Pune India, Jan. 27, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the synchronous condenser market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the synchronous condenser market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the cooling type, starting method, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global synchronous condenser market are SAMSUNG, Wi-Charge., Energous Corporation, HUMAVOX LTD, TOSHIBA CORPORATION, Panasonic Corporation, Murata Manufacturing Co, uBeam, Powermat, Powercast Corp., Fulton Innovation LLC, TDK Corporation, Integrated Device Technology, Inc., and Ossia Inc., among others. To achieve a substantial market share in the worldwide synchronous condenser market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Reactive power is generated by a synchronous device known as a synchronous condenser and is 90 degrees out of phase with actual power. Synchronous condensers can perform similarly to synchronous motors and have a shaft that can freely rotate. By adding or subtracting reactive power from the controlled grid voltage, it is used to regulate conditions on electric power grids. It can be started with the aid of devices like a static frequency converter and a pony motor. The cooling techniques used by the synchronous condensers are air cooling, hydrogen cooling, and water cooling, depending on the type of load, reactive power rating, and client needs. The market demand for synchronous condensers is driven by their ability to stabilise the electricity generated by renewable energy sources. Since the technology produces reactive electricity, which is compatible with renewable energy sources, it is especially useful. Synchronous condensers are the ideal choice for controlling voltage on lengthy transmission lines, in networks with a large penetration of power electronic equipment, and in networks where there is a significant risk of islanding from the main network. Reliability, efficiency, and grid security are the main objectives for the majority of utilities.
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Scope of Synchronous Condenser Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Cooling Type, Starting Method, End-User, and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||SAMSUNG, Wi-Charge., Energous Corporation, HUMAVOX LTD, TOSHIBA CORPORATION, Panasonic Corporation, Murata Manufacturing Co, uBeam, Powermat, Powercast Corp., Fulton Innovation LLC, TDK Corporation, Integrated Device Technology, Inc., and Ossia Inc., among others.|
The water cooled segment is expected to be the fastest-growing segment in 2022.
The cooling type segment is hydrogen cooled, air cooled, and water cooled. The water cooled segment is expected to witness the highest growth rate during the forecast period. This occurs as a result of a rise in the demand for synchronous condensers that are water-cooled in a number of nations. Many industries use water-cooled synchronous condensers to stabilise the voltage and manage reactive power. These condensers use less energy, operate well over time, and make a lot less noise. Additionally, they are easy to set up.
The static frequency converter segment is expected to be the fastest-growing segment in 2022.
The starting method segment is pony motors, static frequency converter, and others. The static frequency converter segment is expected to witness the highest growth rate during the forecast period. Static frequency converters offer higher control, greater precision, and high dependability for starting synchronous condensers. Changes in the supply voltage or the load have no effect on them. Additionally, these goods are less noisy and need relatively low installation costs. Static frequency converters are chosen by end users over alternative devices because of these desirable qualities. The market for synchronous condensers is anticipated to be driven by the rising adoption of static frequency converter-based synchronous condensers across a variety of end-use sectors.
The electrical power utilities segment is expected to be the fastest-growing segment in 2022.
The end-user segment is commercial, electrical power utilities, commercial, and others. The electrical power utilities segment is expected to witness the highest growth rate during the forecast period. This may be connected to the rising demand for electricity around the world. Grid stations are using synchronous condensers more frequently to increase power factor by generating or absorbing reactive electricity. In electric utilities, they increase grid stability and lessen voltage swings. During the projected period, it is anticipated that the growth in electric grids, solar farms, and electric vehicle charging stations will boost sales of synchronous condensers.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the synchronous condenser include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Because of rising industrialisation, depleting fossil fuel supplies, and rising use of electric vehicles, the need for renewable energy has increased dramatically in the United States in recent years. The United States generated around 63,194.0 GWh of renewable electricity overall in 2019, according to the International Renewable Energy Agency (IRENA). The US government is making investments to boost the capacity of renewable energy production. For instance, the Inter-American Development Bank (IDB) and the United States Agency for International Development (USAID) announced a US$ 6.5 million grant in 2021 for the construction of a new solar power plant in the Caracol Industrial Park. For the synchronous condenser sector, this presents considerable potential opportunities.
Germany’s synchronous condenser market size was valued at USD 3.10 billion in 2022 and is expected to reach USD 7.12 billion by 2030, at a CAGR of 9.7% from 2023 to 2030. Due of the area’s large consumer base, the industry’s quick development, the existence of significant businesses, and the high voltage direct current (HVDC) infrastructure
China’s synchronous condenser market size was valued at USD 4.19 billion in 2022 and is expected to reach USD 8.25 billion by 2030, at a CAGR of 9.8% from 2023 to 2030. In terms of high-voltage direct current transmission systems, China has become a world leader. The nation is fostering a supportive atmosphere for significant synchronous condenser producers like ABB. Sales of synchronous condensers are anticipated to increase as a result of the electrical sector’s quick expansion and the development of HVDC transmission networks. South Asia, led by China, is anticipated to represent 17.2% of the global market in 2022.
India’s synchronous condenser market size was valued at USD 4.17 billion in 2022 and is expected to reach USD 8.22 billion by 2030, at a CAGR of 9.4% from 2023 to 2030. The synchronous condenser market in India is anticipated to grow quickly as a result of the quick adoption of synchronous condensers in a variety of end-use sectors and rising government investments in developing the nation’s renewable energy infrastructure. One of South Asia’s economies with the fastest growth rates is India. The government is building renewable energy infrastructure, such as HVDC transmission networks, in response to the nation’s rising electricity demand, which is a result of the country’s expanding population and swift industrialization. This is fueling the nationwide growth of the synchronous condenser market. Additionally, a number of global market players have declared a desire to increase their presence in Asian nations like India. This will accelerate market growth during the forecast period.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the synchronous condenser market is mainly driven by the rising renewable energy generation.
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