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Synchronous Condenser Market Revenue To Hit $572.9 Million By 2021
The synchronous condensers market is projected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021. The growth is attributed to increasing renewable power generation, long service life, and rising need for power factor correction. Existing and planned upgradation and expansion of High-Voltage Direct Current (HVDC) network across the globe in various regions is expected to increase demand for power factor correction equipment such as synchronous condenser.
Browse 71 market data tables and 47 figures spread through 134 pages and in-depth TOC on “Synchronous Condenser Market”
Increasing renewable power generation to drive the global synchronous condenser market demand close to USD 600 million by 2021
Synchronous condenser key application lies in power generation from renewable sources fed to the main transmission grid. A synchronous condenser is preferred over its substitutes due to its short-circuit power capability, no harmonics, and inertia to the transmission grid.The global synchronous condenser market size is projected to reach USD 572.9 Million by 2021, largely due to long service life, increasing renewable power generation, and rising need for power factor correction. Ongoing new product developments by leading companies for new applications of condensers are likely to propel further growth of the synchronous condenser the long-term forecast.
High maintenance and equipment cost could hamper the growth of the synchronous condenser market.
Renewable sources are gaining in contribution to the global power generation mix. However, renewable sources offer poorer power quality resulting in weak grid stabilities. Synchronous condenser offers key technology to mitigate this challenge. However, it is associated with high initial costs, owing to large-scale use of expensive raw materials such as aluminium and copper. Usually, new synchronous condensers installation cost runs to hundreds of thousands of USD/MVAr, while converting generators into synchronous condensers or refurbishment cost ranges between USD 20,000/MVAr–USD 50,000/MVAr. This makes the synchronous condenser less popular than alternatives such as STATCOM, shunt reactors, and capacitor banks.
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North America is expected to dominate the global synchronous condensers market
Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the U.S. would drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.
Some of the leading players in the synchronous condenser market include Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), ABB Ltd. (Switzerland), Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), and Hyundai Ideal Electric Co. (U.S.) among others.
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