BOSTON, May 24, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research has unveiled a new report called "Synchronous Condenser Market" which provides an in-depth exploration of growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and the competitive landscape. To thrive in this rapidly transforming marketplace, today’s businesses call for innovative and superlative solutions. Businesses can accomplish unmatched insights and expertise of the best market opportunities in their relevant markets with the help of a Synchronous Condenser market research report. This market report gives a clear idea about the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, possible future trends, and market demand and supply scenarios. The excellent Synchronous Condenser report covers market analysis, market definition, market segmentation, key developments in the market, key players or competitor analysis, and detailed research methodology.
With the specific base year and the historic year, estimations and calculations are performed in the Synchronous Condenser market report. This global market report is generated based on the market type, size of the organization, availability on-premises and the end-users organization type, and the availability in areas such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. The industry report focuses on major driving factors of the market and the market restraints, which generally causes inhibition. Synchronous Condenser market research report conducts the market overview with respect to general market conditions, market improvement, market scenarios, development, cost and profit of the specified market regions, position, and comparative pricing between major players.
Data Bridge Market Research analyses that the global synchronous condenser market is expected to reach USD 3,446,810.89 thousand by 2030, at a CAGR of 3.8% during the forecast period. The global synchronous condenser market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.
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A synchronous condenser is treated as a DC-excited synchronous motor that adjusts temperature and power according to electric power transmission and smart grid. Synchronous compensators, also called synchronous condensers, are designed to control the voltage level in a network area. They can produce or consume reactive power depending on the value of the excitation current. Synchronous condensers are an alternative to capacitor banks for power-factor correction in power grids.
One main advantage of the synchronous condenser is the amount of reactive power that can be continuously adjusted. The synchronous condenser is developed with advanced techniques to improve the power factor in a static capacitor bank. Synchronous condensers have traditionally been used at distribution and transmission voltage levels to improve stability and maintain voltages within desired limits under changing load conditions and contingency situations. The synchronous condenser consists of a stator and rotor with solid integral pole tips, a cooling system (hydrogen, air, or water), an excitation system, a lubrication oil supply, and a step-up transformer and auxiliary transformer.
A synchronous condenser is a long-standing well-known technology that provides advantages. High system inertia is an inherent feature of a synchronous condenser as it is a rotating machine. The benefit of inertia is improved voltage stiffness, improving the system's overall behavior. Increased short-term overload capability can provide more than two times its rating up to a few seconds, which enhances system support during emergencies or contingencies or even under extreme low voltage contingencies. It remains connected and provides smooth, reliable operation and real short-circuit strength to the grid, improving system stability with weak interconnections and enhancing system protection.
Opportunity:
- Rising Government Initiatives To Reduce Air Pollution
Energy consumption has been increasing across the globe due to the rise in electricity demand. Energy production through fossil fuels is responsible for more than one-third of the world's greenhouse gas emissions, which cause pollution and climate change.
Recent Developments:
- In April 2023, Eaton announced the acquisition of a 9% stake in Jiangsu Ryan Electrical Co. Ltd., which manufactures power distribution and sub-transmission transformers in China. This acquisition will help the company to concentrate on electrical products and services. Moreover, it accelerates the company's global distribution, especially in Asia-Pacific
- In January 2022, Siemens announced signing an agreement with Elering to construct three synchronous condensers at 330 kV junction stations in Estonia by 2024. This agreement helped the company to gain a business of USD 83.5 million and market recognition for synchronous condensers and enhanced the business in Germany
The most prominent players in the Synchronous Condenser market include.
- General Electric
- ABB
- Siemens
- Eaton
- WEG
- Ansaldo Energia
- Shanghai Electric Power Generation Equipment,
- Ingeteam
- Hitachi Energy Ltd
- Voith GmbH & Co. KGaA
- Mitsubishi Electric Power Products, Inc.
- Baker Hughes Company
- Power Systems & Controls, Inc.
- IDEAL ELECTRIC POWER CO.
- Doosan Škoda Power
- ANDRITZ
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A comprehensive analysis will be provided covering the following points in the report:
- Executive Market Summary
- Scope of the Synchronous Condenser Report
- Key Findings and Recommendations
- Growth and Investment Opportunities
- Synchronous Condenser Market Value Chain/Supply Chain Analysis
- Synchronous Condenser Market Attractive Investment Proposition
- Competitive Landscape and SWOT Analysis
- Synchronous Condenser Market Segmentation Outlook
- Regional Outlook
- Company Profiles of Key Players
Porter’s five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global Synchronous Condenser market over the period. Further, the Growth Matrix given in the report brings an insight into the investment areas that existing or new market players can consider.
Key Market Segments Covered in Synchronous Condenser Industry Research
Cooling Technology
- Hydrogen Cooled Synchronous Condenser
- Air-Cooled Synchronous Condenser
- Water Cooled Synchronous Condenser
Starting Method
- Static Frequency Converter
- Pony Motor
Reactive Power Rating
- Above 200 MVAR
- 101-200 MVAR
- 61-100 MVAR
- 31-60 MVAR
- 0-30 MVAR
End User
- Electrical Utilities
- Industrial Sectors
Type
- New Synchronous Condenser
- Refurbished Synchronous Condenser
No. of Poles
- 4 To 8
- Less Than 4
- More Than 8
Design
- Salient Pole Design
- Cylindrical Rotor Design
Excitation System Type
- Static Excitation
- Brushless Excitation System
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Key Industry Drivers:
- Increasing Demand for Clean Energy Sources
Clean energy is referred to the energy gained from sources without the release of air pollutants. Renewable energy is power generated from sources that are constantly being replenished. Unlike fossil fuels and gas, these renewable energy resources won't run out and include wind and solar energy. However, most green energy sources are renewable. Thus, perfect green clean energy can be called renewable energy sources.
- Growing Need for Integrated Systems In Power Plants
Energy Systems Integration (ESI) coordinates the operation and planning of energy systems to deliver reliable, cost-effective energy services with minimal environmental impact. Such systems involve interaction between energy factors such as electricity, thermal, fuels, water, and transmitters. Thus, ESI is a multidisciplinary area ranging from science, engineering, and technology.
Synchronous Condenser Market Regional Analysis/Insights:
The regions covered in the synchronous condenser market report are U.S., Canada, Mexico, China, Japan, South Korea, India, Australia, Singapore, Indonesia, Thailand, Taiwan, Malaysia, Philippines, Rest of Asia-Pacific, Germany, U.K., France, Italy, Netherlands, Spain, Switzerland, Russia, Turkey, Belgium, Finland, Norway, Rest of Europe, U.A.E., Saudi Arabia, Israel, Qatar, Egypt, Kuwait, South Africa, Oman, Bahrain, and Rest of Middle East and Africa.
North America is expected to dominate as there is a rising need for renewable energy, causing a demand for effective and dependable power transmission and distribution networks. Synchronous condensers are a crucial part of these systems since they aid in stabilizing the power grids and avoiding blackouts. Another factor influencing the expansion of the synchronous condenser market in North America is the development of smart grids.
The U.S. is expected to dominate in North America as there is a rising need for renewable energy, causing a demand for effective and dependable power transmission and distribution networks. China is expected to dominate Asia-Pacific as the renewable sector and advanced power grid infrastructure are expanding significantly. Germany is expected to dominate Europe, transitioning more towards renewable energy-based grids.
Key Questions Answered in This Report: –
- How has this market performed so far and how will it perform in the coming years?
- Which are the key product types available in this market?
- Which are the major application areas in the market?
- What are the key distribution channels in the global market?
- What are the key regions in this market?
- What are the price trends?
- What are the various stages in the value chain of this industry?
- What are the key driving factors and challenges in the market?
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Synchronous Condenser Market: Regulations
- Market Overview
- Global Synchronous Condenser Market, By Cooling Technology
- Global Synchronous Condenser Market, By Starting Method
- Global Synchronous Condenser Market, By Reactive Power Rating
- Global Synchronous Condenser Market, By End User
- Global Synchronous Condenser Market, By Type
- Global Synchronous Condenser Market, By No. of Poles
- Global Synchronous Condenser Market, By Design
- Global Synchronous Condenser Market, By Excitation System Type
- Global Synchronous Condenser Market, By Distribution Channel
- Global Synchronous Condenser Market, By Region
- Global Synchronous Condenser Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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