cooling type, the hydrogen cooled category to witness higher CAGR during the forecast period”
Based on cooling type, the market is segmented into air-cooled, hydrogen-cooled, and water-cooled. Due to its various properties, including higher specific heat, lower density, and higher thermal conductivity, the hydrogen-cooled segment is anticipated to experience a considerable CAGR throughout the forecast period. Synchronous condensers that are hydrogen-cooled offer greater energy efficiency, increased durability, and reduced noise. In addition, synchronous condensers cooled by hydrogen deliver 1.5 times more heat transfer than their air-cooled counterparts and have 1/14th the density.
“Amongst starting method, the static frequency converter to hold a significant share in the market in 2020”
Based on starting method, the market is categorized into pony motors, static frequency converters, and others. Due to its cheaper installation fee, independent supply voltage, and load volatility, the static frequency converter category is anticipated to have considerable market expansion throughout the projection period. Additionally, static frequency converters assist market growth in the near future and provide higher dependability, enhanced performance with unbalanced loads, and high-frequency stability. Furthermore, static frequency converters are widely used in the transmission, generation, and distribution of electricity along with optimizing performance.
“Asia-Pacific to hold a significant share in the market”
In 2020, Asia-Pacific held a significant share of the global synchronous condenser market. This is mainly attributed to the expanding industry and rising transmission & distribution infrastructure investment. Additionally, in the near future, the market will be populated with outdated power infrastructure that will be replaced with more modern infrastructure to improve power line voltage regulation. Also, the growing adoption of the closed loop current sensor in the data center industry for the linear flow of circuit current and switch mode power supply for the continuous supply is expected to propel the market growth in the region. Furthermore, the increasing investment and research & development activities along with the new partnerships and merger & acquisition are expected to support the market growth in the coming time. For instance, in April 2020 silicon laboratories acquired Redpine signals to diversify its low-power connectivity portfolio & to enhance its current sensor power product market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.1. Market Definitions|
|1.2. Main Objective|
|2.1. Research Process of the Synchronous Condenser Market|
|2.2. Research Methodology of the Synchronous Condenser Market|
|2.3. Respondent Profile|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. IMPACT OF COVID-19 ON THE SYNCHRONOUS CONDENSER MARKET|
|6. SYNCHRONOUS CONDENSER MARKET REVENUE (USD BN), 2020-2028F|
|7.1. Air Cooled|
|7.2. Hydrogen Cooled|
|7.3. Water Cooled|
|8.1. Pony Motors|
|8.2. Static Frequency Converter|
|9.1. Up to 100 MVAR|
|9.2. 100-200 MVAR|
|9.3. Above 200 MVAR|
|10.1. North America|
|10.1.3. Rest of North America|
|10.2.6. Rest of Europe|
|10.3.4. Rest of Asia-Pacific|
|10.4. Rest of World|
|11.1. Market Drivers|
|11.2. Market Challenges|
|11.3. Impact Analysis|
|12. SYNCHRONOUS CONDENSER MARKET OPPORTUNITIES|
|13. SYNCHRONOUS CONDENSER MARKET TRENDS|
|14.1. Demand Side Analysis|
|14.2. Supply Side Analysis|
|15. VALUE CHAIN ANALYSIS|
|16.1. Competitive Landscape|
|16.1.1. Porters Fiver Forces Analysis|
|17.1. General Electric|
|17.4. Eaton Corporation|
|17.5. Mitsubishi Electric Corporation|
|17.6. Siemens Energy|
|17.7. Power System and Control|
|17.8. Bharat Heavy Electricals Limited|
|17.9. Shanghai Electric|
|17.10. Fuji Electric|
Research Methodology for the Synchronous Condenser Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global synchronous condenser market were the three major steps undertaken to create and analyze the adoption of synchronous condensers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Synchronous Condenser Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the synchronous condenser market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the synchronous condenser market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as cooling type, starting method, and reactive power rating. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Synchronous Condenser Market. Further, we conducted factor analysis using dependent and independent variables such as cooling type, starting method, and reactive power rating of synchronous condensers. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the synchronous condenser market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global synchronous condenser market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the synchronous condenser market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global synchronous condenser market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global synchronous condenser market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of cooling type, starting method, and reactive power rating in the global synchronous condenser market.
The main objective of the Global Synchronous Condenser Market Study
The current & future market trends of the global synchronous condenser market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the synchronous condenser market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of cooling type, starting method, and reactive power rating.
- Define and analysis of the regulatory framework for the synchronous condenser
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the synchronous condenser market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the synchronous condenser market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry