Synchronous Condenser Market

Synchronous Condenser Market by Cooling Type (Hydrogen-Cooles, Air-Cooled, Water-Cooled), Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End-User, Reactive Power Rating and Region - Global Forecast to 2030

Report Code: EP 4095 Jul, 2022, by marketsandmarkets.com

[234 Pages Report] The global synchronous condenser market is projected to reach USD 811 million by 2030 from an estimated USD 661 million in 2022, at a CAGR of 2.6% during the forecast period. The growth of the synchronous condenser market can be attributed to the increasing investments in the power infrastructure to improve the grid reliability.

Synchronous Condenser Market

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Synchronous condenser Market Dynamics

Driver: Growing use of renewable and sustainable energy sources and increasing investments in capacity additions

Governments were implementing strategies to tackle environmental issues such as global warming, carbon emissions, and rising pollution, which have motivated countries to move toward clean energy sources. According to International Renewable Energy Agency (IRENA), renewables accounted for 38% of global installed power generation capacity in 2021. The power generation mix is expected to change over the next ten years, including the considerable increase in solar (utility-scale), distributed generation and storage, and grid-scale energy storage. According to the International Energy Agency (IEA), annual additions to global renewable power capacity will average roughly 305 GW annually between 2021 and 2026. This addition is driven by continuous government support in over 130 countries, net-zero objectives declared by countries accounting for nearly 90% of global GDP, and improved wind and solar PV competitiveness.

Investments in renewable energy technologies have risen globally in the last decade, amounting to USD 359 billion in 2020. The global capital expenditure for renewables increased by around 7% in 2020 compared to 2019, even as the COVID-19 pandemic disrupted the power industry. The rapidly declining installation cost of solar panels owing to fast-paced technological advancements is contributing to the rising demand for renewable energy technologies. Thus, the increasing adoption of renewable energy power generation technologies is expected to fuel the demand for synchronous condensers during the forecast period.

Restraint: High manufacturing and maintenance costs

Owing to the large-scale use of expensive raw materials such as aluminum and copper, the cost of manufacturing synchronous condensers is very high. The maintenance cost is generally in the range of USD 0.4/kVAr per year to USD 0.8/kVAr per year for a single synchronous condenser. In order to run without a load, it requires substantial power to function continuously. Usually, the installation cost of new synchronous condensers is more expensive ranging in hundreds of thousands of USD/MVAr, whereas the conversion cost from generators into synchronous condensers or refurbishment is between USD 20,000/MVAr and USD 50,000/MVAr. A synchronous condenser also functions as a DC-excited synchronous motor which makes it more expensive than its alternatives. Compared to other alternatives such as capacitor banks, and shunt reactors, synchronous condensers are the least popular in the market.

Opportunities: Conversion of existing synchronous generators into synchronous condensers

The growth of the conventional power generation source market is declining owing to the decommissioning of aging power generation plants, environmental regulations, growing competition from gas-fired turbines, and abundant renewable energy sources. Due to these factors, several aging coal-fired power plants across North America and Europe have been shut down. Since the Paris Agreement declaration, 21 countries have pledged to eliminate coal-fired generation from their electricity sectors. Belgium, Austria, and Sweden have phased-out coal power plants. As per the US Energy Information Administration (EIA), operators have scheduled 14.9 gigawatts (GW) of electric generating capacity to be out of service in the US during 2022. The majority of the scheduled retirements are coal-fired power plants (85%), followed by natural gas (8%) and nuclear (5%). According to the International Energy Agency (IEA), in July 2020, Japan announced its intention to phase out its less-efficient coal-fired power plants by 2030. More than two-thirds of the 140 coal-fired power plants in operation (representing ~50% of installed coal capacity) will be retired. In Germany, ~USD 4.6 billion will be awarded to lignite power plant companies to compensate them for their earlier investments and close the plants before 2030. 

Retiring a power generation unit can reduce a plant’s reactive power capacity. There is a growing trend of converting aging power plants to synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power required for areas that were previously dependent on large thermal power plants. Converting the existing synchronous generators into synchronous condensers and re-using the foundation and building, auxiliary systems, and grid connections offer an economical source of reactive power capacity. Typically, about 30–35% more reactive power can be produced via the conversion because the unit can be overexcited in accordance with its capability curve that would not otherwise occur in power generation mode. The cost is approximately USD 3–5 million and is expected to generate demand and create growth opportunities for the market players.

Challenges: Availability of low-cost substitute

Synchronous condensers are used to improve power factors by either absorbing or generating reactive power as per the requirement to strengthen and stabilize the grid systems. Various inexpensive alternatives to the synchronous condenser are available in the market, such as shunt reactors, capacitor banks, STATCOM, and static VAR compensators. These alternatives can also achieve grid stability or dynamic voltage control at a lower cost. Besides, synchronous condensers with long service life and stability are not widely adopted because of their high maintenance and equipment costs.

Market Trends

Synchronous Condenser Market Trends

Market Ecosystem

Synchronous Condenser Market Ecosystem

The static frequency converter segment, by starting method, is expected to be the largest market during the forecast period

The static frequency converter segment is expected to be the largest during the forecast period. As Static converters occupy less space and generate less noise than mechanical converters with heavy machinery, which is the major reason for their high demand in the global synchronous condenser market. The requirement for low installation cost is expected to fuel the demand for static frequency converters.

By reactive power rating, the above 200 MVAr segment is expected to be the fastest market segment in the global synchronous condenser market  during the forecast period

By reactive power rating, the synchronous condenser market has been segmented into up to 100 MVAr, 101–200 MVAr, and above 200 MVAr. The above 200 MVAr, is expected to be the fastest-growing segment during the forecast period. These systems provide advantages such as cost efficiency, extremely low harmonic emission, high power quality, and short-circuit power capacity. Hydrogen is the widely used cooling system for the above 200 MVAr synchronous condensers. The rising adoption of large-sized hydrogen-cooled synchronous condensers is expected to drive the market.

“North America: is expected to be the fastest synchronous condenser market”

North America is expected to grow fastest in the global synchronous condenser market between 2022–2030, followed by Europe and the Asia Pacific. The synchronous condenser market in North America is due to the developments in this region actively focusing on upgrading and replacing aging infrastructures to improve grid reliability and resilience and develop smart electricity networks. The North American power sector is currently facing challenges such as meeting energy-efficiency targets, compliance with federal carbon policies and integrating various distributed generation sources in the grid. Utilities in the region are undergoing a major digital operational transformation. Their operators focus on decentralization, digitization, and decarbonization of power systems. These developments in the power infrastructure are driving the market in North America.

Synchronous Condenser Market by Region

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Key Market Players

The synchronous condenser market is dominated by a few major players that have a wide regional presence. Contracts are among the key growth strategies adopted by a few leading companies, including GE (US), ABB (Switzerland), Siemens Energy (Germany), Eaton (Ireland), WEG (Brazil), Ansaldo Energia (Italy), and Mitsubishi Heavy Industries (Japan), to boost their position in the synchronous condenser market. Companies operating in this market also focus on product launches, collaborations, acquisitions, and expansions to increase their market shares and expand their geographic presence.

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Scope of the Report

Report Metric

Details

Market size available for years

2018–2030

Base year considered

2021

Forecast period

2022–2030

Forecast units

Value (USD Million), Volume (Units)

Segments covered

Type, Cooling technology, Reactive power rating, Starting method, end user, and Region

Geographies covered

North America, South America, Asia Pacific, Middle East and Africa and Europe

Companies covered

ABB (Switzerland), Siemens Energy (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and ANDRITZ (Austria), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), BHEL  (India), Ideal Electric Power Co. (USA), Power Systems & Controls (USA), Electromechanical Engineering Associates (USA), Anhui Zhongdian (ZDDQ) Electric Co. (China), Shanghai Electric (China), Ingeteam ( Spain), Doosan Škoda Power (Czech Republic), Hangzhou Jingcheng Electrical Equipment Co. (China)

This research report categorizes the Synchronous condenser market by Type, Cooling technology, Reactive power rating, Starting method, end user, and region

On the basis of insulation type, the Synchronous condenser market has been segmented as follows:

  • New Synchronous Conder
  • Refurbished Synchronous Condenser

On the basis of Cooling Technology, the Synchronous condenser market has been segmented as follows:

  • Hydrogen-Cooled Synchronous Condenser
  • Air-Cooled   Synchronous Condenser
  • Water-Cooled Synchronous Condenser

On the basis of Starting method, the Synchronous condenser market has been segmented as follows:

  • Static Frequency Converter
  • Pony Motor
  • Others

On the basis of by Reactive Power rating, the Synchronous condenser market has been segmented as follows:

  • Up to 100 MVAr
  • 101–200 MVAr
  • Above 200 MVAr

On the basis of End User, the Synchronous condenser market has been segmented as follows:

  • Electrical Utilities
  • Industrial Sector

On the basis of region, the Synchronous condenser market has been segmented as follows:

  • North America
  • South America
  • Europe
  • Middle East and Africa
  • Asia Pacific

Recent Developments

  • In March 2022, ANDRITZ Group received a contract from Doosan Heavy Industries and Construction Co. Ltd. to supply the hydro- and electromechanical equipment for the 216-MW Upper Trishuli 1 hydropower plant, a run-of-river plant in Nepal owned by Nepal Water & Energy Development Company Pvt. Ltd. The order for the electromechanical equipment comprises the basic and detailed design of the turbine and generator components, complete electrical power systems, balance of plant, automation, installation, and commissioning.
  • In August 2021, ABB was awarded a major turnkey contract by Statkraft, Europe’s largest renewable energy generator, to design, manufacture, and install two high-inertia synchronous condenser systems for the Lister Drive Greener Grid project at Liverpool in Northwest England.
  • In May 2021, Italian transmission system operator Terna. S.p.A (Terna) has ordered two static synchronous compensators (STATCOM) systems and two synchronous condensers will ensure the stability of the Italian grid.
  • In January 2021, WEG acquired Industrial e Comércio de Turbinals e Transmissőes Ltda. (TGM). TGM is a Brazilian provider of solutions and equipment for power generator drivers focusing on thermal and wind energy. This acquisition would expand WEG’s product portfolio related to the Industrial Electro-electronic Equipment and Energy Generation segments.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 31)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
    1.3 INCLUSIONS AND EXCLUSIONS
           1.3.1 SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY: INCLUSIONS AND EXCLUSIONS
           1.3.2 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING: INCLUSIONS AND EXCLUSIONS
           1.3.3 SYNCHRONOUS CONDENSER MARKET, BY END USER: INCLUSIONS AND EXCLUSIONS
    1.4 MARKET SCOPE
           1.4.1 SYNCHRONOUS CONDENSER MARKET: SEGMENTATION
           1.4.2 SYNCHRONOUS CONDENSER MARKET: REGIONAL SCOPE
    1.5 YEARS CONSIDERED
    1.6 CURRENCY CONSIDERED
    1.7 LIMITATIONS
    1.8 STAKEHOLDERS
    1.9 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 37)
    2.1 RESEARCH DATA
          FIGURE 1 SYNCHRONOUS CONDENSER MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
    2.3 SCOPE OF STUDY
    2.4 DEMAND-SIDE ANALYSIS
          FIGURE 2 PARAMETERS CONSIDERED WHILE ASSESSING DEMAND FOR SYNCHRONOUS CONDENSERS
           2.4.1 DEMAND-SIDE ANALYSIS: BOTTOM-UP APPROACH
                    FIGURE 3 SYNCHRONOUS CONDENSER MARKET: INDUSTRY AND REGION-/COUNTRY-WISE ANALYSIS
                    2.4.1.1 Demand-side analysis of synchronous condenser market
                    2.4.1.2 Assumptions while calculating demand-side market size
           2.4.2 SUPPLY-SIDE ANALYSIS
                    FIGURE 4 CALCULATION OF REVENUES OF MAJOR PLAYERS FROM SALES OF SYNCHRONOUS CONDENSERS TO IDENTIFY GLOBAL MARKET SIZE
                    2.4.2.1 Supply-side analysis of synchronous condenser market
                                FIGURE 5 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF SYNCHRONOUS CONDENSERS
                    2.4.2.2 Assumptions while calculating supply-side market size
                                FIGURE 6 COMPANY REVENUE ANALYSIS, 2021
           2.4.3 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 48)
    TABLE 1 SYNCHRONOUS CONDENSER MARKET: SNAPSHOT
    FIGURE 7 NORTH AMERICA DOMINATED SYNCHRONOUS CONDENSER MARKET IN 2021
    FIGURE 8 HYDROGEN-COOLED SYNCHRONOUS CONDENSER SEGMENT TO DOMINATE MARKET, BY COOLING TECHNOLOGY, DURING FORECAST PERIOD
    FIGURE 9 STATIC FREQUENCY CONVERTER TO BE FASTEST-GROWING SEGMENT OF SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, DURING FORECAST PERIOD
    FIGURE 10 ABOVE 200 MVAR SEGMENT TO DOMINATE SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, DURING FORECAST PERIOD
    FIGURE 11 ELECTRICAL UTILITIES SEGMENT TO DOMINATE SYNCHRONOUS CONDENSER MARKET, BY END USER, DURING FORECAST PERIOD
    FIGURE 12 NEW SYNCHRONOUS CONDENSER SEGMENT TO LEAD MARKET, BY TYPE, DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 53)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SYNCHRONOUS CONDENSER MARKET
          FIGURE 13 RISING INVESTMENTS IN DEVELOPING POWER INFRASTRUCTURES AND INTEGRATION OF RENEWABLE SOURCES INTO GRIDS TO CREATE LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS DURING FORECAST PERIOD
    4.2 SYNCHRONOUS CONDENSER MARKET, BY REGION
          FIGURE 14 NORTH AMERICAN SYNCHRONOUS CONDENSER MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.3 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE AND COUNTRY, 2021
          FIGURE 15 REFURBISHED SYNCHRONOUS CONDENSER SEGMENT AND US HELD LARGER SHARES OF NORTH AMERICAN SYNCHRONOUS CONDENSER MARKET IN 2021
    4.4 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING
          FIGURE 16 ABOVE 200 MVAR SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE  BY 2030
    4.5 SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD
          FIGURE 17 STATIC FREQUENCY CONVERTER SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE BY 2030
    4.6 SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY
          FIGURE 18 HYDROGEN-COOLED SYNCHRONOUS CONDENSER SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE BY 2030
    4.7 SYNCHRONOUS CONDENSER MARKET, BY TYPE
          FIGURE 19 NEW SYNCHRONOUS CONDENSER SEGMENT TO DOMINATE MARKET BY 2030

5 MARKET OVERVIEW (Page No. - 57)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
          FIGURE 20 SYNCHRONOUS CONDENSER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Growing use of renewable and sustainable energy sources and increasing investments in capacity additions
                                FIGURE 21 RENEWABLE ELECTRICITY CAPACITY ADDITION, 2014–2021
                                FIGURE 22 INSTALLED RENEWABLE ELECTRICITY GENERATING CAPACITY, 2020–2050
                    5.2.1.2 Growing requirement for power factor correction (PFC) and increasing investments in developing transmission and distribution (T&D) infrastructures
                                FIGURE 23 INVESTMENTS IN ELECTRICITY NETWORKS, BY REGION (2015–2021)
                                TABLE 2 TRANSMISSION AND DISTRIBUTION (T&D) INFRASTRUCTURE EXPANSION PLANS
           5.2.2 RESTRAINTS
                    5.2.2.1 High manufacturing and maintenance costs
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Conversion of synchronous generators into synchronous condensers
                    5.2.3.2 Rising adoption of high-voltage direct current (HVDC) systems
           5.2.4 CHALLENGES
                    5.2.4.1 Availability of low-cost substitutes
                                TABLE 3 COMPARISON BETWEEN SYNCHRONOUS CONDENSER AND ITS SUBSTITUTES
                    5.2.4.2 Shortage of components/parts used in manufacturing of synchronous condensers due to COVID-19
                                TABLE 4 CHANGE IN PRICES OF COMMODITIES, 2019–2020
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
           5.3.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR SYNCHRONOUS CONDENSER MANUFACTURERS
                    FIGURE 24 REVENUE SHIFT FOR SYNCHRONOUS CONDENSER MANUFACTURERS
    5.4 MARKET MAP
          FIGURE 25 SYNCHRONOUS CONDENSER MARKET: MARKET MAP
          TABLE 5 SYNCHRONOUS CONDENSER MARKET: ROLE IN ECOSYSTEM
    5.5 VALUE CHAIN ANALYSIS
          FIGURE 26 SYNCHRONOUS CONDENSER MARKET: VALUE CHAIN ANALYSIS
           5.5.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.5.2 COMPONENT MANUFACTURERS
           5.5.3 SYNCHRONOUS CONDENSER MANUFACTURERS/ASSEMBLERS/SERVICE PROVIDERS
           5.5.4 DISTRIBUTORS/END USERS
           5.5.5 POST-SALES SERVICE PROVIDERS
    5.6 CODES AND REGULATIONS RELATED TO SYNCHRONOUS CONDENSER MARKET
          TABLE 6 SYNCHRONOUS CONDENSER MARKET: CODES AND REGULATIONS
    5.7 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
          TABLE 7 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
          TABLE 8 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
          TABLE 9 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
          TABLE 10 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
          TABLE 11 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.8 INNOVATIONS AND PATENT REGISTRATIONS
          TABLE 12 SYNCHRONOUS CONDENSER MARKET: INNOVATIONS AND PATENT REGISTRATIONS, FEBRUARY 2016–NOVEMBER 2021
    5.9 PORTER’S FIVE FORCES ANALYSIS
          FIGURE 27 PORTER’S FIVE FORCES ANALYSIS
          TABLE 13 SYNCHRONOUS CONDENSER MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.9.1 THREAT OF SUBSTITUTES
           5.9.2 BARGAINING POWER OF SUPPLIERS
           5.9.3 BARGAINING POWER OF BUYERS
           5.9.4 THREAT OF NEW ENTRANTS
           5.9.5 INTENSITY OF COMPETITIVE RIVALRY
    5.10 CASE STUDY ANALYSIS
           5.10.1 USE OF GE’S SYNCHRONOUS CONDENSERS IN NORTHWEST VERMONT RELIABILITY PROJECT
                    5.10.1.1 Problem statement
                    5.10.1.2 Solution
           5.10.2 REFURBISHMENT OF SYNCHRONOUS GENERATORS TO SYNCHRONOUS CONDENSERS
                    5.10.2.1 Problem statement
                    5.10.2.2 Solution
           5.10.3 USE OF TERNA’S SYNCHRONOUS CONDENSERS TO STABILIZE GRID IN SARDINIA REGION
                    5.10.3.1 Problem statement
                    5.10.3.2 Solution
    5.11 PRICING ANALYSIS
           TABLE 14 AVERAGE SELLING PRICE OF SYNCHRONOUS CONDENSERS
    5.12 TECHNOLOGY ANALYSIS
           5.12.1 HIGH-TEMPERATURE SUPERCONDUCTOR (HTS) DYNAMIC SYNCHRONOUS CONDENSER
           5.12.2 MODE OF OPERATION (APPLICATION)
                    5.12.2.1 Standalone synchronous condenser
                    5.12.2.2 Power plants with synchronous condensing capacity
                    5.12.2.3 Retrofitting of existing and decommissioned power plants
    5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
           5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
                     FIGURE 28 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY END USER
                     TABLE 15 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY END USER (%)
           5.13.2 BUYING CRITERIA
                     FIGURE 29 KEY BUYING CRITERIA FOR END USERS
                     TABLE 16 KEY BUYING CRITERIA, BY END USER
    5.14 KEY CONFERENCES AND EVENTS, 2022–2024
           TABLE 17 SYNCHRONOUS CONDENSER MARKET: DETAILED LIST OF CONFERENCES AND EVENTS

6 SYNCHRONOUS CONDENSER MARKET, BY TYPE (Page No. - 91)
    6.1 INTRODUCTION
          FIGURE 30 NEW SYNCHRONOUS CONDENSER SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2021
          TABLE 18 SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2018–2021 (USD MILLION)
          TABLE 19 SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2022–2030 (USD MILLION)
    6.2 NEW SYNCHRONOUS CONDENSER
           6.2.1 EXPANSION OF HVDC NETWORKS TO INCREASE INSTALLATION OF NEW SYNCHRONOUS CONDENSERS
                    TABLE 20 NEW SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 21 NEW SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)
    6.3 REFURBISHED SYNCHRONOUS CONDENSER
           6.3.1 LOW COST OF REFURBISHED SYNCHRONOUS CONDENSERS TO FUEL DEMAND
                    TABLE 22 REFURBISHED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET,  BY REGION, 2018–2021 (USD MILLION)
                    TABLE 23 REFURBISHED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET,  BY REGION, 2022–2030 (USD MILLION)

7 SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY (Page No. - 95)
    7.1 INTRODUCTION
          FIGURE 31 HYDROGEN-COOLED SYNCHRONOUS CONDENSER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2021
          TABLE 24 SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2018–2021 (USD MILLION)
          TABLE 25 SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2022–2030 (USD MILLION)
    7.2 HYDROGEN-COOLED SYNCHRONOUS CONDENSER
           7.2.1 LOW WINDAGE LOSS AND HIGH THERMAL CONDUCTIVITY FEATURES OF HYDROGEN-COOLED SYNCHRONOUS CONDENSERS TO FUEL DEMAND
                    TABLE 26 HYDROGEN-COOLED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 27 HYDROGEN-COOLED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)
    7.3 AIR-COOLED SYNCHRONOUS CONDENSER
           7.3.1 EXCELLENT COOLING FEATURE OF AIR-COOLED SYNCHRONOUS CONDENSERS TO PROPEL DEMAND
                    TABLE 28 AIR-COOLED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET,  BY REGION, 2018–2021 (USD MILLION)
                    TABLE 29 AIR-COOLED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET,  BY REGION, 2022–2030 (USD MILLION)
    7.4 WATER-COOLED SYNCHRONOUS CONDENSER
           7.4.1 HIGHER EFFICIENCY OF WATER-COOLED SYNCHRONOUS CONDENSERS COMPARED TO HYDROGEN-COOLED CONDENSERS TO FUEL DEMAND
                    TABLE 30 WATER-COOLED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET,  BY REGION, 2018–2021 (USD MILLION)
                    TABLE 31 WATER-COOLED SYNCHRONOUS CONDENSER: SYNCHRONOUS CONDENSER MARKET,  BY REGION, 2022–2030 (USD MILLION)

8 SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD (Page No. - 101)
    8.1 INTRODUCTION
          FIGURE 32 STATIC FREQUENCY CONVERTER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2021
          TABLE 32 SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, 2018–2021 (USD MILLION)
          TABLE 33 SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, 2022–2030 (USD MILLION)
    8.2 STATIC FREQUENCY CONVERTER
           8.2.1 LOW INSTALLATION COST OF STATIC FREQUENCY CONVERTER TO FUEL DEMAND
                    TABLE 34 STATIC FREQUENCY CONVERTER: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 35 STATIC FREQUENCY CONVERTER: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)
    8.3 PONY MOTOR
           8.3.1 LOW COST AND ABILITY TO START LOW-CAPACITY SYNCHRONOUS CONDENSERS (BELOW 50 MVAR) TO FUEL DEMAND FOR PONY MOTORS
                    TABLE 36 PONY MOTOR: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 37 PONY MOTOR: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)
    8.4 OTHERS
          TABLE 38 OTHERS: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
          TABLE 39 OTHERS: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)

9 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING (Page No. - 107)
    9.1 INTRODUCTION
          FIGURE 33 ABOVE 200 MVAR SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2021
          TABLE 40 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2018–2021 (USD MILLION)
          TABLE 41 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2022–2030 (USD MILLION)
    9.2 UP TO 100 MVAR
           9.2.1 RISING USE OF AIR- AND WATER-COOLED SYNCHRONOUS CONDENSERS TO FUEL MARKET GROWTH
                    TABLE 42 UP TO 100 MVAR: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2018–2021 (USD MILLION)
                    TABLE 43 UP TO 100 MVAR: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2022–2030 (USD MILLION)
    9.3 101–200 MVAR
           9.3.1 GROWING NEED TO ENSURE STABILITY OF TRANSMISSION GRIDS TO FUEL DEMAND FOR 101–200 MVAR SYNCHRONOUS CONDENSERS
                    TABLE 44 101–200 MVAR: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 45 101–200 MVAR: SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)
    9.4 ABOVE 200 MVAR
           9.4.1 RISING ADOPTION OF LARGE-SIZED HYDROGEN-COOLED SYNCHRONOUS CONDENSERS TO DRIVE MARKET GROWTH
                    TABLE 46 ABOVE 200 MVAR: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2018–2021 (USD MILLION)
                    TABLE 47 ABOVE 200 MVAR: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2022–2030 (USD MILLION)

10 SYNCHRONOUS CONDENSER MARKET, BY END USER (Page No. - 114)
     10.1 INTRODUCTION
             FIGURE 34 ELECTRICAL UTILITIES SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2021
             TABLE 48 SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
             TABLE 49 SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
     10.2 ELECTRICAL UTILITIES
             10.2.1 RISING NEED TO IMPROVE GRID STABILITY TO BOOST MARKET GROWTH
                        TABLE 50 ELECTRICAL UTILITIES: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2018–2021 (USD MILLION)
                        TABLE 51 ELECTRICAL UTILITIES: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2022–2030 (USD MILLION)
     10.3 INDUSTRIAL SECTOR
             10.3.1 INCREASING NEED TO PERFORM POWER FACTOR CORRECTION OF INDUSTRIAL LOADS TO FUEL DEMAND FOR SYNCHRONOUS CONDENSERS
                        TABLE 52 INDUSTRIAL SECTOR: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2018–2021 (USD MILLION)
                        TABLE 53 INDUSTRIAL SECTOR: SYNCHRONOUS CONDENSER MARKET, BY REGION,  2022–2030 (USD MILLION)

11 SYNCHRONOUS CONDENSER MARKET, BY REGION (Page No. - 119)
     11.1 INTRODUCTION
             FIGURE 35 SYNCHRONOUS CONDENSER MARKET: REGIONAL SNAPSHOT
             FIGURE 36 REGIONAL ANALYSIS OF SYNCHRONOUS CONDENSER MARKET, 2021
             TABLE 54 SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (USD MILLION)
             TABLE 55 SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (USD MILLION)
             TABLE 56 SYNCHRONOUS CONDENSER MARKET, BY REGION, 2018–2021 (UNITS)
             TABLE 57 SYNCHRONOUS CONDENSER MARKET, BY REGION, 2022–2030 (UNITS)
     11.2 NORTH AMERICA
             FIGURE 37 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SNAPSHOT
             11.2.1 BY TYPE
                        TABLE 58 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2018–2021 (USD MILLION)
                        TABLE 59 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2022–2030 (USD MILLION)
             11.2.2 BY COOLING TECHNOLOGY
                        TABLE 60 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2018–2021 (USD MILLION)
                        TABLE 61 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2022–2030 (USD MILLION)
             11.2.3 BY STARTING METHOD
                        TABLE 62 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2018–2021 (USD MILLION)
                        TABLE 63 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2022–2030 (USD MILLION)
             11.2.4 BY REACTIVE POWER RATING
                        TABLE 64 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2018–2021 (USD MILLION)
                        TABLE 65 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2022–2030 (USD MILLION)
             11.2.5 BY END USER
                        TABLE 66 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                        TABLE 67 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2022–2030 (USD MILLION)
             11.2.6 BY COUNTRY
                        TABLE 68 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY,  2018–2021 (USD MILLION)
                        TABLE 69 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY,  2022–2030 (USD MILLION)
                        11.2.6.1 US
                                     11.2.6.1.1 Government-led initiatives to upgrade legacy power infrastructures and phase out coal-based power plants to fuel demand for synchronous condensers
                                                     FIGURE 38 PLANNED RETIREMENTS OF UTILITY-SCALE ELECTRICITY-GENERATING CAPACITIES IN US, 2022–2030
                                                     TABLE 70 US: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 71 US: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.2.6.2 Canada
                                     11.2.6.2.1 Rising investments in renewable energy generation to propel market growth
                                                     TABLE 72 CANADA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 73 CANADA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
     11.3 EUROPE
             FIGURE 39 EUROPE: SYNCHRONOUS CONDENSER MARKET SNAPSHOT
             11.3.1 BY TYPE
                        TABLE 74 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2018–2021 (USD MILLION)
                        TABLE 75 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2022–2030 (USD MILLION)
             11.3.2 BY COOLING TECHNOLOGY
                        TABLE 76 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY,  2018–2021 (USD MILLION)
                        TABLE 77 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY,  2022–2030 (USD MILLION)
             11.3.3 BY STARTING METHOD
                        TABLE 78 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2018–2021 (USD MILLION)
                        TABLE 79 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2022–2030 (USD MILLION)
             11.3.4 BY REACTIVE POWER RATING
                        TABLE 80 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING,  2018–2021 (USD MILLION)
                        TABLE 81 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING,  2022–2030 (USD MILLION)
             11.3.5 BY END USER
                        TABLE 82 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                        TABLE 83 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
             11.3.6 BY COUNTRY
                        TABLE 84 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                        TABLE 85 EUROPE: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY, 2022–2030 (USD MILLION)
                        11.3.6.1 Denmark
                                     11.3.6.1.1 Growing need to stabilize gird transmission to fuel demand for synchronous condensers
                                                     TABLE 86 DENMARK: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 87 DENMARK: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.3.6.2 Italy
                                     11.3.6.2.1 Rising integration of renewable sources into grids to propel demand for synchronous condensers
                                                     TABLE 88 ITALY: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 89 ITALY: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.3.6.3 Germany
                                     11.3.6.3.1 Government-led initiatives to replace fossil fuels with renewable sources in power generation mix to drive market growth
                                                     TABLE 90 GERMANY: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 91 GERMANY: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.3.6.4 Norway
                                     11.3.6.4.1 Rising investments in expansion of HVDC networks to fuel demand for synchronous condensers
                                                     TABLE 92 NORWAY: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 93 NORWAY: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.3.6.5 Rest of Europe
                                     TABLE 94 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                                     TABLE 95 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2022–2030 (USD MILLION)
     11.4 SOUTH AMERICA
             11.4.1 BY TYPE
                        TABLE 96 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2018–2021 (USD MILLION)
                        TABLE 97 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2022–2030 (USD MILLION)
             11.4.2 BY COOLING TECHNOLOGY
                        TABLE 98 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2018–2021 (USD MILLION)
                        TABLE 99 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2022–2030 (USD MILLION)
             11.4.3 BY STARTING METHOD
                        TABLE 100 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                        TABLE 101 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2022–2030 (USD MILLION)
             11.4.4 BY REACTIVE POWER RATING
                        TABLE 102 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2018–2021 (USD MILLION)
                        TABLE 103 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2022–2030 (USD MILLION)
             11.4.5 BY END USER
                        TABLE 104 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                        TABLE 105 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2022–2030 (USD MILLION)
             11.4.6 BY COUNTRY
                        TABLE 106 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY,  2018–2021 (USD MILLION)
                        TABLE 107 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY,  2022–2030 (USD MILLION)
                        11.4.6.1 Brazil
                                     11.4.6.1.1 Government-led initiatives to develop power infrastructures to fuel demand for synchronous condensers
                                                     TABLE 108 BRAZIL: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 109 BRAZIL: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.4.6.2 Rest of South America
                                     TABLE 110 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                                     TABLE 111 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2022–2030 (USD MILLION)
     11.5 ASIA PACIFIC
             FIGURE 40 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET SNAPSHOT
             11.5.1 BY TYPE
                        TABLE 112 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2018–2021 (USD MILLION)
                        TABLE 113 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY TYPE, 2022–2030 (USD MILLION)
             11.5.2 BY COOLING TECHNOLOGY
                        TABLE 114 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY,  2018–2021 (USD MILLION)
                        TABLE 115 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY,  2022–2030 (USD MILLION)
             11.5.3 BY STARTING METHOD
                        TABLE 116 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2018–2021 (USD MILLION)
                        TABLE 117 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD,  2022–2030 (USD MILLION)
             11.5.4 BY REACTIVE POWER RATING
                        TABLE 118 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2018–2021 (USD MILLION)
                        TABLE 119 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2022–2030 (USD MILLION)
             11.5.5 BY END USER
                        TABLE 120 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                        TABLE 121 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
             11.5.6 BY COUNTRY
                        TABLE 122 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                        TABLE 123 ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY COUNTRY, 2022–2030 (USD MILLION)
                        11.5.6.1 China
                                     11.5.6.1.1 Growing need to improve power reliability to fuel demand for synchronous condensers
                                                     TABLE 124 CHINA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 125 CHINA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.5.6.2 Australia
                                     11.5.6.2.1 Rising deployment of synchronous condensers in power infrastructures to drive market growth
                                                     TABLE 126 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 127 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.5.6.3 Rest of Asia Pacific
                                     TABLE 128 REST OF ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                                     TABLE 129 REST OF ASIA PACIFIC: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2022–2030 (USD MILLION)
     11.6 MIDDLE EAST & AFRICA
             11.6.1 BY TYPE
                        TABLE 130 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE,  2018–2021 (USD MILLION)
                        TABLE 131 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY TYPE,  2022–2030 (USD MILLION)
             11.6.2 BY COOLING TECHNOLOGY
                        TABLE 132 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2018–2021 (USD MILLION)
                        TABLE 133 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY COOLING TECHNOLOGY, 2022–2030 (USD MILLION)
             11.6.3 BY STARTING METHOD
                        TABLE 134 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, 2018–2021 (USD MILLION)
                        TABLE 135 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, 2022–2030 (USD MILLION)
             11.6.4 BY REACTIVE POWER RATING
                        TABLE 136 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2018–2021 (USD MILLION)
                        TABLE 137 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING, 2022–2030 (USD MILLION)
             11.6.5 BY END USER
                        TABLE 138 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2018–2021 (USD MILLION)
                        TABLE 139 MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY END USER,  2022–2030 (USD MILLION)
             11.6.6 BY COUNTRY
                        TABLE 140 REST OF THE MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET,  BY COUNTRY, 2018–2021 (USD MILLION)
                        TABLE 141 REST OF THE MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET,  BY COUNTRY, 2022–2030 (USD MILLION)
                        11.6.6.1 Kenya
                                     11.6.6.1.1 Increasing number of power generation projects to drive market growth
                                                     TABLE 142 KENYA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                                     TABLE 143 KENYA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)
                        11.6.6.2 Rest of Middle East & Africa
                                     TABLE 144 REST OF MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2018–2021 (USD MILLION)
                                     TABLE 145 REST OF MIDDLE EAST & AFRICA: SYNCHRONOUS CONDENSER MARKET, BY END USER, 2022–2030 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 161)
     12.1 KEY PLAYER STRATEGIES
             TABLE 146 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP MARKET PLAYERS, JANUARY 2017–JUNE 2022
     12.2 MARKET SHARE ANALYSIS
             TABLE 147 SYNCHRONOUS CONDENSER MARKET: DEGREE OF COMPETITION
             FIGURE 41 SYNCHRONOUS CONDENSER MARKET SHARE ANALYSIS, 2021
     12.3 REVENUE SHARE ANALYSIS OF TOP 5 MARKET PLAYERS
             FIGURE 42 TOP 5 PLAYERS DOMINATED SYNCHRONOUS CONDENSER MARKET  FROM 2017 TO 2021
     12.4 COMPANY EVALUATION QUADRANT
             12.4.1 STARS
             12.4.2 EMERGING LEADERS
             12.4.3 PERVASIVE PLAYERS
             12.4.4 PARTICIPANTS
                       FIGURE 43 COMPETITIVE LEADERSHIP MAPPING: SYNCHRONOUS CONDENSER  MARKET, 2021
     12.5 SYNCHRONOUS CONDENSER MARKET: COMPANY FOOTPRINT
             TABLE 148 TYPE: COMPANY FOOTPRINT
             TABLE 149 REACTIVE POWER RATING: COMPANY FOOTPRINT
             TABLE 150 REGION: COMPANY FOOTPRINT
             TABLE 151 OVERALL COMPANY FOOTPRINT
     12.6 COMPETITIVE SCENARIO
             TABLE 152 SYNCHRONOUS CONDENSER MARKET: PRODUCT LAUNCHES, JANUARY 2017–SEPTEMBER 2021
             TABLE 153 SYNCHRONOUS CONDENSER MARKET: DEALS, JANUARY 2017–SEPTEMBER 2021

13 COMPANY PROFILES (Page No. - 174)
     13.1 KEY PLAYERS
(Business overview, Products/Solutions/Services offered, Recent Developments, MNM view)*
             13.1.1 ABB
                        TABLE 154 ABB: BUSINESS OVERVIEW
                        FIGURE 44 ABB: COMPANY SNAPSHOT, 2021
                        TABLE 155 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 156 ABB: PRODUCT LAUNCHES
                        TABLE 157 ABB: DEALS
                        TABLE 158 ABB: OTHERS
             13.1.2 SIEMENS ENERGY
                        TABLE 159 SIEMENS ENERGY: BUSINESS OVERVIEW
                        FIGURE 45 SIEMENS ENERGY: COMPANY SNAPSHOT, 2021
                        TABLE 160 SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 161 SIEMENS ENERGY: OTHERS
             13.1.3 GE
                        TABLE 162 GE: BUSINESS OVERVIEW
                        FIGURE 46 GE: COMPANY SNAPSHOT, 2021
                        TABLE 163 GE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 164 GE: OTHERS
             13.1.4 WEG
                        TABLE 165 WEG: BUSINESS OVERVIEW
                        FIGURE 47 WEG: COMPANY SNAPSHOT, 2021
                        TABLE 166 WEG: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 167 WEG: DEALS
                        TABLE 168 WEG: OTHERS
             13.1.5 EATON
                        TABLE 169 EATON: BUSINESS OVERVIEW
                        FIGURE 48 EATON: COMPANY SNAPSHOT, 2021
                        TABLE 170 EATON: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.6 ANDRITZ GROUP
                        TABLE 171 ANDRITZ GROUP: BUSINESS OVERVIEW
                        FIGURE 49 ANDRITZ GROUP: COMPANY SNAPSHOT, 2021
                        TABLE 172 ANDRITZ GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 173 ANDRITZ GROUP: OTHERS
             13.1.7 ANSALDO ENERGIA
                        TABLE 174 ANSALDO ENERGIA: BUSINESS OVERVIEW
                        FIGURE 50 ANSALDO ENERGIA: COMPANY SNAPSHOT, 2021
                        TABLE 175 ANSALDO ENERGIA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 176 ANSALDO ENERGIA: OTHERS
             13.1.8 MITSUBISHI HEAVY INDUSTRIES
                        TABLE 177 MITSUBISHI HEAVY INDUSTRIES: BUSINESS OVERVIEW
                        FIGURE 51 MITSUBISHI HEAVY INDUSTRIES: COMPANY SNAPSHOT, 2020
                        TABLE 178 MITSUBISHI HEAVY INDUSTRIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 179 MITSUBISHI HEAVY INDUSTRIES: OTHERS
             13.1.9 VOITH GROUP
                        TABLE 180 VOITH GROUP: BUSINESS OVERVIEW
                        FIGURE 52 VOITH GROUP: COMPANY SNAPSHOT, 2021
                        TABLE 181 VOITH GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 182 VOITH GROUP: OTHERS
             13.1.10 FUJI ELECTRIC
                        TABLE 183 FUJI ELECTRIC: BUSINESS OVERVIEW
                        FIGURE 53 FUJI ELECTRIC: COMPANY SNAPSHOT, 2020
                        TABLE 184 FUJI ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.11 BHARAT HEAVY ELECTRICALS LIMITED (BHEL)
                        TABLE 185 BHARAT HEAVY ELECTRICALS LIMITED (BHEL): BUSINESS OVERVIEW
                        FIGURE 54 BHARAT HEAVY ELECTRICALS LIMITED (BHEL): COMPANY SNAPSHOT, 2021
                        TABLE 186 BHARAT HEAVY ELECTRICALS LIMITED (BHEL): PRODUCTS/SOLUTIONS/ SERVICES OFFERED
             13.1.12 IDEAL ELECTRIC POWER (HYUNDAI IDEAL ELECTRIC CO.)
                        TABLE 187 IDEAL ELECTRIC POWER: BUSINESS OVERVIEW
                        TABLE 188 IDEAL ELECTRIC POWER: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.13 POWER SYSTEMS & CONTROLS
                        TABLE 189 POWER SYSTEMS & CONTROLS (PS&C): BUSINESS OVERVIEW
                        TABLE 190 POWER SYSTEMS & CONTROLS (PS&C): PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.14 BRUSH GROUP
                        TABLE 191 BRUSH GROUP: BUSINESS OVERVIEW
                        TABLE 192 BRUSH GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.15 ELECTROMECHANICAL ENGINEERING ASSOCIATES
                        TABLE 193 ELECTROMECHANICAL ENGINEERING ASSOCIATES (EME): BUSINESS OVERVIEW
                        TABLE 194 ELECTROMECHANICAL ENGINEERING ASSOCIATES (EME): PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 195 ELECTROMECHANICAL ENGINEERING ASSOCIATES (EME): OTHERS
             13.1.16 ANHUI ZHONGDIAN (ZDDQ) ELECTRIC CO., LTD.
                        TABLE 196 ANHUI ZHONGDIAN ELECTRIC CO., LTD.: BUSINESS OVERVIEW
                        TABLE 197 ANHUI ZHONGDIAN ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.17 SHANGHAI ELECTRIC
                        TABLE 198 SHANGHAI ELECTRIC: BUSINESS OVERVIEW
                        TABLE 199 SHANGHAI ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.18 INGETEAM
                        TABLE 200 INGETEAM: BUSINESS OVERVIEW
                        TABLE 201 INGETEAM: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.19 DOOSAN ŠKODA POWER
                        TABLE 202 DOOSAN ŠKODA POWER: BUSINESS OVERVIEW
                        TABLE 203 DOOSAN ŠKODA POWER: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.20 HANGZHOU JINGCHENG ELECTRICAL EQUIPMENT CO., LTD.
                        TABLE 204 HANGZHOU JINGCHENG ELECTRICAL EQUIPMENT CO., LTD.: BUSINESS OVERVIEW
                        TABLE 205 HANGZHOU JINGCHENG ELECTRICAL EQUIPMENT CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED

*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 225)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS
     14.2 DISCUSSION GUIDE
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     14.4 CUSTOMIZATION OPTIONS
     14.5 RELATED REPORTS
     14.6 AUTHOR DETAILS

The study involved major activities in estimating the current size of the synchronous condensers market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

The research study on the Synchronous condensers market involved the extensive use of secondary sources, directories, and databases, such as Hoovers, World Bank, Observatory of Economic Complexity (OEC), International Energy Agency, Ceicdata, Researchgate, Onepetro, International Electrotechnical Commission, US Energy Information Administration (EIA), Electrical Equipment Associations, UNESCO Institute for Statistics (UIS) Bloomberg, Businessweek, Factiva, and OneSource, to identify and collect information useful for this technical, market-oriented, and commercial study. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The synchronous condenser market comprises several stakeholders such as synchronous condenser manufacturers, raw material providers, manufacturers of subcomponents of synchronous condenser, manufacturing technology providers, technical support providers, and end users in the supply chain. The demand side of this market is characterized by the rising demand for renewable energy generation in major countries such as the US and the rapid pace of industrialization and urbanization across the globe across a wide variety of end users. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Synchronous Condenser Market Size, and Share

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the synchronous condensers market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Synchronous Condenser Market Size: Bottom-Up Approach

Synchronous Condenser Market Size, and Share

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Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Objectives of the Study

  • To define, describe, segment, and forecast the Synchronous condenser market size, by insulation type, cooling technology, reactive power rating, starting method, and end user, in terms of value
  • To define, describe, segment, and forecast the Synchronous condensers market size, by region, in terms of volume
  • To provide detailed information on the major drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the synchronous condensers market
  • To provide detailed information on market map, value chain, case studies, pricing, technologies, market ecosystem, tariff and regulatory landscape, Porter’s five forces, and trends/disruptions impacting customers’ businesses that are specific to the synchronous condensers market
  • The analyze impact of COVID-19 on the synchronous condenser market
  • To strategically analyze the synchronous condensers market with respect to individual growth trends, prospects, and contributions of each segment to the market
  • To analyze market opportunities for stakeholders and provide a detailed competitive landscape for market leaders
  • To forecast the revenue of the market segments with respect to 5 main regions (along with countries), namely, North America, South America, Asia Pacific, Middle East and Africa and Europe.
  • To strategically profile the key players and comprehensively analyze their market shares and core competencies
  • To analyze competitive developments, such as sales contracts, agreements, investments, expansions, product launches, mergers, partnerships, joint ventures, collaborations, and acquisitions, in the market 

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:

Geographic Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analyses and profiling of additional market players (up to 5)
Report Code
EP 4095
Published ON
Jul, 2022
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