HOME Top Market Reports Synchronous Condenser Market by Cooling Type (Hydrogen, Air, and Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, & Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End User, and Region - Global Forecast to 2021

Synchronous Condenser Market by Cooling Type (Hydrogen, Air, and Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, & Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End User, and Region - Global Forecast to 2021

By: marketsandmarkets.com
Publishing Date: February 2017
Report Code: EP 4095

 

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The synchronous condensers market was valued at USD 473.8 Million in 2015, and is expected to grow at a CAGR of 2.1% from 2016 to 2021. Increasing renewable power generation, long service life, and rising need for power factor correction are the major factors driving the synchronous condensers market.

The years considered for the study are as follows:

  • Base Year – 2015
  • Estimated Year – 2016
  • Projected Year – 2021
  • Forecast Period – 2016–2021

2015 has been considered as the base year for company profiles. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

  • To define, describe, and forecast the global synchronous condensers market on the basis of cooling type, reactive power rating, type, starting method, end-user, and by region
  • To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the synchronous condensers market with respect to individual growth trends of manufacturers and service providers, their future expansions, and contribution to the market
  • To forecast the growth of the synchronous condensers market with respect to the main regions (Europe, North America, South America, and Rest of the World)
  • To strategically profile key market players and comprehensively analyze their market shares and core competencies
  • To analyze market opportunities for stakeholders and provide details of competitive developments, such as contracts & agreements, expansions & investments, and mergers & acquisitions, in the global synchronous condensers market

Research Methodology

The research study involves extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg, Businessweek, Factiva, and OneSource) to identify and collect information useful for a technical, market-oriented, and commercial study of the synchronous condensers market. The points given below explain the research methodology.

  • Secondary has been conducted to find out contracts and major players in the market
  • Major regions have been identified along with countries contributing to the maximum share
  • Country-wise data collected to find the capacity of retiring conventional power plants
  • Studied renewable energy market and current industry trends
  • End-users were identified on the basis of contracts in the region and the split was calculated by conducting primaries with industry participants, subject-matter experts, and C-level executives of key market players among other experts, which helped to obtain and verify critical qualitative and quantitative information as well as assess future market prospects
  • Revenue of top companies, and industry trends along with top-down, bottom-up, and MnM KNOW have been used to estimate the market size

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below shows the breakdown of the primaries on the basis of company designation and region, conducted during the research study.

Synchronous Condenser Market

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem:

The ecosystem of the global synchronous condensers market starts with tendering for substations, or HVDC networks. The tenders goes through contractors/manufacturers of synchronous condensers for new units or conversion of old power plants. The delivering services, further, include a new synchronous condenser units, ancillary components for refurbishment or conversion. This is followed by installation of new units or converting to synchronous condenser mode. Maintenance and repair is the next stage of the ecosystem, which includes scheduled maintenance, repairs, refurbishments, and replacements. Some of the major players in the synchronous condensers 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), and Hyundai Ideal Electric Co. (U.S.) among others.

The study answers several questions for the stakeholders which include product manufacturers, energy consultants, component suppliers, utility service providers, consulting firms, private equity groups, equity research firms, and other stakeholders. It provides information about market segments to focus on for the next 2–5 years to prioritize efforts and investments.

Target Audience:

The report’s target audience includes:

  • Synchronous condensers manufacturers
  • Energy consultants
  • Component suppliers
  • Utility service providers
  • Consulting firms
  • Private equity groups
  • Research firms and regional energy associations
  • Government organizations
  • Investment banks

Scope of the Report:

  • By Type
    • New
    • Refurbished
  • By End-User
    • Electrical utilities
    • Industries
  • By Reactive Power Rating
    • Up to 100 MVAr
    • 100–200 MVAr
    • Above 200 MVAr
  • By Cooling Type
    • Hydrogen
    • Air
    • Water
  • By Starting Method
    • Static Frequency Converter
    • Pony Motor
  • By Region
    • North America
    • Europe
    • South America
    • Rest of the World

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

Further breakdown of region-/country-specific analysis

Company Information

Detailed analysis and profiling of additional market players (Up to five)

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Countries Covered
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions & Limitations
           2.4.1 Assumptions

3 Executive Summary (Page No. - 26)
    3.1 Introduction
    3.2 Current Scenario
    3.3 Future Outlook
    3.4 Conclusion

4 Premium Insights (Page No. - 32)
    4.1 Synchronous Condenser Market, By Cooling Type
    4.2 Synchronous Condenser Market, By Type
    4.3 Synchronous Condenser Market, By Cooling Type
    4.4 Synchronous Condenser Market: Reactive Power Rating vs Starting Method
    4.5 Electrical Utilities are Expected to Dominate the Global Synchronous Condenser Market During the Forecast Period

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Power Rating
           5.2.2 By Region
           5.2.3 By Type
           5.2.4 By Starting Method
           5.2.5 By End-User
           5.2.6 By Cooling Type
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Renewable Power Generation
                    5.3.1.2 Long Service Life
                    5.3.1.3 Rising Need for Power Factor Correction
           5.3.2 Restraints
                    5.3.2.1 High Maintenance and Equipment Cost
           5.3.3 Opportunities
                    5.3.3.1 Growing Hvdc Network
                    5.3.3.2 Phase Out of Conventional Power Plants
           5.3.4 Challenges
                    5.3.4.1 Availability of Low-Cost Alternatives

6 Synchronous Condenser Market, By Cooling Type (Page No. - 46)
    6.1 Introduction
    6.2 Hydrogen-Cooled Synchronous Condenser Market
    6.3 Air-Cooled Synchronous Condenser Market
    6.4 Water-Cooled Synchronous Condenser Market

7 Synchronous Condenser Market, By Starting Method (Page No. - 50)
    7.1 Introduction
    7.2 Static Frequency Converter
    7.3 Pony Motor
    7.4 Others

8 Synchronous Condenser Market, By Reactive Power Rating (MVAR) (Page No. - 54)
    8.1 Introduction
    8.2 Synchronous Condenser With Reactive Power Rating Up to 100 MVAR
    8.3 Synchronous Condenser With Reactive Power Rating Between 100 MVAR–200 MVAR
    8.4 Synchronous Condenser With Reactive Power Rating Above 200 MVAR

9 Synchronous Condenser Market, By End-User (Page No. - 58)
    9.1 Introduction
    9.2 Electrical Utilities
    9.3 Industries

10 Synchronous Condenser Market, By Type (Page No. - 62)
     10.1 Introduction
     10.2 New Synchronous Condenser
     10.3 Refurbished Synchronous Condenser

11 Synchronous Condenser Market, By Region (Page No. - 65)
     11.1 Introduction
     11.2 North America
             11.2.1 By Cooling Type
             11.2.2 By Starting Method
             11.2.3 By Reactive Power Rating (MVAR)
             11.2.4 By End User
             11.2.5 By Type
             11.2.6 By Country
                        11.2.6.1 Canada
                        11.2.6.2 U.S.
     11.3 Europe
             11.3.1 By Cooling Type
             11.3.2 By Reactive Power Rating (MVAR)
             11.3.3 By Starting Method
             11.3.4 By End-User
             11.3.5 By Type
             11.3.6 By Country
                        11.3.6.1 Italy
                        11.3.6.2 Norway
                        11.3.6.3 Germany
                        11.3.6.4 Rest of Europe
     11.4 South America
             11.4.1 By Cooling Type
             11.4.2 By Reactive Power Rating (MVAR)
             11.4.3 By Starting Method
             11.4.4 By End User
             11.4.5 By Type
             11.4.6 By Country
                        11.4.6.1 Brazil
                                     11.4.6.1.1 By Cooling Type
                        11.4.6.2 Rest of South America
     11.5 Rest of the World
             11.5.1 By Cooling Type
             11.5.2 By Reactive Power Rating (MVAR)
             11.5.3 By Starting Method
             11.5.4 By End-User
             11.5.5 By Type
             11.5.6 By Country
                        11.5.6.1 Australia
                        11.5.6.2 Other Countries of RoW

12 Competitive Landscape (Page No. - 93)
     12.1 Overview
     12.2 Competitive Situation and Trends
     12.3 Market Share Analysis, Hybrid Power Solutions Market (By Key Players)
     12.4 Contracts and Agreements
     12.5 Expansions & Investments
     12.6 Mergers & Acquisitions

13 Company Profiles (Page No. - 99)
(Overview, Products & Services, Strategies & Insights, Developments and MnM View)*
     13.1 Introduction
     13.2 ABB Ltd.
     13.3 Siemens AG
     13.4 Eaton Corporation PLC.
     13.5 General Electric Company
     13.6 Fuji Electric Co. Ltd.
     13.7 Toshiba Corporation
     13.8 Voith GmbH
     13.9 Hyundai Ideal Electric Co.
     13.10 Sustainable Power Systems Inc.
     13.11 WEG SA
     13.12 Electromechanical Engineering Associates, Inc.
     13.13 Power Systems and Control, Inc

*Details on Overview, Products & Services, Strategies & Insights, Developments and MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 125)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (71 Tables)

Table 1 Serving Life of Power Factor Correction Equipment
Table 2 Existing Coal Fired Capacity Retirements in the U.S. in 2012
Table 3 U.S.: Coal-Fired Electric Generator Announcements Since November, 2013
Table 4 World: Nuclear Power Plant Shut Down, 2014–2016
Table 5 Synchronous Condensers Alternatives
Table 6 Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 7 Hydrogen-Cooled Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 8 Air-Cooled Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 9 Water-Cooled Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 10 Synchronous Condenser Market Size, By Starting Method, 2014–2021 (USD Million)
Table 11 Static Frequency Converter: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 12 Pony Motor: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 13 Others: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Thousand)
Table 14 Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 15 Up to 100 MVAR: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 16 100 MVAR-200 MVAR: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 17 Above 200 MVAR: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 18 Synchronous Condenser Market, By End-User, 2014–2021 (USD Million)
Table 19 Electrical Utilities: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 20 Industries: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 21 Synchronous Condenser Market Size, By Type, 2014–2021 (USD Million)
Table 22 New: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 23 Refurbished: Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 24 Synchronous Condenser Market Size, By Region, 2014–2021 (USD Million)
Table 25 North America: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 26 North America: Synchronous Condenser Market Size, By Starting Method, 2014–2021 (USD Million)
Table 27 North America: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 28 North America: Synchronous Condenser Market Size, By End-User, 2014–2021 (USD Million)
Table 29 North America: Synchronous Condenser Market Size, By Type, 2014–2021 (USD Million)
Table 30 North America: Synchronous Condenser Market Size, By Country, 2014–2021 (USD Million)
Table 31 Canada: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 32 Canada: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 33 U.S.: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 34 U.S.: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 35 Europe: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 36 Europe: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 37 Europe: Synchronous Condenser Market Size, By Starting Method, 2014–2021 (USD Million)
Table 38 Europe: Synchronous Condenser Market Size, By End-User, 2014–2021 (USD Million)
Table 39 Europe: Synchronous Condenser Market Size, By Type, 2014–2021 (USD Million)
Table 40 Europe: Synchronous Condenser Market Size, By Country, 2013–2020 (USD Million)
Table 41 Italy: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 42 Italy: Synchronous Condenser Market Size, By Reactive Power Rating, 2014–2021 (USD Million)
Table 43 Norway: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 44 Norway: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 45 Germany: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 46 Germany: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 47 Rest of Europe: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 48 Rest of Europe: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 49 South America: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 50 South America: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 51 South America: Synchronous Condenser Market Size, By Starting Method, 2014–2021 (USD Million)
Table 52 South America: Synchronous Condenser Market Size, By End-User, 2014–2021 (USD Million)
Table 53 South America: Synchronous Condenser Market Size, By Type, 2014–2021 (USD Million)
Table 54 South America: Synchronous Condenser Market Size, By Country, 2014–2021 (USD Million)
Table 55 Brazil: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 56 Brazil: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 57 Rest of South America: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 58 Rest of South America: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 59 Rest of the World: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 60 Rest of the World: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 61 Rest of the World: Synchronous Condenser Market Size, By Starting Method, 2014–2021 (USD Million)
Table 62 Rest of the World : Synchronous Condenser Market Size, By End-User, 2014–2021 (USD Million)
Table 63 Rest of the World: Synchronous Condenser Market Size, By Type, 2014–2021 (USD Million)
Table 64 Rest of the World: Synchronous Condenser Market Size, By Country, 2014–2021 (USD Million)
Table 65 Australia: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 66 Australia: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 67 Other Countries of RoW: Synchronous Condenser Market Size, By Cooling Type, 2014–2021 (USD Million)
Table 68 Other Countries of RoW: Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2014–2021 (USD Million)
Table 69 Contracts and Agreements, 2013–2016
Table 70 Expansions & Investments, 2014
Table 71 Mergers & Acquisitions, 2016


List of Figures (47 Figures)

Figure 1 Synchronous Condenser Market: Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation Methodology
Figure 5 Assumptions of the Research Study
Figure 6 North America Occupied the Largest Market Share (Value) in 2015
Figure 7 Synchronous Condenser Market Share, By Cooling Method, 2016 & 2021 (USD Million)
Figure 8 Synchronous Condenser Market Size, By Reactive Power Rating (MVAR), 2016 & 2021 (USD Million)
Figure 9 Electrical Utilities Was the Largest End-User in 2015 & is Projected to Remain So During the Forecast Period
Figure 10 Synchronous Condenser Market Size, By Starting Method, 2016–2021 (USD Million)
Figure 11 New Installation Type is Expected to Lead the Synchronous Condenser Market, 2016–2021 (USD Million)
Figure 12 Company Development Comparison, 2012–2016
Figure 13 Attractive Market Opportunities in the Synchronous Condenser Market
Figure 14 Synchronous Condenser Market Share, By Cooling Type, 2016–2021
Figure 15 New Type Segment is Expected to Dominate the Synchronous Condenser Market, 2021
Figure 16 Commercial Segment is the Largest End-User Segment in the Synchronous Condenser Market, 2016–2021
Figure 17 Solar-Diesel Synchronous Condenser Segment Captured the Largest Market Share in 2016
Figure 18 Synchronous Condenser in Electrical Utilities Accounted for the Largest Market Share in 2015
Figure 19 Synchronous Condenser Market Segmentation
Figure 20 Increasing Focus on Renewable Energy Production to Propel Market Growth
Figure 21 Percentage Share of Renewables in Electricity Production (Including Hydro), 2010–2015
Figure 22 Hydrogen-Cooled Synchronous Condenser Segment is Expected to Dominate the Market From 2016 to 2021
Figure 23 Synchronous Condensers Started Using Static Frequency Converter to Dominate the Market From 2016 to 2021
Figure 24 Above 200 MVAR Synchronous Condenser Segment is Expected to Dominate the Market From 2016 to 2021
Figure 25 Electrical Utilities-Based Segment is Expected to Dominate the Synchronous Condenser Market, By End-User, 2016–2021
Figure 26 New Synchronous Condensers Segment is Projected to Dominate the Market From 2016 to 2021
Figure 27 Regional Snapshot: North America and Europe are Expected to Be the Major Markets for Synchronous Condensers, During 2016–2021
Figure 28 Regional Snapshot: North American Synchronous Condenser Market Overview (2015)
Figure 29 Regional Snapshot: Europe Offered Attractive Market Opportunities in 2015
Figure 30 Companies Adopted Contracts and Agreements as the Key Growth Strategy During 2013–2016
Figure 31 Market Evaluation Framework
Figure 32 Battle for Market Share: Contracts & Agreements is the Key Strategy Adopted By Major Players, 2013–2016
Figure 33 Market Share Analysis (Revenue, 2015)
Figure 34 Region-Wise Revenue Mix of the Top 5 Players
Figure 35 ABB Ltd.: Company Snapshot
Figure 36 ABB Ltd.: SWOT Analysis
Figure 37 Siemens AG: Company Snapshot
Figure 38 Siemens AG: SWOT Analysis
Figure 39 Eaton Corporation PLC: Company Snapshot
Figure 40 Eaton Corporation PLC.: SWOT Analysis
Figure 41 General Electric Company: Company Snapshot
Figure 42 General Electric Company: SWOT Analysis
Figure 43 Fuji Electric Co. Ltd.: Company Snapshot
Figure 44 Toshiba Corporation: Company Snapshot
Figure 45 Voith GmbH: Company Snapshot
Figure 46 Voith GmbH Company: SWOT Analysis
Figure 47 WEG SA: Company Snapshot

The global synchronous condensers market is projected to grow at a CAGR of 2.1% from 2016 to 2021, to reach a market size of USD 572.9 Million by 2021. The growth is attributed to increasing renewable power generation, long service life, and rising need for power factor correction. Existing and planned upgradation and expansion of High-Voltage Direct Current (HVDC) network across the globe in various regions is expected to increase demand for power factor correction equipment such as synchronous condensers.

The hydrogen-cooled synchronous condenser segment is the largest segment and is expected to grow faster than other cooling methods employed for cooling synchronous condensers. The key driving factor will be installation of large-sized synchronous condenser units between 100 and 300 MVAr across regions. Owing to the installation of large-sized synchronous condensers, the market segment for synchronous condensers rated above 200 MVAr is the largest segment for synchronous condensers by reactive power rating. Also, large-sized or small-sized synchronous condensers installed in series can ideally be started using static frequency converter or pony motors, but owing to superior control, the static frequency converter segment for synchronous condensers is the leading segment and also the fastest growing segment for synchronous condensers.

Electric utilities are estimated to grow at the highest rate in the end-user segment of the synchronous condenser market. The key driving factor for this market is the large-scale demand by utilities for high-capacity synchronous condensers. In most of the developed regions, power is being generated through renewable sources to move from dependence on fossil fuel-based power generation. Power generated from renewable sources is intermittent and needs power factor correction to maintain voltage stability. Synchronous condensers are more suitable in such situations over other equipment as they are capable of continuous service for long duration.

In this report, the synchronous condensers market has been analyzed with respect to four regions, namely, North America, Europe, South America, and Rest of the World (RoW). North America is expected to see high demand for synchronous condensers. Canada has seen a rising demand for synchronous condensers, especially new installations, whereas in the U.S., the more prevalent trend is to convert the old power plants to synchronous condensers.

Synchronous Condenser Market

The major factors restraining the growth of the synchronous condensers over its substitutes are high cost of equipment and availability of low-cost alternatives.

Some of the leading players in the synchronous condensers market include 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), and Hyundai Ideal Electric Co. (U.S.) among others. Contracts & agreements was the strategy most commonly adopted by the top players in the market, constituting 92% of the total developments from 2012 to 2016. These players are expanding their market share by winning new contracts for synchronous condensers and for refurbishment and conversion of old power plants to synchronous condensers. It was followed by expansions & investments, and mergers & acquisitions.

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