Synchronous Condenser Market projected to reach $751.0 million by 2030.
According to a new report published by Allied Market Research titled, “Synchronous Condenser Market by Type, Cooling Type, Starting Method, Reactive Power Rating, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the synchronous condenser market size was valued at $568.9 million in 2020, and is projected to reach $751.0 million by 2030, growing at a CAGR of 2.8% from 2021 to 2030.
Synchronous condenser is the device used to generate or
absorb reactive power as per the need for stabilization of electric utilities.
It is an alternative to capacitor bank to correct the power factor in power
grids. The installation of synchronous condensers in electric utilities and
industrial applications is same as of large electric motors. During short
circuits or fluctuating loads, the energy stored in the rotor of synchronous
condensers is used to stabilize power system by compensating reactive power and
correcting power factor of grid system.
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Significant development of the end-use industries such as
oil & gas, telecom, mining, and healthcare is fueling the growth of the
synchronous condenser market, owing to rise in demand for reactive power to
compensate lagging power factor created by inductive loads in the
abovementioned industries. In addition, increase in demand for synchronous
condenser for grid stabilization applications from electric utilities such as
power generation plants, transmission, distribution, and other utilities in
developing economies is driving the growth of the market, globally.
Depending on the type, the new segment garnered the
highest synchronous condenser market share of about 78.6% in 2020, and is
expected to maintain its dominance during the forecast period. This is
attributed to rise in demand for reactive power compensation from electric
utilities such as transmission system, power plants, and other industrial
applications.
In addition,
advantages associated with synchronous condenser such as power factor
correction, reactive power compensation, grid stability, and voltage regulation
are anticipated to fuel the global synchronous condenser market growth of in
the coming years.
On the basis of cooling type, the air-cooled
segment acquired the largest share in 2020, in terms of revenue, and is
expected to maintain its dominance during the forecast period. This is attributed
to rise in demand for synchronous condensers from high-voltage DC system,
wind/solar power generations, synchronous condenser upgrading, and other
reactive power compensation applications in electric utilities.
On the basis of starting method, static frequency
converter segment held the largest share in 2020, in terms of revenue, and is
expected to maintain its dominance during the forecast period. This growth is
attributed to rapid expansion of heavy industries & projects such as dams,
power plants, power grids, refineries, and mills. In addition, rise in
hydropower projects across the globe act as the key driving force of the static
frequency converter-based synchronous condenser in the coming years.
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On the basis of end user, the electric utilities
segment garnered the largest share in 2020, in terms of revenue, and is
expected to grow at a CAGR of 2.6%, owing to rise in demand for electricity
& related products, which, in turn, fuels the demand for grid
infrastructure. Moreover, rapid penetration of electric vehicles led to
increase in charging stations, which acts as a key growth factor and creates
the new opportunities for renewable power integration in charging station.
The
synchronous condenser can be used in these stations to improve power factor by
absorbing or generating reactive power as per capacity and requirement in the
station. This is further anticipated to propel the demand for synchronous
condensers in upcoming years.
COVID-19 impact on the market:
·
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in
temporary ban on import & export and manufacturing & processing
activities across various industries and electrical utilities, which decreased
the demand for synchronous condenser from these consumers.
·
In addition, halt in building
& construction of new electric utility infrastructures, renewable power
plants, grid network, and other power plants, owing to unavailability of
workers and increase in demand–supply gap are projected to hamper the market
growth during the pandemic period.
·
This resulted in decline in
market growth in the second, third, and fourth quarters of 2020.
· However, the
synchronous condenser market is expected to recover by the first quarter of
2021, as COVID-19 vaccination has begun in various economies across the globe,
which is expected to improve the global economy.
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Key Findings of The Study:
- In 2020, the new segment accounted for about
78.6% of the share in the global synchronous condenser market, and is
expected to maintain its dominance till the end of the synchronous
condenser market forecast period.
- In 2020, the air-cooled synchronous condenser
segment is accounted for 55.7% market share, and is anticipated to grow at
a rate of 2.5% in terms of revenue.
- In 2020, the electrical utilities segment
accounted for 85.7% market share, and is anticipated to grow at a rate of
2.6% in terms of revenue.
- Hydrogen-cooled is the rapidly growing segment
in the global synchronous condenser market, and is expected to grow at a
CAGR of 3.7% during 2021–2030.
- Asia-Pacific is expected to grow at the
fastest rate, registering a CAGR of 3.9%, throughout the forecast period.
- In 2020, Europe dominated the global
synchronous condenser market with more than 35.8% of the share, in terms
of revenue.
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