Synchronous Condenser Market by Cooling Type, Reactive Power Rating, Type, Starting Method, End User, Region and by Global Forecast to 2023
Pune, India -- (SBWIRE) -- 06/23/2017 -- Market Scenario
A synchronous condenser is an identical device to a synchronous motor, whose main shaft is not interlinked with any other device but has free spin. Its main application is to adjust conditions on the electric power transmission grid. Voltage regulator controls its field to generate or absorb reactive power as needed to reduce the fluctuating grid's voltage, or to improve power factor.
Increase in electric power consumption and growing need to increase transmission capacity are becoming important in current market. Also, increase in renewable power generation, retiring conventional power plants, and increasing need of High-Voltage-Direct-Current (HVDC) has a substantial effect on stability of transmission grid. Synchronous condensers play a key role by generating leading and lagging reactive power resulting to stabilize the transmission grid. Its main advantages are short-circuit power capability, no harmonics are generated and provides inertia to the transmission grid. The key driving factors for this market is the large-scale demand by utilities for high-capacity synchronous condensers, also power generated from renewable sources is of fluctuating nature and needs power factor correction to maintain voltage stability and durability of synchronous condenser among others.
The synchronous condenser system is expected to grow with the CAGR of approximately 2% from 2017 to 2023.
Global Synchronous Condenser Market can be segmented as follows:
-Segmentation by Cooling Type: Hydrogen, Air, and Water
-Segmentation by Reactive Power Rating: Up to 100 MVAr, Between 100-200 MVAr, & Above 200 MVAr
-Segmentation by Type: New, Refurbished
-Segmentation by Starting Method: Static Frequency Converter, Pony Motor
-Segmentation by End User: Electrical Utilities, Industries
-Segmentation by Region: North America, Europe, Asia-Pacific and Rest of World
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Study Objective of Synchronous Condenser Market
To provide detailed analysis of the market structure along with forecast for the next five years of the various segments and sub-segments of the global synchronous condenser market.
To provide insights about factors affecting the market growth
To analyze the global synchronous condenser market based on various tools such as Supply Chain Analysis, and Porter's Five Force Analysis
To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries
To provide country level analysis of the market with respect to the current market size and future prospective
To provide country level analysis of the market for segments by material type, product, application and region
To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the synchronous condenser market.
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The key players of drill pipe market are:
-Siemens AG (Germany)
-General Electric (U.S.)
-Eaton Co. Plc. (Ireland)
-ABB Ltd. (Switzerland)
-Voith GmbH (Germany)
-Fuji Electric Co., Ltd. (Japan)
-Toshiba Corporation (Japan)
-Hyundai Ideal Electric Co. (U.S.)
-Sustainable Power Systems LLC. (USA)
-WEG Industries (Brazil)
-Electro Mechanical Engineering Associates (USA)
-Power Systems and Control (USA)
-Distributer & Supplier companies
-Consultants and Investment bankers
-Government as well as Independent Regulatory Authorities.
The global synchronous condenser market begins with the tendering for HVDC network and substations. The tender is then scrutinized by the contractors/manufacturers for new units or replacement of conventional power plants. The delivering services, in addition, accommodate a new synchronous condenser units, ancillary components for renovation or alteration. Further step is installation of new units or alteration to synchronous condenser mode. Repair and maintenance is the following step which includes scheduled maintenance, repairs, renovations and alterations.
The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. Gradual termination of conventional thermal power plants and growing renewable power generation are driving the synchronous condensers market in the region. North America is followed by Europe. Requirement for synchronous condensers in Europe is mainly driven by growing HVDC network in the region.