Industry Background:
A synchronous condenser is a mechanical device, which is indistinguishable from a synchronous motor. Its motivation is to change conditions on the electric power transmission grid. The condenser's installation and operation are identical from enormous electric motors. Synchronous Condenser Controller (SCC) enables a sustainable power source half breed framework to perform at appropriate voltage when the reinforcement generator is get turned off or is worked close to the solidarity control factor when paralleled with a generator. An advanced voltage controller alters the DC field current of the synchronous generator to control the terminal voltage. While working in parallel with the reinforcement generator the alteration of the DC field current controls receptive power on the lines, amplifying the measure of work that should be possible with the power delivered.
According to AMA Research, the market for Synchronous Condenser is expected to register a CAGR of 2.7% during the forecast period to 2027. This growth is primarily driven by Rising Demand for Renewable Power Generation
.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Key Companies in Study | Siemens (Germany), GE (United States), Eaton (Ireland), ABB (Switzerland), Voith (Germany), WEG (Brazil), Fuji Electric (Japan), BRUSH Group (United Kingdom), Mitsubishi Electric (Japan) and Sustainable Power Systems, Inc. (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Industrial Machinery sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Siemens (Germany), GE (United States), Eaton (Ireland), ABB (Switzerland), Voith (Germany), WEG (Brazil), Fuji Electric (Japan), BRUSH Group (United Kingdom), Mitsubishi Electric (Japan) and Sustainable Power Systems, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2021, ANDRITZ Group signed a contract to supply hydro and electromechanical equipment from Doosan Heavy Industries & Construction to the 216MW Upper Trishuli 1 Hydro Power Plant, a leading power plant in Nepal owned by Nepal Water & Energy Development. Company Pvt. Ltd. An order for electromechanical equipment consists of basic and detailed design of turbine and generator components, complete power system, plant balancing, automation, installation and commissioning.
In 2021, ABB has won a major turnkey contract with Statkraft, Europe's largest renewable energy generator, to design, manufacture and install two high-inertia synchronous condenser systems for the Lister Drive Greener Grid project in Liverpool, North West England. and In 2021, Italian transport system operator Terna. S.p.A (Terna) has ordered two static synchronous compensator (STATCOM) systems and two synchronous capacitors ensure the stability of the Italian grid.The global synchronous condenser market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensification their market share and escalation their profitability.
Market Drivers
- Rising Demand for Renewable Power Generation
- Rising Need for Power Factor Correction
Market Trend
- Rising Demand of Hydrogen-Cooled Synchronous Condensers
Restraints
- Huge Maintenance and Equipment Cost
Opportunities
Rising High Voltage Direct Current Network
Challenges
High Number of Low-Cost Substitutes
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Synchronous Condenser Study Sheds Light on
The Synchronous Condenser Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Synchronous Condenser industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Synchronous Condenser industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.