Asia Pacific Synchronous Condenser Market Size, Share & Industry Trends Analysis Report By Reactive Power rating, By Starting Method, By Cooling Technology, By Installation Type (New and Refurbished), By End User, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Synchronous Condenser Market would witness market growth of 3.4% CAGR during the forecast period (2022-2028).
The second form of the machine, HTS-based machines, which are more compact, lighter, more efficient, and less expensive to produce and run than conventional machines was made possible by the invention of high-temperature superconductivity. Superconducting electromagnets composed of high-temperature superconductor materials can now operate at greater temperatures because of advancements in HTS wire technology.
They use simpler, cheaper, and more effective cooling systems owing to this. As a result, HTS wires are technically and financially viable for condenser applications for power ratings lower than those that the low-temperature superconductor wire can handle. Harmonic currents can even be absorbed by synchronous condensers, which are not harmonic current sources.
To go even further, synchronous condensers could be used as a solution in India. They function similarly to synchronous generators as their motors produce inertia and short-circuit power and, consequently, system strength, although they rotate freely. Synchronous condensers are rapidly being considered as solutions for integrating renewable energy sources to produce electricity in India in 2021. Additionally, synchronous condensers are a well-known and tested technique that has traditionally been used to sustain voltage in particular areas. This factor would spur the growth of the regional synchronous condensers market.
The China market dominated the Asia Pacific Synchronous Condenser Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $52.9 million by 2028. The Japan market is estimated to grow a CAGR of 2.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 3.9% during (2022 - 2028).
Based on Reactive Power rating, the market is segmented into Above 200 MVAr, 101–200 MVAr, and Up to 100 MVAr. Based on Starting Method, the market is segmented into Static Frequency Converter, Pony Motor, and Others. Based on Cooling Technology, the market is segmented into Hydrogen-Cooled, Air-Cooled, and Water-Cooled. Based on Installation Type, the market is segmented into New and Refurbished. Based on End User, the market is segmented into Electrical Utilities and Industrial Sector. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Synchronous Condenser Market is Projected to reach USD 676.9 Million by 2028, at a CAGR of 2.9%
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.
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 Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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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