North America 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 North America Synchronous Condenser Market would witness market growth of 2.4% CAGR during the forecast period (2022-2028).
When the motor is overexcited and operated at no load, the current it draws trails the voltage by almost 90 degrees. As a result, it acts like a capacitor when functioning, which is why the synchronous motor is also known as a synchronous capacitor. A synchronous condenser is employed in systems for power transmission to control line voltage because it functions similarly to a variable inductor or variable capacitor.
The transmission grid's supply is kept steady by synchronous condensers. Additionally, they can give voltage support, dynamic regulation, and reactive power generation and absorption. Additionally, a lot of renewable energy sources are dispersed across a large area and supply power to a single radial line. Close to the connecting point, synchronous condensers might be installed to contribute more short-circuit power to the grid.
In the United States, the adoption of renewable energy is significantly high. According to the United States Energy Information Administration, renewable energy sources generated a peak of 834 billion kilowatt-hours (kWh) of electricity in 2020 or nearly 21% of all the electricity produced in the United States. These sources include wind, solar, biomass, hydroelectric, and geothermal energy. In the United States in 2020, only natural gas (1,617 billion kWh) generated more electricity than renewables.
The US market dominated the North America Synchronous Condenser Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $169.9 million by 2028. The Canada market is poised to grow at a CAGR of 4.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 3.8% 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 U.S., Mexico, Canada, and Rest of North America.
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
By Cooling Technology
By Installation Type
By End User
- Electrical Utilities
- Industrial Sector
- Rest of North America
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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