Global Synchronous Condenser Market Size to Reach USD 857.4 Million in 2032 | Emergen Research
Rising requirement of Power Factor Correction (PFC) is a major factor driving market revenue growth
Vancouver, Sept. 27, 2023 (GLOBE NEWSWIRE) — The global synchronous condenser market size was USD 662.6 Million in 2022 and is expected to register a steady revenue CAGR of 2.5% during the forecast period, according to latest analysis by Emergen Research. The rising requirement of Power Factor Correction (PFC) is a major factor driving market revenue growth.
Synchronous condensers are frequently used by hydropower facilities to sustain and stabilize the grid. In addition, increasing need for synchronous condensers in these facilities is another key factor driving revenue growth of the market. Synchronous condensers are essential for maintaining grid stability when hydropower output fluctuates. In addition to producing energy, hydropower stations can offer beneficial grid ancillary services. These plants may now provide services, such as voltage management and frequency regulation, owing to synchronous condensers, which increase their overall value to the grid.
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PFC is essential for improving the efficiency of electrical systems. Synchronous condensers are a key component in PFC systems, helping to correct poor power factors and reduce energy losses in power distribution. Many regions have established regulations and standards related to power factors. Non-compliance can result in penalties or additional charges on electricity bills.
However, high cost associated with synchronous condensers is a key factor, which could restrain market revenue growth. Synchronous condensers necessitate a considerable initial financial outlay. Their substantial physical dimensions, intricate engineering, and specialized constituent parts collectively contribute to elevated upfront expenses. This factor can pose a deterrent for utilities, renewable energy initiatives, and industrial establishments, particularly when financial constraints are a prominent consideration.
Scope of Research
Report Details | Outcome |
Market Size in 2022 | USD 662.6 Million |
CAGR (2023–2032) | 2.5% |
Revenue Forecast To 2032 | USD 857.4 Million |
Base Year For Estimation | 2022 |
Historical Data | 2019–2021 |
Forecast Period | 2023–2032 |
Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type, cooling technology, starting method, reacting power rating, end-use, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
Key Companies Profiled | ABB, General Electric, Mitsubishi Electric Corporation, Schneider Electric, Siemens, ANDRITZ, Ansaldo Energia, Voith GmbH & Co. KGaA, Fuji Electric Co., Ltd., Bharat Heavy Electricals Limited (BHEL), IDEAL ELECTRIC POWER CO., WEG, and Eaton Corporation |
Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global synchronous condenser market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global synchronous condenser market report are:
- ABB
- General Electric
- Mitsubishi Electric Corporation
- Schneider Electric
- Siemens
- ANDRITZ
- Ansaldo Energia
- Voith GmbH & Co. KGaA
- Fuji Electric Co., Ltd.
- Bharat Heavy Electricals Limited (BHEL)
- IDEAL ELECTRIC POWER CO.
- WEG
- Eaton Corporation
Strategic Development
- On 21 February, 2023, Quinbrook Infrastructure Partners, a specialized investment manager focused on infrastructure supporting the energy transition, announced the initiation of construction for four new synchronous condenser projects. Each of these projects has secured long-term, index-linked (CPI) revenues as a part of Phase 21 of National Grid ESO’s Stability Pathfinder Program. These projects are situated near Gretna, Neilston, Rothienorman, and Thurso and are collectively referred to as the ’Scottish Portfolio.’
- On 12 September, 2022, Hanwha Energy Corp., a South Korean firm specializing in power generation solutions, revealed intentions to build an electricity grid stability facility in Ireland. Valued at USD 122.5 million, the project involves Hanwha Energy supplying EirGrid Plc., the state-owned electric power transmission operator of Ireland, with a 160-megawatt-hour power stability system. This system will integrate Hanwha’s Energy Storage System (ESS) along with an electrical network known as the synchronous condenser.
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Some Key Highlights from the Report
- The new synchronous condenser segment is expected to account for largest revenue share in the global synchronous condenser market during the forecast period. This is due to increasing use of new synchronous condensers to provide improved voltage regulations and sustainability as these are manufactured by maintaining the latest regulations and norms. Companies prefer to use new synchronous condensers over old or refurbished ones because new condensers can be customized to meet the specific requirements of different industries and applications.
- The renewable energy segment is expected to register steadily fast revenue growth rate in the global synchronous condenser market over the forecast period. This is because synchronous condensers can help to address the challenges posed by integration of renewable energy sources into the electrical grid. Synchronous condensers are being used to stabilize the intermittent and variable power from renewables. In addition, synchronous condensers can help to improve the voltage stability of grid and maintain a constant voltage even when there are changes in load or generation. Synchronous condensers can help to improve voltage stability by providing a source of reactive power that can be used to regulate the voltage on the grid.
- The Europe market accounted for largest revenue share in the global synchronous condenser market in 2022. This is due to the presence of highly developed countries, such as the UK, Germany, France, and Italy, and rising use of renewable energy in this region. Europe is a global leader in the use of renewable energy, especially wind and solar energy. When intermittent renewable energy sources are present, synchronous condensers are crucial for the stability of grid and the quality of power. Furthermore, increasing need for synchronous condensers is increasing as the continent continues to invest in renewable energy.
- On 12 January, 2021, WEG completed the acquisition of Industrial e Comércio de Turbinas e Transmissões Ltda. (TGM), a company based in Brazil that specializes in providing solutions and machinery for power generation systems, with a particular emphasis on thermal and wind energy. This strategic acquisition is set to broaden WEG’s product portfolio within the industrial electro-electronic equipment and energy generation sectors.
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Emergen Research has segmented the global synchronous condenser market on the basis of type, cooling technology, starting method, reacting power rating, end-use, and region:
- Type Outlook (Revenue, USD Million; 2019-2032)
- New Synchronous Condenser
- Refurbished Synchronous Condenser
- Cooling Technology Outlook (Revenue, USD Million; 2019-2032)
- Hydrogen-Cooled
- Air-Cooled
- Water-Cooled
- Starting Method Outlook (Revenue, USD Million; 2019-2032)
- Static Frequency Converter
- Pony Motor
- Others
- Reacting Power Rating Outlook (Revenue, USD Million; 2019-2032)
- Up to 100 MVAR
- 101 – 200 MVAR
- Above 200 MVAR
- End-use Outlook (Revenue, USD Million; 2019-2032)
- Power Generation
- Renewable Energy
- Industrial and Manufacturing
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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