Key Insights on How Global Synchronous Condensers Market Will Perform during 2017-2027

Synchronous Condensers Market

A synchronous condenser is DC-excited synchronous motor that runs in no load condition as well as maintains power conditions on the electric power transmission grid. The synchronous condenser has two major types – new synchronous condensers and reconditioned synchronous condensers. New synchronous condenser is typically constructed with two or four poles and is likely to be cooled with the help of hydrogen, water and air. On the other hand, the reconditioned synchronous condenser is the current synchronous condenser. The condenser involves decoupling of the turbine from generator, design and installation of new control system, installation of starting method, as well as mechanical modifications of the generator.

According to Future Market Insights, the global synchronous condensers market is likely to witness expansion at 5.4% CAGR during the forecast period (2017-2027). The market is estimated to reach valuation of approximately US$ 1.2 Bn by 2027-end, raised from US$ 720 Mn in the year 2017.

Below are the points excerpted from an exclusive interview between a market researcher and an analysts.

What according to you is nourishing growth of the global synchronous condensers market?

Well, synchronous condenser possesses special equipment properties such as it is able to absorb or generate reactive power on the basis of transient. It also contains active components developed according to project-specific requirements. The condensers are utilized for electrical power utilities as well as for industrial purpose.

Do you think special properties will alone fuel the growth of the market?

No, growth of the market has been driven by numerous factors such as rise in the renewable energy-based power generation as well as increasing demand for power factor correction. Growing environmental regulations due to global climate changes is another key factor propelling growth of the market.

How synchronous condensers are useful in power plants?

Aged power plants that are producing power commencing non-renewable energy source need to be transformed into renewable power producer or need to be moved away from housing areas. The long situated power plants have been resulted into setting up of extended distance broadcast lines from transferring electricity from power plants to grid located in the city. This results in energy loss as the broadcast line is directly relative to power loss arisen. Therefore, synchronous condensers need to be fixed at power units to migrate power loss in broadcast by changing reactive power as well as changing voltage of grid to stabilize distribution through long distances. This is the key factor that is driving development of the market.

Why do you think new synchronous condensers will lead the market?

Well, adoption of new synchronous condensers segment has been increased rapidly in the product type segment that brought almost US$ 410 Mn in the year 2017, in term of value. The high adoption of this segment has made it to remain leading in the global synchronous condensers market.

What according to you will be the performance of cooling type segment?

The market has been segmented on the basis of cooling type. The hydrogen cooled segment was anticipated to lead the market with market value estimated to touch US$ 560 Mn in the year 2017, expanding at 5.9% CAGR throughout the forecast period (2017-2027).

How will you describe the performance of the market across the globe?

Well, the market in the North America region was pegged at US$ 190 Mn, in terms of value in the year 2017. However, the market in the Western Europe region is anticipated to remain at the forefront in the global market, on the basis of CAGR value to be reflected during the forecast period.

What are the leading players according to you operating in the global market?

General Electric Company, ABB Ltd., Toshiba Corporation, Siemens AG, Power Systems & Controls, Inc., WEG are several leading players operating in the market. However, Electromechanical Engineering Associates, Inc. and Sustainable Power Systems Inc. are some players in the market that have consolidated their footprint in recent past.

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About Nikhil Kaitwade 330 Articles
With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.