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Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End-User, and Region - Global Forecast to 2024

Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End-User, and Region - Global Forecast to 2024

The synchronous condenser market is expected to reach USD 606 million by 2021, at a CAGR of 2.0% from 2019 to 2024
The global synchronous condenser market is projected to reach USD 606 million by 2024 from an estimated USD 549 million in 2019, at a CAGR of 2.0% during the forecast period. The increasing electrical power consumption and rising need to maximize transmission capacity are becoming increasingly important. Along with this, growing renewable-based power generation in the energy mix, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC) has had a considerable effect on transmission grid stability. Synchronous condensers play a vital role by generating lagging and leading reactive power, helping to stabilize the transmission grid. It also offers several advantages over other substitutes such as no harmonics, short-circuits power capability, and inertia to the transmission grid among others.

Synchronous condensers rated above 200 MVAr dominate the global market
The above 200 MVAr segment of synchronous condensers is expected to be the largest market, by reactive power rating, during the forecast period. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.

“Hydrogen-cooled synchronous condensers dominate the global market “
The hydrogen-cooled synchronous condenser is estimated to be the fastest-growing during the forecast period. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for a reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).

“North America to lead the global synchronous condensers market in terms of growth rate.”
The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. The gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region.
Besides North America, Europe was one of the largest markets for synchronous condensers. The demand for synchronous condensers in Europe is mainly driven by rising HVDC network in the region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I-60%, Tier II-20%, and Tier III-20%
By Designation: C-Level-55%, Director Level-30%, and Others-15%
By Region: North America- 40%, Europe- 30%, South America- 15%, Rest of the World- 15%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.

The global synchronous condenser market is dominated by a few major players that have a wide regional presence. The leading players in the synchronous condenser market are Siemens AG (Germany), General Electric Company (U.S.), Eaton Corporation (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany).

Research Coverage:
The report defines, describes, and forecasts the global synchronous condenser market, by type, material, cooling type, reactive power rating, starting method, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the synchronous condenser market.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • MARKET SIZE ESTIMATION
      • DEMAND-SIDE ANALYSIS
        • Table NUMBER OF UNITS INSTALLED AND PROJECT INVESTMENTS ARE THE DETERMINING FACTORS FOR THE GLOBAL SYNCHRONOUS CONDENSER MARKET
      • SUPPLY-SIDE ANALYSIS
      • FORECAST
    • SOME OF THE INSIGHTS OF INDUSTRY EXPERTS
  • EXECUTIVE SUMMARY
    • Table SYNCHRONOUS CONDENSER MARKET SNAPSHOT
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE SYNCHRONOUS CONDENSER MARKET
    • SYNCHRONOUS CONDENSER MARKET, BY REGION
    • SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE
    • SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD
    • SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING (MVAR)
    • SYNCHRONOUS CONDENSER MARKET, BY END-USER
    • SYNCHRONOUS CONDENSER MARKET, BY TYPE
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
        • Table COMPARISON BETWEEN SYNCHRONOUS CONDENSER AND ITS ALTERNATIVES
  • SYNCHRONOUS CONDENSER MARKET, BY TYPE
    • INTRODUCTION
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION)
    • NEW SYNCHRONOUS CONDENSER
      • EXPANSION OF HVDC NETWORK IS LIKELY TO GENERATE DEMAND FOR THE NEW SYNCHRONOUS CONDENSER SEGMENT
        • Table NEW: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • REFURBISHED SYNCHRONOUS CONDENSER
      • GROWING USAGE OF RENEWABLE POWER GENERATION IS LIKELY TO FOSTER THE REFURBISHED SYNCHRONOUS CONDENSER MARKET
        • Table REFURBISHED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE
    • INTRODUCTION
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
    • HYDROGEN-COOLED
      • HIGH THERMAL CONDUCTIVITY OF HYDROGEN-COOLED SYNCHRONOUS CONDENSERS IS EXPECTED TO FOSTER THEIR DEMAND
        • Table HYDROGEN-COOLED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • AIR-COOLED
      • IMPROVED COOLING FEATURE OF AIR-COOLED SYNCHRONOUS CONDENSERS USING AIR CIRCULATION IS LIKELY TO FUEL THE SYNCHRONOUS CONDENSER MARKET
        • Table AIR-COOLED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • WATER-COOLED
      • COST EFFICIENCY OF WATER-COOLED SYNCHRONOUS CONDENSERS OVER THEIR HYDROGEN-COOLED COUNTERPART IS LIKELY TO FOSTER THEIR DEMAND IN THE MARKET
        • Table WATER-COOLED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • SYNCHRONOUS MARKET, BY STARTING METHOD
    • INTRODUCTION
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2017–2024 (USD MILLION)
    • STATIC FREQUENCY CONVERTER
      • LOW INSTALLATION COST AND LOW NOISE FEATURES ARE EXPECTED TO BOOST THE DEMAND FOR STATIC FREQUENCY CONVERTERS
        • Table STATIC FREQUENCY CONVERTER: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • PONY MOTOR
      • LOW COST OF PONY MOTORS IS LIKELY TO FOSTER THEIR DEMAND IN THE SYNCHRONOUS CONDENSER MARKET
        • Table PONY MOTOR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD THOUSAND)
    • OTHERS
      • Table OTHERS: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD THOUSAND)
  • SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING (MVAR)
    • INTRODUCTION
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY INERTIA REQUIREMENT, 2017–2024 (USD MILLION)
    • UP TO 100 MVAR SYNCHRONOUS CONDENSER
      • GROWING USAGE OF AIR- & WATER-COOLED SYNCHRONOUS CONDENSERS IS EXPECTED TO FOSTER THE DEMAND OF UP TO MVAR SYNCHRONOUS CONDENSERS
        • Table UP TO 100 MVAR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD THOUSAND)
    • 100–200 MVAR SYNCHRONOUS CONDENSER
      • USAGE OF 100–200 MVAR SYNCHRONOUS CONDENSERS FOR TRANSMISSION SYSTEM STABILITY IS LIKELY TO FOSTER THEIR DEMAND
        • Table 100–200 MVAR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD THOUSAND)
    • ABOVE 200 MVAR SYNCHRONOUS CONDENSER
      • GROWING USAGE OF HYDROGEN-COOLED SYNCHRONOUS CONDENSERS IS EXPECTED TO BOOST ITS DEMAND
        • Table ABOVE 200 MVAR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD THOUSAND)
  • SYNCHRONOUS CONDENSER MARKET, BY END-USER
    • INTRODUCTION
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY END-USER, 2017–2024 (USD MILLION)
    • ELECTRICAL UTILITIES
      • DEMAND FOR GRID STABILITY AND CONTROLLING VOLTAGE FLUCTUATIONS IS EXPECTED TO DRIVE THE MARKET
        • Table ELECTRICAL UTILITIES: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • INDUSTRIES
      • REQUIREMENT FOR INDUSTRIAL LOADS' POWER FACTOR CORRECTION IS LIKELY TO DRIVE THE MARKET
        • Table INDUSTRIES: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD THOUSAND)
  • SYNCHRONOUS CONDENSER MARKET, BY REGION
    • INTRODUCTION
      • Table SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • NORTH AMERICA
      • Table NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2017–2024 (USD THOUSAND)
      • Table NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END-USER, 2017–2024 (USD THOUSAND)
      • Table NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • US
        • Table US: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
        • Table US: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
      • CANADA
        • Table CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
        • Table CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
    • EUROPE
      • Table EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
      • Table EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2017–2024 (USD MILLION)
      • Table EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY END-USER, 2017–2024 (USD MILLION)
      • Table EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
      • Table EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION)
      • Table EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • ITALY
        • Table ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
        • Table ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
      • GERMANY
        • Table GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
        • Table GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
      • NORWAY
        • Table NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
        • Table NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
      • REST OF EUROPE
        • Table REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD MILLION)
        • Table REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD MILLION)
    • SOUTH AMERICA
      • Table SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
      • Table SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2017–2024 (USD THOUSAND)
      • Table SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END-USER, 2017–2024 (USD THOUSAND)
      • Table SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
      • Table SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION)
      • Table SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY, 2017–2024 (USD THOUSAND)
      • BRAZIL
        • Table BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
        • Table BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
      • REST OF SOUTH AMERICA
        • Table REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
        • Table REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
    • REST OF THE WORLD (ROW)
      • Table REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
      • Table REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2017–2024 (USD THOUSAND)
      • Table REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY END-USER, 2017–2024 (USD THOUSAND)
      • Table REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
      • Table REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2017–2024 (USD THOUSAND)
      • Table REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY, 2017–2024 (USD THOUSAND)
      • AUSTRALIA
        • Table AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
        • Table AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
      • OTHERS
        • Table OTHERS: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2017–2024 (USD THOUSAND)
        • Table OTHERS: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2017–2024 (USD THOUSAND)
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • COMPETITIVE LEADERSHIP MAPPING, 2018
      • VISIONARY LEADERS
      • INNOVATORS
      • DYNAMIC
      • EMERGING
    • MARKET SHARE ANALYSIS, 2018
    • COMPETITIVE SCENARIO
      • Table DEVELOPMENTS BY KEY PLAYERS IN THE MARKET, 2016–2019
      • CONTRACTS & AGREEMENTS
      • MERGERS & ACQUISITIONS
      • COLLABORATIONS
  • COMPANY PROFILES
    • ABB
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • SIEMENS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • WEG
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • VOITH GROUP
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • FUJI ELECTRIC
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • GE
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • EATON
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • IDEAL ELECTRIC (HYUNDAI IDEAL ELECTRIC CO.)
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • SUSTAINABLE POWER SYSTEMS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • ELECTROMECHANICAL ENGINEERING ASSOCIATES
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • POWER SYSTEMS & CONTROLS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • ANSALDO ENERGIA
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
  • APPENDIX
    • INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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