The global synchronous condenser market is expected to reach USD 3,634,603.72 Thousand by 2031 from USD 2,645,899.59 Thousand in 2023 with a CAGR of 4.1% in the forecast period from 2024 to 2031. The new market report contains data for the historic year 2023, the base year of calculation is 2024, and the forecast period is 2024 to 2031.
Market Segmentation:
Global synchronous condenser market, By Cooling Technology (Hydrogen Cooled Synchronous Condenser, Air-Cooled Synchronous Condenser, and Water Cooled Synchronous Condenser), Starting Method (Static Frequency Convertor, Pony Motor, and Others), Reactive Power ( Above 200 MVAR, 101-200 MVAR, 61-100 MVAR, 31-60 MVAR, and 0-30 MVAR), End-User (Electrical Utilities and Industrial Sectors), Insulation Type (New Synchronous Condenser and Refurbished Synchronous Condenser), No. of Poles ( 4 to 8, Less Than 4, and More Than 8), Design (Salient Pole Design and Cylindrical Rotor Design), Excitation System (Static Excitation and Brushless Excitation System), Country (U.S., Canada, Mexico, China, Japan, South Korea, India, Australia, Singapore, Indonesia, Thailand, Taiwan, Malaysia, Philippines, Rest of Asia-Pacific, Germany, U.K., France, Italy, Netherlands, Spain, Switzerland, Russia, Turkey, Belgium, Poland, Finland, Norway, Rest of Europe, U.A.E., Saudi Arabia, Israel, Qatar, Egypt, Kuwait, South Africa, Oman, Bahrain, and Rest of Middle East and Africa) - Industry Trends and Forecast to 2031
Overview of Global Synchronous Condenser Market Dynamics
- Driver
- Increasing demand for clean energy sources
- Restraint
- Stringent standards related to synchronous condenser
- Opportunity
- Increase in investments on R&D to develop efficient synchronous condenser
Market Players
Some of the major players operating in the global synchronous condenser market are:
- Doosan Skoda Power
- General Electric
- Eaton
- ABB
- Ansaldo Energia
- WEG
- Siemens Energy
- IDEAL ELECTRIC POWER CO
- ANDRITZ
- Mitsubishi Electric Power Products, Inc.
- Power Systems & Controls, Inc.
- Baker Hughes Company
- Shanghai Electric
- INGETEAM, S.A.
- Hitachi Energy Ltd.
TABLE OF CONTENTS
1 INTRODUCTION 31
- 1.1 OBJECTIVES OF THE STUDY 31
- 1.2 MARKET DEFINITION 31
- 1.3 OVERVIEW OF THE GLOBAL SYNCHRONOUS CONDENSER MARKET 32
- 1.4 CURRENCY AND PRICING 34
- 1.5 LIMITATIONS 34
- 1.6 MARKETS COVERED 34
2 MARKET SEGMENTATION 37
- 2.1 MARKETS COVERED 37
- 2.2 YEARS CONSIDERED FOR THE STUDY 38
- 2.3 GEOGRAPHIC SCOPE 39
- 2.4 DBMR TRIPOD DATA VALIDATION MODEL 40
- 2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 43
- 2.6 DBMR MARKET POSITION GRID 44
- 2.7 MULTIVARIATE MODELLING 45
- 2.8 COOLING TECHNOLOGY CURVE 46
- 2.9 MARKET END-USER COVERAGE GRID 47
- 2.10 SECONDARY SOURCES 48
- 2.11 ASSUMPTIONS 48
3 EXECUTIVE SUMMARY 49
4 PREMIUM INSIGHTS 54
- 4.1 FLYWHEEL ROLE IN SYNCHRONOUS CONDENSER SYSTEMS 55
- 4.2 COMPLEMENTARY TECHNOLOGIES 58
5 MARKET OVERVIEW 60
- 5.1 DRIVERS 62
- 5.1.1 INCREASING DEMAND FOR CLEAN ENERGY SOURCES 62
- 5.1.2 GROWING NEED FOR INTEGRATED SYSTEMS IN POWER PLANTS 64
- 5.1.3 RISING DEMAND FOR SAFE AND SECURE ELECTRICAL GRID SYSTEMS 66
- 5.1.4 EXPANSION OF HVDC NETWORK ACROSS THE WORLD 68
- 5.2 RESTRAINTS 69
- 5.2.1 HIGHER PRICES ASSOCIATED WITH CAPITAL AND MAINTENANCE 69
- 5.2.2 STRINGENT STANDARDS RELATED TO SYNCHRONOUS CONDENSER 70
- 5.2.3 HIGHER PRICE VOLATILITY OF RAW MATERIALS 71
- 5.3 OPPORTUNITIES 73
- 5.3.1 RISING GOVERNMENT INITIATIVES TO REDUCE AIR POLLUTION 73
- 5.3.2 UPSURGE IN DECOMMISSIONING OF AGING AND CONVENTIONAL POWER GENERATION SOURCES 74
- 5.3.3 INCREASE IN INVESTMENTS IN R&D TO DEVELOP EFFICIENT SYNCHRONOUS CONDENSER 75
- 5.4 CHALLENGES 77
- 5.4.1 AVAILABILITY OF LOW-COST SUBSTITUTES 77
- 5.4.2 INVOLVEMENT IN SOPHISTICATED AND TIME-CONSUMING INSTALLATION PROCESS 78
6 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY 80
- 6.1 OVERVIEW 81
- 6.2 HYDROGEN COOLED SYNCHRONOUS CONDENSER 82
- 6.3 AIR-COOLED SYNCHRONOUS CONDENSER 83
- 6.4 WATER COOLED SYNCHRONOUS CONDENSER 83
7 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD 84
- 7.1 OVERVIEW 85
- 7.2 STATIC FREQUENCY CONVERTOR 86
- 7.3 PONY MOTOR 87
- 7.4 OTHERS 87
8 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING 88
- 8.1 OVERVIEW 89
- 8.2 ABOVE 200 MVAR 90
- 8.3 101-200 MVAR 91
- 8.4 61-100 MVAR 91
- 8.5 31-60 MVAR 92
- 8.6 0-30 MVAR 92
9 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY END USER 93
- 9.1 OVERVIEW 94
- 9.2 ELECTRICAL UTILITIES 95
- 9.3 INDUSTRIAL SECTORS 95
10 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY TYPE 96
- 10.1 OVERVIEW 97
- 10.2 NEW SYNCHRONOUS CONDENSER 98
- 10.3 REFURBISHED SYNCHRONOUS CONDENSER 98
11 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY DESIGN 99
- 11.1 OVERVIEW 100
- 11.2 SALIENT POLE DESIGN 101
- 11.3 CYLINDRICAL ROTOR DESIGN 101
12 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY NO. OF POLES 102
- 12.1 OVERVIEW 103
- 12.2 4 TO 8 104
- 12.3 LESS THAN 4 105
- 12.4 MORE THAN 8 105
13 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY EXCITATION SYSTEM TYPE 106
- 13.1 OVERVIEW 107
- 13.2 STATIC EXCITATION 108
- 13.3 BRUSHLESS EXCITATION SYSTEM 109
14 GLOBAL SYNCHRONOUS CONDENSER MARKET, BY REGION 110
- 14.1 OVERVIEW 111
- 14.2 NORTH AMERICA 115
- 14.2.1 U.S. 118
- 14.2.2 CANADA 120
- 14.2.3 MEXICO 122
- 14.3 EUROPE 124
- 14.3.1 GERMANY 127
- 14.3.2 U.K. 129
- 14.3.3 ITALY 131
- 14.3.4 FRANCE 133
- 14.3.5 SPAINS 135
- 14.3.6 RUSSIA 137
- 14.3.7 TURKEY 139
- 14.3.8 NETHERLANDS 141
- 14.3.9 BELGIUM 143
- 14.3.10 FINLAND 145
- 14.3.11 NORWAY 147
- 14.3.12 SWITZERLAND 149
- 14.3.13 REST OF EUROPE 151
- 14.4 ASIA-PACIFIC 152
- 14.4.1 CHINA 155
- 14.4.2 JAPAN 157
- 14.4.3 INDIA 159
- 14.4.4 SOUTH KOREA 161
- 14.4.5 AUSTRALIA 163
- 14.4.6 SINGAPORE 165
- 14.4.7 INDONESIA 167
- 14.4.8 THAILAND 169
- 14.4.9 MALAYSIA 171
- 14.4.10 TAIWAN 173
- 14.4.11 PHILIPPINES 175
- 14.4.12 REST OF ASIA-PACIFIC 177
- 14.5 MIDDLE EAST AND AFRICA 178
- 14.5.1 U.A.E. 181
- 14.5.2 SAUDI ARABIA 183
- 14.5.3 EGYPT 185
- 14.5.4 SOUTH AFRICA 187
- 14.5.5 ISRAEL 189
- 14.5.6 QATAR 191
- 14.5.7 OMAN 193
- 14.5.8 BAHRAIN 195
- 14.5.9 KUWAIT 197
- 14.5.10 REST OF MIDDLE EAST AND AFRICA 199
- 14.6 SOUTH AMERICA 200
- 14.6.1 BRAZIL 203
- 14.6.2 ARGENTINA 205
- 14.6.3 REST OF SOUTH AMERICA 207
15 GLOBAL SYNCHRONOUS CONDENSER MARKET, COMPANY LANDSCAPE 208
- 15.1 COMPANY SHARE ANALYSIS: GLOBAL 208
- 15.2 COMPANY SHARE ANALYSIS: NORTH AMERICA 209
- 15.3 COMPANY SHARE ANALYSIS: EUROPE 210
- 15.4 COMPANY SHARE ANALYSIS: ASIA PACIFIC 211
16 SWOT ANALYSIS 212
17 COMPANY PROFILES 213
- 17.1 GENERAL ELECTRIC 213
- 17.1.1 COMPANY SNAPSHOT 213
- 17.1.2 REVENUE ANALYSIS 213
- 17.1.3 COMPANY SHARE ANALYSIS 214
- 17.1.4 PRODUCT PORTFOLIO 214
- 17.1.5 RECENT DEVELOPMENTS 215
- 17.2 ABB 216
- 17.2.1 COMPANY SNAPSHOT 216
- 17.2.2 REVENUE ANALYSIS 216
- 17.2.3 COMPANY SHARE ANALYSIS 217
- 17.2.4 PRODUCT PORTFOLIO 217
- 17.2.5 RECENT DEVELOPMENTS 218
- 17.3 EATON 219
- 17.3.1 COMPANY SNAPSHOT 219
- 17.3.2 REVENUE ANALYSIS 220
- 17.3.3 COMPANY SHARE ANALYSIS 220
- 17.3.4 SERVICE PORTFOLIO 221
- 17.3.5 RECENT DEVELOPMENTS 222
- 17.4 BAKER HUGHES COMPANY 223
- 17.4.1 COMPANY SNAPSHOT 223
- 17.4.2 REVENUE ANALYSIS 223
- 17.4.3 COMPANY SHARE ANALYSIS 224
- 17.4.4 PRODUCT & SERVICES PORTFOLIO 224
- 17.4.5 RECENT DEVELOPMENT 225
- 17.5 SIEMENS ENERGY 226
- 17.5.1 COMPANY SNAPSHOT 226
- 17.5.2 REVENUE ANALYSIS 226
- 17.5.3 COMPANY SHARE ANALYSIS 227
- 17.5.4 PRODUCT PORTFOLIO 227
- 17.5.5 RECENT DEVELOPMENTS 228
- 17.6 ANDRITZ 229
- 17.6.1 COMPANY SNAPSHOT 229
- 17.6.2 REVENUE ANALYSIS 229
- 17.6.3 PRODUCT PORTFOLIO 230
- 17.6.4 RECENT DEVELOPMENTS 230
- 17.7 ANSALDO ENERGIA 231
- 17.7.1 COMPANY SNAPSHOT 231
- 17.7.2 REVENUE ANALYSIS 231
- 17.7.3 PRODUCT PORTFOLIO 232
- 17.7.4 RECENT DEVELOPMENT 232
- 17.8 DOOSAN SKODA POWER 233
- 17.8.1 COMPANY SNAPSHOT 233
- 17.8.2 PRODUCT PORTFOLIO 233
- 17.8.3 RECENT DEVELOPMENT 234
- 17.9 HITACHI ENERGY LTD. 235
- 17.9.1 COMPANY SNAPSHOT 235
- 17.9.2 REVENUE ANALYSIS 236
- 17.9.3 PRODUCT PORTFOLIO 236
- 17.9.4 RECENT DEVELOPMENT 237
- 17.10 IDEAL ELECTRIC POWER CO. 238
- 17.10.1 COMPANY SNAPSHOT 238
- 17.10.2 PRODUCT PORTFOLIO 238
- 17.10.3 RECENT DEVELOPMENT 239
- 17.11 INGETEAM, S.A. 240
- 17.11.1 COMPANY SNAPSHOT 240
- 17.11.2 PRODUCT PORTFOLIO 240
- 17.11.3 RECENT DEVELOPMENTS 241
- 17.12 MITSUBISHI ELECTRIC POWER PRODUCTS, INC. 242
- 17.12.1 COMPANY SNAPSHOT 242
- 17.12.2 REVENUE ANALYSIS 242
- 17.12.3 SOLUTION PORTFOLIO 243
- 17.12.4 RECENT DEVELOPMENT 243
- 17.13 POWER SYSTEMS & CONTROLS, INC. 244
- 17.13.1 COMPANY SNAPSHOT 244
- 17.13.2 PRODUCT PORTFOLIO 244
- 17.13.3 RECENT DEVELOPMENT 245
- 17.14 SHANGHAI ELECTRIC 246
- 17.14.1 COMPANY SNAPSHOT 246
- 17.14.2 REVENUE ANALYSIS 246
- 17.14.3 PRODUCT PORTFOLIO 247
- 17.14.4 RECENT DEVELOPMENTS 247
- 17.15 WEG 248
- 17.15.1 COMPANY SNAPSHOT 248
- 17.15.2 REVENUE ANALYSIS 248
- 17.15.3 PRODUCT PORTFOLIO 249
- 17.15.4 RECENT DEVELOPMENT 249
18 QUESTIONNAIRE 250
19 RELATED REPORTS 254