According to a new market research report published by Global Insight Services” Synchronous Condenser Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Synchronous condensers are large rotating electrical machines that function like an over-sized generator without an attached prime mover such as a turbine or reciprocating engine. The synchronous condenser typically has a large, direct-current field winding on the stator, and the rotor is an over-sized AC synchronous motor. The direct-current field winding is excited from an external source of direct current, and the rotor is mechanically coupled to the grid.
Key Players
Key players operating in the global synchronous condenser industry are ABB, Ltd., Andritz, Eaton Corporation Plc, Fuji Electric, General Electric, Ideal Electric Power Co., Mitsubishi Electric Corporation, Siemens Energy, Voith GmbH & Co. KGaA, and WEG Group.
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Key Trends
Synchronous condenser technology is constantly evolving to meet the needs of the power grid. Some of the key trends include:
1. Increasing the power rating of synchronous condensers: As the power grid becomes more complex and demands higher levels of reliability, synchronous condensers must be able to provide more power to maintain grid stability.
2. Improving the efficiency of synchronous condensers: More efficient synchronous condensers can help utilities save money and reduce environmental impacts.
3. Developing new applications for synchronous condensers: Synchronous condensers are being used in a variety of new applications, such as wind and solar power integration, to help the power grid operate more efficiently.
Key Drivers
The key drivers of the synchronous condenser market include the increasing demand for electricity, the need for improved grid stability, and the need for reactive power compensation.
The demand for electricity is increasing globally, due to population growth and economic development. This increase in demand is putting pressure on existing power generation capacity, leading to the need for new power plants. Synchronous condensers can be used to provide additional generating capacity, and can also help to improve the stability of the power grid.
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Market Segments
The global synchronous condenser market is segmented into type, cooling type, starting method, reactive power rating, end user and region. By type, the market is segregated into new and refurbished. On the basis of cooling type, the market is divided into air-cooled, water-cooled, and hydrogen-cooled synchronous condenser. By starting methods, the market is divided into static frequency converter, pony motor, and others. By reactive power rating the market is classified into 100 MVAR, 100–200 MVAR and above 200 MVAR. By end-use, the market is bifurcated into are electric utilities and industrial. By region the market is segmented into North America, Europe, Asia-Pacific and rest of the world.
Reasons to buy Synchronous Condenser Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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