Synchronous Condenser Market Size Worth USD 947.1 million by 2030, Growing Demand for Renewable Power Generation: Latest Report by Delvens

Synchronous Condenser Market Size, Share & Trends Analysis Report by Cooling Type (Hydrogen-Cooles, Air-Cooled, Water-Cooled), Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End-User, Reactive Power Rating and Region, Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030

Melbourne, June 05, 2023 (GLOBE NEWSWIRE) -- According to the new market research report “Synchronous Condenser Market Size, Share & Trends Analysis Report by Cooling Type (Hydrogen-Cooles, Air-Cooled, Water-Cooled), Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End-User, Reactive Power Rating and Region, Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030”, published by Delvens, the global Synchronous Condenser Market is expected to reach $947.1 million by 2030 from $615.2 million in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 2.7%.

Synchronous Condenser Market research report gives most appropriate and specific information to the decision makers in the Energy industry which saves their time and result in excellent output. The report carefully analyses the potential of the market with respect to current scenario and the future prospects with respect to several industry aspects. This Synchronous Condenser Market business report explains several market factors such as market estimates and forecasts, entry strategies, opportunity analysis, market positioning, competitive landscape, product positioning, market assessment and viability studies. The best solution is offered with the systematic study of all these parameters that is performed by the experts.

Click Here for a Free Sample + Related Graphs of the Report at: https://www.delvens.com/get-free-sample/synchronous-condenser-market-trends-forecast-till-2028

Some of the major players are ABB, Siemens Energy, GE, Eaton, Voith Group, Fuji Electric, WEG, BRUSH Group, ANDRITZ, Ansaldo Energia, Mitsubishi Heavy Industries, Ltd., BHEL, Ideal Electric Power Co., Power Systems & Controls, Electromechanical Engineering Associates, Anhui Zhongdian (ZDDQ) Electric Co., Shanghai Electric, Ingeteam, Doosan Škoda Power, and Hangzhou Jingcheng Electrical Equipment Co. among others.

A synchronous machine called a condenser is used to control voltage variation and enhance power factors. It is a mechanically load-free motor. It can generate VAr and excite the field winding. The system is cooled down using it, and the desired voltage is maintained. It has a shaft that rotates freely and is not attached to anything. It can change the conditions necessary for the electrical power transmission grid and specify the amounts of electricity flowing into a grid from reactive power. The distribution system is under higher strain due to the lower power factor's increased current draw and increased electrical load. A synchronous condenser is used in Power Factor Correction to ensure stability and can boost efficiency. It is utilized in today's power grids, renewable resource production facilities like solar, wind, hydro, nuclear, and coal-fired power plants, as well as electricity distribution networks. The expense of synchronous condensation maintenance is significant.

Over-excitation occurs when the motor draws a leading current and functions as a capacitor when it operates at a leading power factor. When the voltage leads the current at a 90° angle. Under-excitation: When the motor is run at a lagging power factor, it works as an inductor by providing a leading current while drawing a trailing current from the system.

Synchronous Condenser Market Overview

The synchronous condenser's ability to continuously change reactive power is one of its key advantages. To increase the power factor in a static capacitor bank, the synchronous condenser is designed using cutting-edge technology. At distribution and transmission voltage levels, synchronous condensers are typically employed to increase stability and maintain voltages within acceptable limits during varying load conditions and contingency situations. A solid integrated pole stator and rotor, a cooling system (hydrogen, air, or water), an excitation system, a supply of lubricating oil, a step-up transformer, and an auxiliary transformer make up the synchronous condenser.

An established, well-known technology with benefits is the synchronous condenser. A synchronous condenser has a high system inertia by nature because it is a rotating machine. Increased voltage rigidity, which enhances the system's overall performance, is an advantage of inertia. Increased short-term overload capability increases system support during crises, contingencies, or even under extremely low voltage contingencies by supplying more than twice its rating for a short period. It stays linked and gives the grid smooth, dependable operation and true short-circuit strength, enhancing system protection and boosting system stability with weak interconnections.

Synchronous Condenser Market Segmentation Analysis

According to the starting approach, the static frequency converter sector is anticipated to represent the largest market during the forecast period.

During the projected period, the static frequency converter sector is anticipated to be the largest. Static converters are in high demand in the global market for synchronous condensers because they are less noisy and take up less space than mechanical converters with large machinery. The need for static frequency converters is anticipated to increase due to the need for reduced installation costs.

The segment of the worldwide synchronous condenser market with the highest reactive power rating is anticipated to grow at the quickest rate during the forecast period.

Based on reactive power ratings, the market has been classified into three groups: up to 100 MVAr, 101-200 MVAr, and above 200 MVAr. During the projected period, it is expected that above 200 MVAr will grow at the fastest rate. Low cost, good power quality, extremely low harmonic emission, and short-circuit power capacity are just a few advantages that these systems have to offer. For synchronous condensers more powerful than 200 MVAr, hydrogen is the cooling technique that is most usually employed. The increasing use of huge hydrogen-cooled synchronous condensers is expected to drive the market.

Regional Insights

North America is predicted to experience the fastest growth in the worldwide synchronous condenser market between 2022 and 2030, followed by Europe and the Asia-Pacific region. In North America, major efforts are being made to upgrade outdated infrastructure to improve grid stability and resilience and develop smart power networks. The North American power industry is currently facing challenges related to the grid integration of various distributed generating sources, carbon regulations, energy efficiency goals, and other issues. A substantial digital operational revolution is taking place in the local utilities. The main concerns of power system operators are decentralization, digitization, and decarbonization. These industry shifts are what is driving the market in North America.

To Grow Your Business Revenue, Make an Inquiry Before Buying at: https://www.delvens.com/Inquire-before-buying/synchronous-condenser-market-trends-forecast-till-2028

Synchronous Condenser Market Outlook

Driver: Growing use of renewable and sustainable energy sources and increasing investments in capacity additions

Countries are turning to clean energy sources as a result of government initiatives to address environmental problems like global warming, carbon emissions, and rising pollution. The International Renewable Energy Agency (IRENA) estimates that 38% of the installed power production capacity worldwide in 2021 came from renewable sources. Over the next ten years, there will likely be a shift in the balance of power generation, with utility-scale solar, distributed generation and storage, and grid-scale energy storage all predicted to grow significantly. Global investments in renewable energy technology have increased over the past ten years and are expected to reach USD 359 billion in 2020. Even as the COVID-19 epidemic affected the electricity market, the global capital investment for renewables climbed by about 7% in 2020 compared to 2019. The rapidly growing demand for renewable energy technologies is a result of the quickly decreasing installation cost of solar panels brought on by rapid technological breakthroughs. So, throughout the projected period, the demand for synchronous condensers is anticipated to be fueled by the growing adoption of renewable energy power production technologies.

Restraint: High manufacturing and maintenance costs

Synchronous condensers are quite expensive to produce because they need a lot of expensive raw materials like copper and aluminum. For a single synchronous condenser, the maintenance costs typically fall between USD 0.4/kVAr per year and USD 0.8/kVAr per year. It needs a significant amount of power to run constantly without a load. Installing new synchronous condensers often costs hundreds of thousands of dollars per megawatt hour, whereas refurbishing or converting from generators to synchronous condensers costs between $20,000 and $50,000 per megawatt hour. Synchronous condensers are more expensive than alternatives since they can also be used as DC-excited synchronous motors. Synchronous condensers are the least common product on the market when compared to other options like capacitor banks and shunt reactors.

Opportunities: Conversion of existing synchronous generators into synchronous condensers

Due to the decommissioning of outdated power generation facilities, environmental regulations, increasing competition from gas-fired turbines, and an abundance of renewable energy sources, the growth of the conventional power production source market is diminishing. Many outdated coal-fired power stations in North America and Europe have been shut down as a result of these causes. 21 nations have committed to getting rid of coal-fired electrical generation since the Paris Agreement was announced. Coal power stations have been phased down in Belgium, Austria, and Sweden. Operators have planned for 14.9 gigawatts (GW) of electric generating capacity to be out of service in the US during 2022, according to the US Energy Information Administration (EIA). Coal-fired power facilities are expected to retire the most (85%), followed by natural gas (8%) and nuclear (5%).

Challenges: Availability of low-cost substitute

To reinforce and stabilize the grid systems, synchronous condensers are utilized to increase power factors by either absorbing or producing reactive power. The industry offers some low-cost alternatives to the synchronous condenser, including shunt reactors, capacitor banks, STATCOM, and static VAR compensators. At a reduced cost, these substitutes can likewise accomplish grid stability or dynamic voltage regulation. Additionally, synchronous condensers with long equipment lives and stability are not commonly used due to their expensive equipment and maintenance costs.

Key Companies & Market Share Insights

Some of the key players operating in the global Synchronous Condenser market are ABB, Siemens Energy, GE, Eaton, Voith Group, Fuji Electric, WEG, BRUSH Group, ANDRITZ, Ansaldo Energia, Mitsubishi Heavy Industries, Ltd., BHEL, Ideal Electric Power Co., Power Systems & Controls, Electromechanical Engineering Associates, Anhui Zhongdian (ZDDQ) Electric Co., Shanghai Electric, Ingeteam, Doosan Škoda Power, and Hangzhou Jingcheng Electrical Equipment Co. among others.

Recent Developments

Doosan Heavy Industries and Construction Co. Ltd. awarded a contract to ANDRITZ Group in March 2022 to provide the hydro- and electromechanical equipment for the 216-MW Upper Trishuli 1 hydropower plant, a run-of-river facility in Nepal operated by Nepal Water & Energy Development Company Pvt. Ltd. The fundamental and detailed design of the turbine and generator components, complete electrical power systems, balance of plant, automation, installation, and commissioning are all included in the order for the electromechanical equipment.

Statkraft, the largest renewable energy producer in Europe, granted ABB a significant turnkey contract in August 2021 to design, build, and install two high-inertia synchronous condenser systems for the Lister Drive Greener Grid project in Liverpool in Northwest England.

Two static synchronous compensators (STATCOM) systems and two synchronous condensers will be ordered by the Italian transmission system operator Terna S.p.A (Terna) in May 2021 to ensure the stability of the Italian grid.

Industrial e Comércio de Turbinals e Transmisses Ltda. (TGM) was purchased by WEG in January 2021. TGM is a Brazilian company that specializes in thermal and wind energy and offers equipment and solutions to power generator drivers. The product portfolio of WEG in the areas of energy generation and industrial electronic equipment would increase as a result of this acquisition.

Global Synchronous Condenser Market Table of Contents

Insulation Type Outlook

New Synchronous Conder

Refurbished Synchronous Condenser

Cooling Technology Outlook

Hydrogen-Cooled Synchronous Condenser

Air-Cooled Synchronous Condenser

Water-Cooled Synchronous Condenser

Starting Method Outlook

Static Frequency Converter

Pony Motor

Others

End User Outlook

Electrical Utilities

Industrial Sector

Regional Outlook

Europe

Germany

U.K.

France

Italy

Spain

Sweden

Austria

Finland

Belgium

Turkey

Russia

Poland

Hungary

Czech Republic

Switzerland

Netherlands

Rest of Europe

North America

U.S.

Canada

Mexico

Asia-Pacific

Japan

China

India

Australia

South Korea

Vietnam

New Zealand

Philippines

Thailand

Malaysia

Hong Kong

Taiwan

Singapore

Indonesia

Sri Lanka

Rest of Asia-Pacific

South America

Brazil

Argentina

Chile

Colombia

Rest of South America

Middle East And Africa

South Africa

U.A.E.

Saudi Arabia

Oman

Qatar

Iran

Egypt

Rest of Middle East and Africa

Direct Purchase of Synchronous Condenser Market Research Report at: https://www.delvens.com/checkout/synchronous-condenser-market-trends-forecast-till-2028

Report Scope

Report Feature

Descriptions

Growth Rate

CAGR of 2.7% during the forecasting period, 2023-2030

Historical Data

2019-2021

Forecast Years

2023-2030

Base Year

2022

Units Considered

Revenue in USD million and CAGR from 2023 to 2030

Report Segmentation

Insulation, Cooling Technology, End-Use, and Region.

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

ABB, Siemens Energy, GE, Eaton, Voith Group, Fuji Electric, WEG, BRUSH Group, ANDRITZ, Ansaldo Energia, Mitsubishi Heavy Industries, Ltd., BHEL, Ideal Electric Power Co., Power Systems & Controls, Electromechanical Engineering Associates, Anhui Zhongdian (ZDDQ) Electric Co., Shanghai Electric, Ingeteam, Doosan Škoda Power, and Hangzhou Jingcheng Electrical Equipment Co. among others.

Available Customization

In addition to the market data for the Synchronous Condenser Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement.

For More Energy Industry Reports: https://www.delvens.com/industry/energy

Browse Related Reports:

Hydrogen Energy Storage Market: https://www.delvens.com/report/hydrogen-energy-storage-market-trends-forecast-till-2030

Electric Vehicle (EV) Charger Market: https://www.delvens.com/report/electric-vehicle-ev-charger-market-trends-forecast-till-2030

Motor Monitoring Market: https://www.delvens.com/report/motor-monitoring-market-trends-forecast-till-2028

Recloser Market: https://www.delvens.com/report/recloser-market-trends-forecast-till-2028

Rotary Uninterruptible Power Supply (UPS) Market: https://www.delvens.com/report/rotary-uninterruptible-power-supply-market-trends-forecast-till-2028

High-Speed Engine Market: https://www.delvens.com/report/high-speed-engine-market-trends-forecast-till-2028

About Delvens

Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports, and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide information on the country, regional, and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally. We use AI and machine learning to make existing offerings quicker and cheaper, as well as to offer new services which couldn’t have been dreamt of a few years ago. From creating concepts to implementing them, we have the best-proven strategies that will help the organization and are assisting the organization to overcome the prevailing challenges and recognize recent opportunities before their competitors. We are capable of providing tailor-made research services keeping because of your specific requirements. We assure to provide the best possible services for all our clients. Our analysts are available for your assistance and will perfectly understand your needs and demand.

Delvens database assists clients by providing in-depth information on crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, and Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.

To find out more, visit https://www.delvens.com/ or follow us on Twitter, LinkedIn and Facebook.

Contact Us:

Varsha ChaudhariDelvens Private LimitedUnit No. 2126, Tower B, 21st FloorAlphathum, Sector 90 Noida 201305, IND: +44 20 8638 5055 | C: +91 9561827515 | P: +0120 4569 248

[email protected] | [email protected]

Website: https://www.delvens.com/