Dublin, Sept. 02, 2019 (GLOBE NEWSWIRE) -- The "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End-User, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global synchronous condenser market is projected to reach USD 606 million by 2024 from an estimated USD 549 million in 2019, at a CAGR of 2% during the forecast period.

The increasing electrical power consumption and rising need to maximize transmission capacity are becoming increasingly important. Along with this, growing renewable-based power generation in the energy mix, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC) has had a considerable effect on transmission grid stability.

Synchronous condensers play a vital role by generating lagging and leading reactive power, helping to stabilize the transmission grid. It also offers several advantages over other substitutes such as no harmonics, short-circuits power capability, and inertia to the transmission grid among others.

The global synchronous condenser market is dominated by a few major players that have a wide regional presence. The leading players in the synchronous condenser market are Siemens AG (Germany), General Electric Company (U.S.), Eaton Corporation (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany).

Synchronous condensers rated above 200 MVAr dominate the global market

The above 200 MVAr segment of synchronous condensers is expected to be the largest market, by reactive power rating, during the forecast period. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.

Hydrogen-cooled synchronous condensers dominate the global market

The hydrogen-cooled synchronous condenser is estimated to be the fastest-growing during the forecast period. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for a reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).

North America to lead the global synchronous condensers market in terms of growth rate

The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. The gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region. Besides North America, Europe was one of the largest markets for synchronous condensers. The demand for synchronous condensers in Europe is mainly driven by rising HVDC network in the region.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Market Size Estimation
2.1.1 Demand-Side Analysis
2.1.1.1 Assumptions
2.1.2 Supply-Side Analysis
2.1.2.1 Assumptions
2.1.2.2 Calculation
2.1.3 Forecast
2.2 Some of the Insights of Industry Experts

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Synchronous Condenser Market
4.2 Synchronous Condenser Market, By Region
4.3 Synchronous Condenser Market, By Cooling Type
4.4 Synchronous Condenser Market, By Starting Method
4.5 Synchronous Condenser Market, By Reactive Power Rating (MVAr)
4.6 Synchronous Condenser Market, By End-User
4.7 Synchronous Condenser Market, By Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Renewable Power Generation
5.2.1.2 Growing Need for Power Factor Correction (PFC)
5.2.2 Restraints
5.2.2.1 High Maintenance & Equipment Cost
5.2.3 Opportunities
5.2.3.1 Converting the Existing Synchronous Generators Into Synchronous Condensers
5.2.3.2 Expanding High-Voltage Direct Current (HVDC) Network
5.2.4 Challenges
5.2.4.1 Availability of Low-Cost Alternatives

6 Synchronous Condenser Market, By Type
6.1 Introduction
6.2 New Synchronous Condenser
6.2.1 Expansion of HVDC Network is Likely to Generate Demand for the New Synchronous Condenser Segment
6.3 Refurbished Synchronous Condenser
6.3.1 Growing Usage of Renewable Power Generation is Likely to Foster the Refurbished Synchronous Condenser Market

7 Synchronous Condenser Market, By Cooling Type
7.1 Introduction
7.2 Hydrogen-Cooled
7.2.1 High thermal Conductivity of Hydrogen-Cooled Synchronous Condensers is Expected to Foster their Demand
7.3 Air-Cooled
7.3.1 Improved Cooling Feature of Air-Cooled Synchronous Condensers Using Air Circulation is Likely to Fuel the Synchronous Condenser Market
7.4 Water-Cooled
7.4.1 Cost Efficiency of Water-Cooled Synchronous Condensers Over their Hydrogen-Cooled Counterpart is Likely to Foster their Demand in the Market

8 Synchronous Market, By Starting Method
8.1 Introduction
8.2 Static Frequency Converter
8.2.1 Low Installation Cost and Low Noise Features are Expected to Boost the Demand for Static Frequency Converters
8.3 Pony Motor
8.3.1 Low Cost of Pony Motors is Likely to Foster their Demand in the Synchronous Condenser Market
8.4 Others

9 Synchronous Condenser Market, By Reactive Power Rating (MVAr)
9.1 Introduction
9.2 Up to 100 MVAr Synchronous Condenser
9.2.1 Growing Usage of Air- & Water-Cooled Synchronous Condensers is Expected to Foster the Demand of Up to 100 MVAr Synchronous Condensers
9.3 100-200 MVAr Synchronous Condenser
9.3.1 Usage of 100-200 MVAr Synchronous Condensers for Transmission System Stability is Likely to Foster their Demand
9.4 Above 200 MVAr Synchronous Condenser
9.4.1 Growing Usage of Hydrogen-Cooled Synchronous Condensers is Expected to Boost Its Demand

10 Synchronous Condenser Market, By End-User
10.1 Introduction
10.2 Electrical Utilities
10.2.1 Demand for Grid Stability and Controlling Voltage Fluctuations is Expected to Drive the Market
10.3 Industries
10.3.1 Requirement for Industrial Loads' Power Factor Correction is Likely to Drive the Market

11 Synchronous Condenser Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 Mercury and Air Toxics Standards' (Mats) Compliance and Growing Demand for Renewables in the Country are Expected to Increase the Demand for the US Synchronous Condenser Market
11.2.2 Canada
11.2.2.1 Increasing Investments in the Renewable Power Generation are Likely to Drive the Demand for the Canadian Synchronous Condenser Market
11.3 Europe
11.3.1 Italy
11.3.1.1 Integrating Renewable Sources in the Grid Systems is Expected to Increase the Demand for the Italian Synchronous Condenser Market
11.3.2 Germany
11.3.2.1 Government Initiatives to Replace Fossil Fuels and Nuclear Power Generation With Renewables is Likely to Boost the Demand
11.3.3 Norway
11.3.3.1 Increasing Investments in HVDC Network are Likely to Drive the Demand
11.3.4 Rest of Europe
11.4 South America
11.4.1 Brazil
11.4.1.1 Increasing Demand for Power Factor Correction Equipment is Likely to Drive the Brazilian Synchronous Condenser Market
11.4.2 Rest of South America
11.5 Rest of the World (RoW)
11.5.1 Australia
11.5.2 Others

12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping, 2018
12.2.1 Visionary Leaders
12.2.2 Innovators
12.2.3 Dynamic
12.2.4 Emerging
12.3 Market Share Analysis, 2018
12.4 Competitive Scenario
12.4.1 Contracts & Agreements
12.4.2 Mergers & Acquisitions
12.4.3 Collaborations

13 Company Profiles
(Business Overview, Products Offered, Recent Developments)
13.1 ABB
13.2 Siemens
13.3 WEG
13.4 Voith Group
13.5 Fuji Electric
13.6 GE
13.7 Eaton
13.8 Ideal Electric (Hyundai Ideal Electric Co.)
13.9 Sustainable Power Systems
13.10 Electromechanical Engineering Associates
13.11 Power Systems & Controls
13.12 Ansaldo Energia

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