The synchronous condenser market is expected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021, at an estimated CAGR of 2.1%. The global market is witnessing significant growth due to increasing renewable power generation, long service life, and rising need for power factor correction.
Hydrogen cooling segment is expected to capture the major share of the synchronous condensers market by cooling type
Hydrogen-cooled synchronous condenser is the largest segment and is expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions.
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Electric utilities are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period
Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high and the power transmission is over a long distance. Mining and metal processing industries have been the major user of synchronous condensers but their share is low compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.
North America is expected to dominate the global synchronous condensers market
Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the U.S. would drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Siemens AG (Germany), General Electric (U.S.), Eaton Corporation Plc. (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany) along with other prominent manufacturers of synchronous condensers.