What is Synchronous Condenser - Global Market?
A Synchronous Condenser, also known as a synchronous compensator or synchronous capacitor, is a device identical to a synchronous motor. It's a type of motor that doesn't have a mechanical load connected to its shaft and is used to improve the power factor in electrical power systems. It's a crucial component in the power transmission and distribution sector, providing reactive power to stabilize grid voltage, enhance power factor, and regulate power flow. The Synchronous Condenser market is a global entity, with its presence felt in various regions around the world. It's a market that has seen significant growth over the years, thanks to the increasing demand for power and the need for efficient power transmission systems. The market is also driven by the growing need for renewable energy sources and the increasing demand for power factor correction devices. However, the market also faces challenges such as high installation and maintenance costs, and the availability of alternative solutions.
Below 100 M Var, 100-200 M Var, Above 200 M Var in the Synchronous Condenser - Global Market:
The Synchronous Condenser market can be segmented based on the capacity of the condenser, namely Below 100 M Var, 100-200 M Var, and Above 200 M Var. The Below 100 M Var segment includes condensers with a capacity of less than 100 M Var. These are typically used in small-scale industries and residential areas for power factor correction and voltage regulation. The 100-200 M Var segment includes condensers with a capacity between 100 and 200 M Var. These are used in medium-scale industries and commercial areas. The Above 200 M Var segment includes condensers with a capacity of more than 200 M Var. These are used in large-scale industries and power plants for voltage regulation and power factor correction. The demand for these condensers varies based on the requirements of the end-users and the size of the industries.
Transmission System Strength, HVDC Link Support, New Energy, Others in the Synchronous Condenser - Global Market:
Synchronous Condensers are used in various areas such as Transmission System Strength, HVDC Link Support, New Energy, and Others. In the Transmission System Strength, they are used to improve the power factor and stabilize the voltage of the transmission system. This helps in reducing the losses in the transmission system and improving its efficiency. In the HVDC Link Support, they are used to provide reactive power support to the HVDC links. This helps in improving the stability and reliability of the HVDC links. In the New Energy area, they are used to provide reactive power support to the renewable energy sources. This helps in improving the efficiency and reliability of the renewable energy sources. In the Others area, they are used in various other applications such as power factor correction, voltage regulation, and power flow control.
Synchronous Condenser - Global Market Outlook:
The global Synchronous Condenser market, as of 2022, was valued at a substantial US$ 169.2 million. The market is projected to grow at a steady pace, with expectations to reach a valuation of US$ 217.4 million by 2029. This growth trajectory, representing a Compound Annual Growth Rate (CAGR) of 3.6% from 2023 to 2029, indicates a promising future for the market. The market is dominated by a few key players, including Siemens, Shanghai Electric, and Dongfang Electric. In 2019, these companies held significant shares in the market, with Siemens accounting for 16% of the total revenue, while Shanghai Electric and Dongfang Electric contributed 27% and 26% respectively.
| Report Metric | Details |
| Report Name | Synchronous Condenser - Market |
| Forecasted market size in 2029 | US$ 217.4 million |
| CAGR | 3.6% |
| Forecasted years | 2023 - 2029 |
| Global Synchronous Condenser market, by region: |
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| Global Synchronous Condenser market, Segment by Type: |
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| Global Synchronous Condenser market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
