Pune, India, March 10, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on the Synchronous Condenser Market was valued at US$ 507.6 million in 2018 and is projected to reach US$ 580.3 million by 2027; it is expected to grow at a CAGR of 2.6% during 2019–2027. Growing adoption of synchronous condenser among electrical utilities and grid operators is anticipated to drive the market growth during the forecast period.
In 2019, North America dominated synchronous condenser market and accounted for more than one third of the global synchronous condenser market revenue. The US, Canada, and Mexico are the established economies in North America. The technological advancements across North America have resulted in a highly competitive market for all sectors. At present, the adoption of synchronous condenser has increased in the US and Canada across the industries such as electrical utilities and grid operators, metal and mining, marine, and oil & gas. Additionally, rising investments by government bodies and private enterprises to adopt renewable energy across their process is fueling the growth of the market in the region. For instance, in 2019, the investment in clean energy by the US accounted for US$ 301.7 billion. Thus, the rising investment is encouraging enterprises to offer advanced solutions across local and global energy generation sector.
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It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has also affected the supply chain and logistics industry of the country adversely. Though the demand for power was very high across the region especially arising from the healthcare sector to support all systems has influenced the rise in demand for renewable energy across the region. However, owing to nationwide lockdown across major economies like United States and Canada, the supply chain of major components of synchronous condenser was adversely affected, thereby impacted the manufacturing of the same. Thus, the above mentioned factors indicate that the outbreak of the coid-19 pandemic has an adverse impact on the market across the region
Rising demand for renewable energy coupled with the electrification of transportation and increased involvement of oil & gas companies in the electricity value chain are accelerating the convergence of the above-mentioned industries. Rising initiatives among states, cities, and utilities to pursue decarbonaization plans over the years are increasing the demand for renewable energy across the world.
The development of renewable energy is expected to accelerate during the forecast period, as the new administration begins to adopt an agenda that includes rejoining the Paris Climate Agreement, investing US$ 2 trillion in renewable energy and fully decarbonizing the power sector by 2035 to reach a larger goal of zero carbon net emissions by 2050. The new administration is required to exercise its executive power to facilitate the implementation of renewables. This can include government land, procurement, foreign relations, trade, and agency appointments.
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Synchronous Condenser Market: Segmental Overview
Based on cooling type, in 2019, hydrogen-cooled segment accounted for the highest share in the market. Since there is no torque provided by a synchronous condenser, the output shaft can be dispensed with and the unit can be easily enclosed in a gas-tight shell. To aid cooling and reduce windage losses, the synchronous condenser can be filled with hydrogen. In addition, the thermal conductivity of hydrogen is ten times high that of air. Heat removal is therefore ten times more efficient. As a result, a synchronous condenser filled with hydrogen can be driven harder than an air-cooled unit or, for a given capacity, it may be physically smaller. As long as the hydrogen concentration is kept above 70%, typically above 91%, there is no risk of explosion. Because of certain properties, such as low density, high specific heat, and high thermal conductivity, hydrogen-cooled synchronous condensers are highly preferred, which is likely to boost the demand for synchronous condensers during the forecast period. Moreover, it is a preferred cooling method for synchronous medium- and large-sized condensers. Increasing installation of medium and large synchronous condenser units of between 100 and 300 MVAr across the world will be the key driving factor.
Synchronous Condenser Market: Competition Landscape & Key Developments
ABB Ltd., Eaton Corporation PLC, General Electric, Siemens AG, and Voith GmBH are the key companies operating in the global synchronous condenser market. The leading companies in the market are looking forward to expanding and diversifying their market presence along with acquiring new customer base and tapping prevailing business opportunities.
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In 2019, General Electric celebrated its 100th anniversary of supplying synchronous condenser solutions to utility customers and transmission system operators. The company’s latest synchronous condenser offerings have undergone various developments since its first supply. General Electric now offers synchronous condensers ranging from 20 Mvar to 300 Mvar.
In 2020, Siemens Energy engaged in designing, manufacturing, and installing grid stabilization technology in South Wales, Great Britain. The technology consists of a synchronous condenser and flywheel that provides inertia to strengthen the grid, short circuit power to ensure a reliable operation, and reactive power for voltage control.
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