Published Date: 23-Sep-2022
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Synchronous Condenser Market size is expected to reach $676.9 Million by 2028, rising at a market growth of 2.9% CAGR during the forecast period.
The Above 200 MVAr segment acquired maximum revenue share in the Global Synchronous Condenser Market by Reactive Power rating in 2021 thereby, achieving a market value of $264.5 million by 2028. The growth of this segment is rising as a result of the fact that these systems offer benefits including low cost, high power quality, very low harmonic emission, as well as short-circuit power capacity. The cooling method most frequently used for synchronous condensers greater than 200 MVAr is hydrogen.
The Pony Motor segment is showcasing a CAGR of 3.2% during (2022 - 2028). Pony motors are small and typical induction motors that are used to run the rotor at speeds that are close to synchronous. The DC excitation to the rotor is turned on once it reaches synchronous speed. Pony motors are only linked to synchronous motor shafts once they have reached synchronous speed. The compact size of this motor is playing a major role in boosting the growth of this segment.
The Air-Cooled segment has shown the growth rate of 3.1% during (2022 - 2028). Due to increased demand for synchronous condensers for high-voltage DC systems, wind and solar power production, synchronous condenser upgrades, and other reactive power factor correction applications within electric utilities. Simple operation and maintenance are two primary benefits of employing an air-cooled system in the synchronous condenser.
The New segment is generating highest revenue share in the Global Synchronous Condenser Market by Installation Type in 2021 thereby, achieving a market value of $426.4 million by 2028. The increase in the growth of the segment is majorly owing to the fact that a number of large enterprises prefer new synchronous condensers owing to use the durability and impeccability of unused sensors. This type of condenser offers increased runtime and works more efficiently in contrast to used synchronous sensors.
The Industrial Sector segment is exhibiting the growth rate of 3.5% during (2022 - 2028). In order to deliver reactive power to the alternating current grid, large installations of synchronous condensers are occasionally utilized in conjunction with high-voltage direct current converter stations within the industrial sector. When it comes to power-factor correction across power grids, synchronous condensers offer an alternative to capacitor banks.
The North America market dominated the Global Synchronous Condenser Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $235.4 million by 2028. The Europe market is exhibiting a CAGR of 2.5% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 3.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Reactive Power rating
By Starting Method
By Cooling Technology
By Installation Type
By End User
Unique Offerings from KBV Research