Pune, india, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global synchronous condenser market size was valued at USD 617.8 million in 2020 and is projected to grow from USD 629.3 million in 2021 to USD 753.1 million by 2028, exhibiting a CAGR of 2.6% during the forecast period. The global synchronous condenser market size is projected to witness exponential growth in the forthcoming years. As the global population increases, the demand for electricity increases. The globally rising demand and consumption of electrical energy are anticipated to be the major growth driver for the market. Fortune Business Insights™ has presented this information in an upcoming report titled, “Synchronous Condenser Market, 2021-2028”.
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Synchronous Condenser Market Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 2.6% |
| 2028 Value Projection | USD 753.1 million |
| Base Year | 2020 |
| Market Size in 2020 | USD 617.8 million |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | By Cooling Type, By Starting Method, By Power Rating, By Applications, and By Region |
| Growth Drivers | Rising Government Initiatives to Eradicate Nuclear and Fossil Fuel Power Generation to Propel Market Growth |
| Increasing demand from Utility and Rising Upgrades Augmented Market Growth |
Drivers and Restraints:
Expanding Electricity Consumption & Demand to Fuel Market Growth
The globally expanding population and the rising demand for electricity from the rising population are anticipated to bolster the global synchronous condenser market growth. The swelling consumption of electricity across the household and commercial sectors is likely to fuel market growth in the forthcoming years.
The use of synchronous condensers in high voltage electrical infrastructures ensures reliable and safe operation. The growing manufacturing and industrial activities due to rapid industrialization are projected to boost the market growth in the upcoming years.
Additionally, the synchronous condenser finds application in energy production through renewable energy sources like wind, solar, etc. The growing adoption of renewable energy sources for electricity production across residential and commercial sectors is expected to augment the market growth in the forthcoming years.
However, the alternatives available in the market are anticipated to hinder growth.
COVID-19 Impact:
The global pandemic has contracted the growth of several industries and markets. The synchronous condenser market has witnessed a limited impact of the pandemic. The limited production levels due to the low available workforce have affected the market growth. Additionally, the declined manufacturing and industrial activities have impacted the market. However, the vaccination drives of global economies are at par, and the market is anticipated to gain steep momentum post-pandemic.
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Segmentation:
On the basis of excitation, the market segments into pony motor, static, etc. On the basis of cooling, the market divides into hydrogen, air, water, etc. On the basis of application, the market fragments into power plant, industrial, electrical networks, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
On the basis of excitation, the market segments into pony motor, static, etc. On the basis of cooling, the market divides into hydrogen, air, water, etc. On the basis of application, the market fragments into power plant, industrial, electrical networks, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
Swift Urbanization to Augment Market Growth in Asia Pacific
Asia Pacific is projected to emerge dominant in the global synchronous condenser market share. The growing numbers of industrial and manufacturing units are expected to boost the market growth significantly. The swift urbanization in emerging countries like India, Japan, China, etc., is likely to foster market growth. Additionally, the escalating electrification of rural areas in the region's developing nations is projected to fuel market growth in the forthcoming years.
The Middle East & Africa, and Latin America are anticipated to witness massive growth in the global market. The improving standards of life, rising electrification, and expanding industrial infrastructure are expected to fuel market growth.
North America and Europe are anticipated to witness uniform growth in the global market. The modernization, upgradation, and refurbishment of the electrical infrastructure are expected to boost the market growth. The rising adoption of renewable energy over conventional energy production sources in various European nations is anticipated to fuel market growth. The rising wind and solar power projects are likely to foster the market growth in the upcoming years.
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Competitive Landscape:
Major Players Emphasize on New Projects to Capture Growth
The global synchronous condenser market is fairly competitive and comprises several key players operating at domestic and international levels. The key players emphasize on lowering production costs and enhancing efficiency to survive in the cut-throat competition. Additionally, the focus on new projects and electrical system development to capture growth. The Clean Energy Finance Corporation (CEFC) recently invested $51 million in large-scale renewable energy development at Victoria’s 200MW (AC) Kiamal Solar Farm in June 2019. The investment will strengthen the grid in the Northwestern Victoria area.
Key Industry Development:
August 2019: A synchronous condenser was installed in the solar-wind-battery project of Windlab to enhance the retention system strength.
List of Key Players Mentioned in the Report:
- GE Grid Solutions
- Siemens Energy
- WEG
- Power Systems & Controls
- Mitsubishi Hitachi Power Systems Ltd.
- Eaton
- Ansaldo Energia
- Ectromechanical Engineering Associates Inc.
- Ideal Electric Company
- Fuji Electric Co. Ltd.
- Sustainable Power Systems Inc.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Synchronous Condenser Market Analysis (USD Billion), Insights and Forecast
- Key Findings / Summary
- By Cooling Type
- Air-cooled
- Water-cooled
- Hydrogen-cooled
- By Starting Method
- Static Frequency Converter
- Pony Motors
- Others
- By Power Rating
- Up to 200 MVAR
- Above 200 MVAR
- By Application
- Utility
- Industrial
- By Region
- North America (By Cooling Type, By Starting Method, By Power Rating, By Applications, and By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Cooling Type, By Starting Method, By Power Rating, By Applications, and By Country)
- U.K. (By Application)
- France (By Application)
- Spain (By Application)
- Germany(By Application)
- Italy (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Cooling Type, By Starting Method, By Power Rating, By Applications, and By Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Cooling Type, By Starting Method, By Power Rating, By Applications, and By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East and Africa (By Cooling Type, By Starting Method, By Power Rating, By Applications, and By Country)
- South Africa (By Application)
- GCC (By Application)
- Rest of Middle East & Africa (By Application)
- Competitive Analysis
- Company Market Share Analysis
- Company Profile
-
- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
-
Continued…
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