Synchronous Condenser Market

Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power Rating, and Region-Global Forecast to 2025

Report Code: EP 4095 Jan, 2021, by marketsandmarkets.com

[205 Pages Report] The global synchronous condenser market is projected to reach USD 574.0 million by 2025 from an estimated USD 508.4 million in 2020, at a CAGR of 2.5% during the forecast period. The growth is attributed to increasing renewable power generation, long service life, and rising need for power factor correction. Existing and planned upgrades 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.

Synchronous Condenser Market

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COVID-19 Impact on the Global Synchronous Condenser Market

The most significant near-term impacts on synchronous condensers that are already contracted or under manufacturing process may be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because of the closure of industries to reduce the spread of coronavirus or because the workers start getting sick. Many components/parts for manufacturing synchronous condensers come from China, the US, and some parts of Europe. Manufacturing disruptions in China and the US could contribute to a significant one or two-year dip in the synchronous condenser market.

Moreover, due to the COVID-19 outbreak, the value of the local currencies of many countries have depreciated. There is a misalignment of supply and demand, which leads to financial losses to the metal manufactures, also the key components used in manufacturing synchronous condensers are typically procured in US dollars, which results in increased component costs.

Synchronous Condenser Market Dynamics

Driver: Growing need for Power Factor Correction (PFC)

A current trend in power generation is the rising inclusion of renewable energy sources in the grid. A growing number of conventional power plants in the existing network are either aging or have shut down owing to increasingly strict emission norms including Euro Standards and Environmental Protection Agency (EPA) standards. Poor power factor can be improved by installing PFC equipment. Electrical load with a poor power factor draws more current than a load with an improved power factor for the same amount of power transferred, which can put unnecessary strain on the electricity distribution network. Also, worldwide, 750 GW of coal-based capacity is expected to retire by 2030. This has changed the overall topology of the power grid. Modern-day grids are expected to provide high speed, along with stability, to the transmission network. This stability can be achieved through PFC using synchronous condensers. This has led to a renewed demand for synchronous condensers

Restraints: High maintenance and equipment costs of synchronous condensers

The cost of manufacturing synchronous condensers is very high owing to the large-scale use of expensive raw materials such as aluminum and copper. The maintenance cost of a synchronous condenser ranges from USD 0.4 to USD 0.8/kVAR per year. Moreover, since a synchronous condenser is similar to a synchronous motor running without a load, it requires a substantial amount of power to function continuously. Usually, the installation cost of new synchronous condensers is hundreds of thousands of USD/MVAr, whereas the conversion cost of generators into synchronous condensers or refurbishment ranges between USD 20,000/MVAr and USD 50,000/MVAr. Also, a synchronous condenser is a DC-excited synchronous motor. Hence, it is more expensive than its alternatives as DC supply is more expensive than AC supply. This makes synchronous condensers less popular than their alternatives, such as STATCOM, shunt reactors, and capacitor banks

Opportunities: Converting the existing synchronous generators into synchronous condensers

With the aging power generation plants, decommissioning, environmental regulations, growing competition from gas-fired turbines, and renewable energy sources, the market for conventional generation sources is declining. Several aged coal-fired power plants across North America and Europe are being shut down owing to these factors. As per EIA, 8.3 GW worth of capacity retirements is going to take place in 2019, out of which, 53% would be coal. Retiring a power generation unit can reduce a plant’s reactive power capacity. There is a growing trend of converting aging power plants into 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 is a more economical and effective solution. The cost is approximately USD 3–5 million and is expected to generate its demand and tap new opportunities for the synchronous condenser market globally

Challenges: Availability of low-cost alternatives such as synchronous generators, capacitor, and STATCOM

Synchronous condensers are used to improve power factor by either absorbing or generating reactive power (VARs), 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. Synchronous condensers with longer service life and stability are not widely adopted because of their high maintenance and equipment costs. This is a major challenge for the synchronous condenser market.

Market Interconnection

Synchronous Condenser Market  Interconnection

The new synchronous condenser segment is expected to be the largest contributor to the synchronous condenser market, by type, during the forecast period

The synchronous condenser market is segmented, by type, into new and refurbished. The new synchronous condenser segment is projected to hold the largest market share by 2025. Expansion of HVDC network and growing usage of renewable power generation is to foster the demand for new synchronous condensers.

The hydrogen-cooling segment is expected to be the fastest-growing market during the forecast period

The synchronous condenser market, by cooling type, is segmented into air-cooled, hydrogen-cooled, and water-cooled synchronous condensers. Hydrogen-cooled synchronous condensers are highly preferred because of their properties, such as low density, high specific heat, and high thermal conductivity, which is likely to boost demand for synchronous condensers during the forecast period.

The static frequency converter segment is expected to be the fastest-growing market for the synchronous condenser, by starting method, during the forecast period

Synchronous condenser market has been categorized, based on the starting method, into static frequency converter, pony motor, and others (damper windings and direct online synchronous condensers). A static frequency converter is independent of supply voltage and load variations with the low installation cost. It has a low volume, high reliability, and low noise characteristics. Therefore, its features are likely to foster its demand in the synchronous condenser market.

The above 200 MVAr segment is expected to be the fastest-growing market for the synchronous condenser, by reactive power rating, during the forecast period

Synchronous condenser market is typically segmented into up to 100 MVAr, 100–200 MVAr, and above 200 MVAr, based on the reactive power rating (MVAr). Hydrogen-cooled is a widely used cooling type technology used by the above 200 MVAr synchronous condensers. The increasing installations of large-sized above 200 MVAr synchronous condensers, especially in North America and Europe, are likely to foster the synchronous condenser market.

The electric utilities segment is expected to lead the synchronous condenser market throughout the forecast period

The synchronous condenser market, by end-user, is segmented into electric utilities and industries. Synchronous condensers help electrical utilities achieve grid reliability, stability, inertia, and strength. Demand for grid stability and controlling voltage fluctuations in electrical utilities is expected to drive the synchronous condenser market.

Synchronous Condenser Market  by Region

North America is expected to be the largest market during the forecast period

In this report, the synchronous condenser market has been analyzed with respect to four regions, namely, North America, Europe, South America, and the Rest of the World. North America is estimated to be the largest market from 2020 to 2025. North America is expected to see high demand for synchronous condensers. Canada has seen a rising demand for synchronous condensers, especially in new installations, whereas in the US, the more prevalent trend is to convert the old power plants to synchronous condensers. This is also likely to create a huge demand for synchronous condensers in the region.

Recent Developments

  • In October 2020, Siemens received a contract from Welsh Power for the grid stabilization facility in South Wales. Siemens is using its technology which consist of synchronous condensers and flywheel which provide inertia to strengthen the grid, short circuit power to ensure a reliable operation, and reactive power for voltage control.
  • In July 2020, ABB, along with Hitachi, developed synchronous condenser systems up to 350 MVA. These systems have advantages such as cost efficiency, extremely low harmonic emissions, high power quality, and short-circuit power capacity
  • In April 2018, ABB, along with project partners SP Energy Networks (the distribution operator), Scottish Power, and the National Grid in the UK collaborated with the University of Strathclyde and the Technical University of Denmark to develop an innovative solution to facilitate the integration of renewable energy sources used in the UK power grid, while coping with the shutdown of nuclear and thermal power stations. Under this collaboration, ABB’s hybrid control system integrated 2 technologies—synchronous condenser and static synchronous compensator. These technologies would address voltage and frequency stability issues and also ensure grid stability.

Scope of the report

Report Metric

Details

Market size available for years

2018–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Value (USD)

Segments covered

Cooling Type, Reactive Power Rating, Type, Starting Method, End User, and Region

Geographies covered

North America, Europe, South America, and ROW

Companies covered

ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and ANDRITZ (Austria)

This research report categorizes the synchronous condenser market by type, cooling type, reactive power rating (MVAr), starting method, end user, and region.

The synchronous condenser market, by type, has been segmented as follows:

  • New
  • Refurbished

The synchronous condenser market, by cooling type, has been segmented as follows:

  • Hydrogen cooled
  • Air cooled
  • Water cooled

The synchronous condenser market, by reactive power rating (MVAr), has been segmented as follows:

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

The synchronous condenser market, by starting method, has been segmented as follows:

  • Static frequency converters
  • Pony motors
  • Others (damper windings and direct online)

The synchronous condenser market, by region, has been segmented as follows:

  • North America
  • Europe
  • South America
  • ROW

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 30)
    1.1 OBJECTIVES OF THE STUDY
    1.2 DEFINITION
           1.2.1 SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE: INCLUSIONS AND EXCLUSIONS
           1.2.2 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING (MVAR): INCLUSIONS AND EXCLUSIONS
           1.2.3 SYNCHRONOUS CONDENSER MARKET, BY END USER: INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 35)
    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
           FIGURE 2 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING  DEMAND FOR SYNCHRONOUS CONDENSERS
    2.4 MARKET SIZE ESTIMATION
           2.4.1 DEMAND-SIDE ANALYSIS BOTTOM-UP APPROACH
                    FIGURE 3 SYNCHRONOUS CONDENSER MARKET: INDUSTRY-REGION/COUNTRY-WISE ANALYSIS
                    2.4.1.1 Calculation for demand-side analysis
                    2.4.1.2 Key assumptions while calculating demand-side market size
           2.4.2 SUPPLY-SIDE ANALYSIS
                    FIGURE 4 SYNCHRONOUS CONDENSER MARKET: SUPPLY-SIDE ANALYSIS
                    2.4.2.1 Calculations for supply- side analysis
                               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, 2019
           2.4.3 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 46)
    3.1 SCENARIO ANALYSIS
           FIGURE 7 SCENARIO ANALYSIS: SYNCHRONOUS CONDENSER MARKET, 2018–2025
           3.1.1 OPTIMISTIC SCENARIO
           3.1.2 REALISTIC SCENARIO
           3.1.3 PESSIMISTIC SCENARIO
                    TABLE 1 SYNCHRONOUS CONDENSER MARKET SNAPSHOT
                    FIGURE 8 HYDROGEN-COOLED SYNCHRONOUS CONDENSERS ARE EXPECTED TO LEAD SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE, DURING FORECAST PERIOD
                    FIGURE 9 STATIC FREQUENCY CONVERTERS TO LEAD SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, DURING FORECAST PERIOD
                    FIGURE 10 ABOVE 200 MVAR SEGMENT IS EXPECTED TO LEAD SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING,  DURING FORECAST PERIOD
                    FIGURE 11 ELECTRICAL UTILITIES ARE EXPECTED TO LEAD SYNCHRONOUS CONDENSER MARKET, BY END USER, DURING FORECAST PERIOD
                    FIGURE 12 NEW SYNCHRONOUS CONDENSERS ARE EXPECTED TO LEAD SYNCHRONOUS CONDENSER MARKET, BY TYPE, DURING FORECAST PERIOD
                    FIGURE 13 NORTH AMERICA IS EXPECTED TO DOMINATE SYNCHRONOUS CONDENSER MARKET, BY REGION, IN TERMS OF CAGR (2020–2025)

4 PREMIUM INSIGHTS (Page No. - 54)
    4.1 ATTRACTIVE OPPORTUNITIES IN SYNCHRONOUS CONDENSER MARKET
           FIGURE 14 GOVERNMENT INITIATIVES TO REPLACE FOSSIL FUELS & NUCLEAR POWER GENERATION CAPACITY WITH RENEWABLES AND GROWING NEED FOR POWER FACTOR CORRECTION ARE EXPECTED TO DRIVE SYNCHRONOUS CONDENSER MARKET, 2020–2025
    4.2 SYNCHRONOUS CONDENSER MARKET, BY REGION
           FIGURE 15 NORTH AMERICAN SYNCHRONOUS CONDENSER MARKET, BY REGION, IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    4.3 SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE
           FIGURE 16 HYDROGEN-COOLED SEGMENT DOMINATED SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE, IN 2019
    4.4 SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD
           FIGURE 17 STATIC FREQUENCY CONVERTERS DOMINATED SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD, IN 2019
    4.5 SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING (MVAR)
           FIGURE 18 NEW SYNCHRONOUS CONDENSERS HELD LARGEST SHARE OF SYNCHRONOUS CONDENSER MARKET, BY REACTIVE POWER RATING (MVAR), IN 2019
    4.6 SYNCHRONOUS CONDENSER MARKET, BY END USER
           FIGURE 19 ELECTRICAL UTILITIES HELD LARGER SHARE OF SYNCHRONOUS CONDENSER MARKET, BY END USER, IN 2019
    4.7 SYNCHRONOUS CONDENSER MARKET, BY TYPE
           FIGURE 20 NEW SYNCHRONOUS CONDENSERS DOMINATED SYNCHRONOUS CONDENSER MARKET, BY TYPE, IN 2019

5 MARKET OVERVIEW (Page No. - 58)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 21 COVID-19: GLOBAL PROPAGATION
    5.3 MARKET DYNAMICS
           FIGURE 22 SYNCHRONOUS CONDENSER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.3.1 DRIVERS
                    5.3.1.1 Increasing demand for renewable power generation
                               FIGURE 23 ELECTRICITY MIX (TWH), OECD, 2019
                    5.3.1.2 Growing need for Power Factor Correction (PFC)
           5.3.2 RESTRAINTS
                    5.3.2.1 High maintenance and equipment costs of synchronous condensers
           5.3.3 OPPORTUNITIES
                    5.3.3.1 Converting the existing synchronous generators into synchronous condensers
                    5.3.3.2 Expanding High-Voltage Direct Current (HVDC) network
           5.3.4 CHALLENGES
                    5.3.4.1 Availability of low-cost alternatives such as synchronous generators, capacitors, and STATCOM
                               TABLE 2 COMPARISON BETWEEN SYNCHRONOUS CONDENSER AND ITS ALTERNATIVES
                    5.3.4.2 Rising product costs due to shortage of components/parts used in manufacturing synchronous condensers due to COVID-19
    5.4 YC-SHIFT
           5.4.1 REVENUE SHIFT & NEW REVENUE POCKETS FOR SYNCHRONOUS CONDENSER MANUFACTURERS
                    FIGURE 24 REVENUE SHIFT FOR SYNCHRONOUS CONDENSER
    5.5 MARKET MAP
           FIGURE 25 MARKET MAP FOR SYNCHRONOUS CONDENSER
    5.6 AVERAGE PRICING OF SYNCHRONOUS CONDENSER
    5.7 VALUE CHAIN ANALYSIS
           FIGURE 26 SYNCHRONOUS CONDENSER VALUE CHAIN
           5.7.1 RAW MATERIAL PROVIDERS/ SUPPLIERS
           5.7.2 COMPONENT MANUFACTURERS
           5.7.3 ASSEMBLERS/MANUFACTURERS
           5.7.4 DISTRIBUTORS (BUYERS)/ END USERS AND POST-SALES SERVICES
    5.8 CASE STUDY ANALYSIS
           5.8.1 TERNA’S SYNCHRONOUS CONDENSER SUCCESS
                    5.8.1.1 Problem statement
                    5.8.1.2 Possible solution by GE’s synchronous condenser
    5.9 TECHNOLOGY ANALYSIS
    5.10 REGULATORY LANDSCAPE
           5.10.1 REGULATORY FRAMEWORK IN NORTH AMERICA
           5.10.2 REGULATORY FRAMEWORK IN EUROPE
    5.11 PORTER’S FIVE FORCES ANALYSIS
                    FIGURE 27 PORTER’S FIVE FORCES ANALYSIS
           5.11.1 THREAT OF SUBSTITUTES
           5.11.2 BARGAINING POWER OF SUPPLIERS
           5.11.3 BARGAINING POWER OF BUYERS
           5.11.4 THREAT OF NEW ENTRANTS
           5.11.5 INTENSITY OF COMPETITIVE RIVALRY

6 IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET, SCENARIO ANALYSIS, BY REGION (Page No. - 70)
    6.1 SCENARIO ANALYSIS
           FIGURE 28 CRITERIA IMPACTING GLOBAL ECONOMY
           6.1.1 OPTIMISTIC SCENARIO
                    TABLE 3 OPTIMISTIC SCENARIO: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
           6.1.2 REALISTIC SCENARIO
                    TABLE 4 REALISTIC SCENARIO: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
           6.1.3 PESSIMISTIC SCENARIO
                    TABLE 5 PESSIMISTIC SCENARIO: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

7 SYNCHRONOUS CONDENSER MARKET, BY COOLING TYPE (Page No. - 74)
    7.1 INTRODUCTION
           FIGURE 29 HYDROGEN-COOLED SYNCHRONOUS CONDENSERS ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
                    TABLE 6 SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
    7.2 HYDROGEN COOLED
           7.2.1 HIGH THERMAL CONDUCTIVITY OF HYDROGEN-COOLED SYNCHRONOUS CONDENSERS IS EXPECTED TO FOSTER  THEIR DEMAND
                    TABLE 7 HYDROGEN COOLED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    7.3 AIR COOLED
           7.3.1 IMPROVED COOLING FEATURE OF AIR-COOLED SYNCHRONOUS CONDENSERS USING AIR CIRCULATION IS LIKELY TO  FUEL MARKET GROWTH
                    TABLE 8 AIR COOLED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    7.4 WATER COOLED
           7.4.1 COST EFFICIENCY OF WATER-COOLED SYNCHRONOUS CONDENSERS OVER THEIR HYDROGEN-COOLED COUNTERPART IS LIKELY TO FOSTER THEIR DEMAND IN MARKET
                    TABLE 9 WATER COOLED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

8 SYNCHRONOUS CONDENSER MARKET, BY STARTING METHOD (Page No. - 79)
    8.1 INTRODUCTION
           FIGURE 30 STATIC FREQUENCY CONVERTER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
           TABLE 10 SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
    8.2 STATIC FREQUENCY CONVERTERS
           8.2.1 LOW INSTALLATION COSTS AND LOW NOISE FEATURES ARE EXPECTED TO BOOST DEMAND FOR STATIC FREQUENCY CONVERTERS
                    TABLE 11 STATIC FREQUENCY CONVERTERS: SYNCHRONOUS CONDENSER MARKET SIZE,  BY REGION, 2018–2025 (USD MILLION)
    8.3 PONY MOTORS
           8.3.1 LOW COST OF PONY MOTORS IS LIKELY TO FOSTER THEIR DEMAND IN SYNCHRONOUS CONDENSER MARKET
                    TABLE 12 PONY MOTORS: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    8.4 OTHERS
           TABLE 13 OTHERS: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)

9 SYNCHRONOUS CONDENSER MARKET,  BY REACTIVE POWER RATING (MVAR) (Page No. - 83)
    9.1 INTRODUCTION
           FIGURE 31 ABOVE 200 MVAR SYNCHRONOUS CONDENSER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
           TABLE 14 SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR),  2018–2025 (USD MILLION)
    9.2 UP TO 100 MVAR SYNCHRONOUS CONDENSERS
           9.2.1 GROWING USAGE OF AIR- & WATER-COOLED SYNCHRONOUS CONDENSERS IS EXPECTED TO FOSTER DEMAND FOR SYNCHRONOUS CONDENSERS OF UP TO 100 MVAR
                    TABLE 15 UP TO 100 MVAR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    9.3 100–200 MVAR SYNCHRONOUS CONDENSERS
           9.3.1 USE OF 100–200 MVAR SYNCHRONOUS CONDENSERS FOR TRANSMISSION SYSTEM STABILITY IS LIKELY TO FOSTER THEIR DEMAND
                    TABLE 16 100–200 MVAR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    9.4 ABOVE 200 MVAR SYNCHRONOUS CONDENSERS
           9.4.1 GROWING USE OF HYDROGEN-COOLED SYNCHRONOUS CONDENSERS IS EXPECTED TO BOOST THEIR DEMAND
                    TABLE 17 ABOVE 200 MVAR: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

10 SYNCHRONOUS CONDENSER MARKET, BY END USER (Page No. - 88)
     10.1 INTRODUCTION
               FIGURE 32 ELECTRICAL UTILITIES ACCOUNTED FOR LARGER MARKET SHARE IN 2019
               TABLE 18 SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
     10.2 ELECTRICAL UTILITIES
             10.2.1 DEMAND FOR GRID STABILITY AND CONTROLLING VOLTAGE FLUCTUATIONS IS EXPECTED TO DRIVE MARKET
                       TABLE 19 ELECTRICAL UTILITIES: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
     10.3 INDUSTRIES
             10.3.1 REQUIREMENT FOR INDUSTRIAL LOADS’ POWER FACTOR CORRECTION IS LIKELY TO DRIVE MARKET
                       TABLE 20 INDUSTRIES: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

11 SYNCHRONOUS CONDENSER MARKET, BY TYPE (Page No. - 92)
     11.1 INTRODUCTION
               FIGURE 33 NEW SYNCHRONOUS CONDENSERS ACCOUNTED FOR LARGER MARKET SHARE IN 2019
               TABLE 21 SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
     11.2 NEW SYNCHRONOUS CONDENSERS
             11.2.1 EXPANSION OF HVDC NETWORK IS LIKELY TO GENERATE DEMAND FOR NEW SYNCHRONOUS CONDENSERS
                       TABLE 22 NEW: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
     11.3 REFURBISHED SYNCHRONOUS CONDENSERS
             11.3.1 REFURBISHED SYNCHRONOUS CONDENSERS ARE MORE ECONOMICAL, WHICH IS LIKELY TO PROPEL MARKET GROWTH
                       TABLE 23 REFURBISHED: SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

12 SYNCHRONOUS CONDENSER MARKET, BY REGION (Page No. - 96)
     12.1 INTRODUCTION
               FIGURE 34 REGIONAL SNAPSHOT: NORTH AMERICAN SYNCHRONOUS CONDENSER MARKET IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
               FIGURE 35 SYNCHRONOUS CONDENSER MARKET SHARE (VALUE), BY REGION, 2019
               TABLE 24 SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
               TABLE 25 SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2018–2025 (UNITS)
             12.1.1 IMPACT OF COVID-19 ON GLOBAL SYNCHRONOUS CONDENSER MARKET
                       TABLE 26 GLOBAL: COVID-19 IMPACT ON SYNCHRONOUS CONDENSER MARKET SIZE,  2018–2025 (USD MILLION)
                       FIGURE 36 GLOBAL: COVID-19 IMPACT ON SYNCHRONOUS CONDENSER MARKET,  2018–2025 (USD MILLION)
     12.2 NORTH AMERICA
             12.2.1 INTRODUCTION
                       FIGURE 37 NORTH AMERICA: REGIONAL SNAPSHOT
                       TABLE 27 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                       TABLE 28 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                       TABLE 29 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                       TABLE 30 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 31 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
                       TABLE 32 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.2.2 IMPACT OF COVID-19 ON NORTH AMERICAN MARKET
                       TABLE 33 NORTH AMERICA: COVID-19 IMPACT ON SYNCHRONOUS CONDENSER MARKET SIZE, 2018–2025 (USD MILLION)
                       FIGURE 38 NORTH AMERICA: IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET, 2018–2025 (USD MILLION)
             12.2.3 US
                       12.2.3.1 Mercury and Air Toxics Standards’ compliance and growing demand for renewables are expected to increase demand
                                   TABLE 34 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                                   TABLE 35 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                   TABLE 36 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                                   TABLE 37 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                                   TABLE 38 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.2.4 CANADA
                       12.2.4.1 Rising investments in renewable power generation are likely to propel market growth
                                   TABLE 39 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                   TABLE 40 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                   TABLE 41 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                                   TABLE 42 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                                   TABLE 43 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
     12.3 EUROPE
             12.3.1 INTRODUCTION
                       FIGURE 39 EUROPE: REGIONAL SNAPSHOT
                       TABLE 44 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                       TABLE 45 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                       TABLE 46 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                       TABLE 47 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 48 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
                       TABLE 49 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
             12.3.2 IMPACT OF COVID-19 ON MARKET IN EUROPE
                       TABLE 50 EUROPE: IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET SIZE,  2018–2025 (USD MILLION)
                       FIGURE 40 EUROPE: COVID-19 IMPACT ON SYNCHRONOUS CONDENSER MARKET,  2018–2025 (USD MILLION)
             12.3.3 ITALY
                       12.3.3.1 Integrating renewable sources in grid systems is expected to boost demand
                                   TABLE 51 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                   TABLE 52 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                   TABLE 53 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                                   TABLE 54 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                                   TABLE 55 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.3.4 GERMANY
                       12.3.4.1 Government initiatives to replace fossil fuels and nuclear power generation with renewables are likely to accelerate demand
                                   TABLE 56 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                   TABLE 57 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                   TABLE 58 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                                   TABLE 59 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                                   TABLE 60 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.3.5 NORWAY
                       12.3.5.1 Growing investments in HVDC network are likely to drive demand
                                   TABLE 61 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                   TABLE 62 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                   TABLE 63 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                                   TABLE 64 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                                   TABLE 65 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.3.6 REST OF EUROPE
                       TABLE 66 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                       TABLE 67 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                       TABLE 68 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                       TABLE 69 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE,  BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 70 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
     12.4 SOUTH AMERICA
             12.4.1 INTRODUCTION
                       TABLE 71 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                       TABLE 72 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                       TABLE 73 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                       TABLE 74 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE,  BY REACTIVE POWER RATING (MVAR), 2018–2025(USD MILLION)
                       TABLE 75 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
                       TABLE 76 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.4.2 IMPACT OF COVID-19 ON MARKET IN SOUTH AMERICA
                       TABLE 77 SOUTH AMERICA: IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET SIZE, 2018–2025 (USD MILLION)
                       FIGURE 41 SOUTH AMERICA: IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET, 2018–2025 (USD MILLION)
             12.4.3 BRAZIL
                       12.4.3.1 Surging demand for power factor correction equipment is likely to drive Brazilian synchronous condenser market
                                   TABLE 78 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                   TABLE 79 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                   TABLE 80 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                                   TABLE 81 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                                   TABLE 82 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.4.4 REST OF SOUTH AMERICA
                       TABLE 83 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                       TABLE 84 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                       TABLE 85 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                       TABLE 86 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 87 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
     12.5 REST OF THE WORLD (ROW)
             12.5.1 INTRODUCTION
                       TABLE 88 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                       TABLE 89 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                       TABLE 90 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                       TABLE 91 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 92 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
                       TABLE 93 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.5.2 IMPACT OF COVID-19 ON MARKET IN REST OF THE WORLD
                       TABLE 94 REST OF THE WORLD: IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET SIZE, 2018–2025 (USD MILLION)
                       FIGURE 42 REST OF THE WORLD: IMPACT OF COVID-19 ON SYNCHRONOUS CONDENSER MARKET, 2018–2025 (USD MILLION)
             12.5.3 AUSTRALIA
                       TABLE 95 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                       TABLE 96 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                       TABLE 97 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                       TABLE 98 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 99 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.5.4 OTHER COUNTRIES OF ROW
                       TABLE 100 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                       TABLE 101 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                       TABLE 102 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                       TABLE 103 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                       TABLE 104 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)

13 COMPETITIVE LANDSCAPE (Page No. - 134)
     13.1 OVERVIEW
               FIGURE 43 KEY DEVELOPMENTS IN SYNCHRONOUS CONDENSER MARKET DURING JANUARY 2016–NOVEMBER 2020
     13.2 MARKET SHARE ANALYSIS, 2019
               FIGURE 44 MARKET SHARE ANALYSIS, 2019
     13.3 MARKET EVALUATION FRAMEWORK
               TABLE 105 MARKET EVALUATION FRAMEWORK
     13.4 SYNCHRONOUS CONDENSER REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
               FIGURE 45 TOP 5 PLAYERS HAVE DOMINATED MARKET IN LAST 5 YEARS
     13.5 KEY MARKET DEVELOPMENTS
             13.5.1 PRODUCT LAUNCHES
             13.5.2 CONTRACTS & AGREEMENTS
             13.5.3 COLLABORATIONS
             13.5.4 MERGERS & ACQUISITIONS

14 COMPANY EVALUATION QUADRANT AND COMPANY PROFILES (Page No. - 139)
     14.1 COMPANY EVALUATION QUADRANT DEFINITIONS AND METHODOLOGY
             14.1.1 STARS
             14.1.2 INNOVATORS
             14.1.3 PERVASIVE
             14.1.4 EMERGING COMPANIES
                       FIGURE 46 SYNCHRONOUS CONDENSER MARKET COMPANY EVALUATION QUADRANT, 2019
             14.1.5 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS
                       FIGURE 47 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS IN THE SYNCHRONOUS CONDENSER MARKET
     14.2 COMPANY PROFILES
(Business overview, Products/solutions/services offered, Recent Developments, MNM view)*
             14.2.1 ABB
                       FIGURE 48 ABB: COMPANY SNAPSHOT
             14.2.2 SIEMENS
                       FIGURE 49 SIEMENS: COMPANY SNAPSHOT
             14.2.3 GE
                       FIGURE 50 GE: COMPANY SNAPSHOT
             14.2.4 WEG
                       FIGURE 51 WEG: COMPANY SNAPSHOT
             14.2.5 EATON
                       FIGURE 52 EATON: COMPANY SNAPSHOT
             14.2.6 ANDRITZ
                       FIGURE 53 ANDRITZ: COMPANY SNAPSHOT
             14.2.7 ANSALDO ENERGIA
                       FIGURE 54 ANSALDO ENERGIA: COMPANY SNAPSHOT
             14.2.8 FUJI ELECTRIC
                       FIGURE 55 FUJI ELECTRIC: COMPANY SNAPSHOT
             14.2.9 VOITH GROUP
                       FIGURE 56 VOITH GROUP: COMPANY SNAPSHOT
             14.2.10 BHARAT HEAVY ELECTRICALS LIMITED (BHEL)
                        FIGURE 57 BHARAT HEAVY ELECTRICALS LIMITED (BHEL): COMPANY SNAPSHOT
             14.2.11 IDEAL ELECTRIC POWER (HYUNDAI IDEAL ELECTRIC CO.)
             14.2.12 SUSTAINABLE POWER SYSTEMS
             14.2.13 POWER SYSTEMS & CONTROLS
             14.2.14 BRUSH GROUP
             14.2.15 ELECTROMECHANICAL ENGINEERING ASSOCIATES

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

15 ADJACENT & RELATED MARKET (Page No. - 172)
     15.1 SHUNT REACTOR MARKET
             15.1.1 MARKET DEFINITION
             15.1.2 MARKET OVERVIEW
                       FIGURE 58 SHUNT REACTOR MARKET, 2015–2022 (USD MILLION)
             15.1.3 SHUNT REACTOR MARKET, BY TYPE
                       15.1.3.1 Oil immersed shunt reactors
                                   TABLE 106 OIL-IMMERSED: SHUNT REACTOR MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                                   TABLE 107 NORTH AMERICA: OIL-IMMERSED SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 108 EUROPE: OIL-IMMERSED SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 109 ASIA PACIFIC: OIL-IMMERSED SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 110 SOUTH AMERICA: OIL-IMMERSED SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 111 MIDDLE EAST & AFRICA: OIL-IMMERSED SHUNT REACTOR MARKET SIZE, BY COUNTRY, 2015–2022 USD MILLION)
                       15.1.3.2 Air-core shunt reactors
                                   TABLE 112 AIR-CORE: SHUNT REACTOR MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                                   TABLE 113 NORTH AMERICA: AIR-CORE SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 114 EUROPE: AIR-CORE SHUNT REACTOR MARKET SIZE, BY COUNTRY, 2015–2022 (USD MILLION)
                                   TABLE 115 ASIA PACIFIC: AIR-CORE SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 116 SOUTH AMERICA: AIR-CORE SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   TABLE 117 MIDDLE EAST & AFRICA: AIR-CORE SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
             15.1.4 SHUNT REACTOR MARKET, BY END USER
                       15.1.4.1 Electric utilities
                                   TABLE 118 ELECTRIC UTILITIES: SHUNT REACTOR MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                       15.1.4.2 Industrial verticals
                                   TABLE 119 INDUSTRIAL VERTICALS MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
             15.1.5 SHUNT REACTOR MARKET, BY APPLICATION
                       15.1.5.1 Variable shunt reactor
                                   TABLE 120 VARIABLE: SHUNT REACTOR MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                       15.1.5.2 Fixed shunt reactor
                                   TABLE 121 FIXED: SHUNT REACTOR MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
             15.1.6 SHUNT REACTOR MARKET, BY REGION
                       15.1.6.1 Asia Pacific
                                   TABLE 122 ASIA PACIFIC: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   TABLE 123 ASIA PACIFIC: SHUNT REACTOR MARKET SIZE, BY END-USER, 2015–2022 (USD MILLION)
                                   TABLE 124 ASIA PACIFIC: SHUNT REACTOR MARKET SIZE, BY APPLICATION, 2015–2022 (USD MILLION)
                                   TABLE 125 ASIA PACIFIC: SHUNT REACTOR MARKET SIZE, BY COUNTRY, 2015–2022 (USD MILLION)
                                   15.1.6.1.1 China
                                                 TABLE 126 CHINA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.1.2 India
                                                 TABLE 127 INDIA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.1.3 Australia
                                                 TABLE 128 AUSTRALIA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.1.4 Japan
                                                 TABLE 129 JAPAN: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.1.5 Rest of Asia Pacific
                                                 TABLE 130 REST OF ASIA PACIFIC: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                       15.1.6.2 North America
                                   TABLE 131 NORTH AMERICA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   TABLE 132 NORTH AMERICA: SHUNT REACTOR MARKET SIZE, BY END-USER, 2015–2022 (USD MILLION)
                                   TABLE 133 NORTH AMERICA: SHUNT REACTOR MARKET SIZE, BY APPLICATION, 2015–2022 (USD MILLION)
                                   TABLE 134 NORTH AMERICA: SHUNT REACTOR MARKET SIZE, BY COUNTRY, 2015–2022 (USD MILLION)
                                   15.1.6.2.1 US
                                                 TABLE 135 US: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.2.2 Canada
                                                 TABLE 136 CANADA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.2.3 Mexico
                                                 TABLE 137 MEXICO: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                       15.1.6.3 Europe
                                   TABLE 138 EUROPE: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   TABLE 139 EUROPE: SHUNT REACTOR MARKET SIZE, BY END-USER, 2015–2022 (USD MILLION)
                                   TABLE 140 EUROPE: SHUNT REACTOR MARKET SIZE, BY APPLICATION, 2015–2022 (USD MILLION)
                                   TABLE 141 EUROPE: SHUNT REACTOR MARKET SIZE, BY COUNTRY, 2015–2022 (USD MILLION)
                                   15.1.6.3.1 Germany
                                                 TABLE 142 GERMANY: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.2 Russia
                                                 TABLE 143 RUSSIA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.3 UK
                                                TABLE 144 UK: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.4 France
                                                 TABLE 145 FRANCE: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.5 Italy
                                                 TABLE 146 ITALY: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.6 Sweden
                                                 TABLE 147 SWEDEN: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.7 Spain
                                                 TABLE 148 SPAIN: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.3.8 Rest of Europe
                                                 TABLE 149 REST OF EUROPE: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                       15.1.6.4 Middle East & Africa
                                   TABLE 150 MIDDLE EAST & AFRICA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   TABLE 151 MIDDLE EAST & AFRICA: SHUNT REACTOR MARKET SIZE, BY END-USER,  2015–2022 (USD MILLION)
                                   TABLE 152 MIDDLE EAST & AFRICA: SHUNT REACTOR MARKET SIZE, BY APPLICATION,  2015–2022 (USD MILLION)
                                   TABLE 153 MIDDLE EAST & AFRICA: SHUNT REACTOR MARKET SIZE, BY COUNTRY,  2015–2022 (USD MILLION)
                                   15.1.6.4.1 Saudi Arabia
                                                 TABLE 154 SAUDI ARABIA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.4.2 South Africa
                                                 TABLE 155 SOUTH AFRICA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.4.3 UAE
                                                 TABLE 156 UAE: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.4.4 Kuwait
                                                 TABLE 157 KUWAIT: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.4.5 Qatar
                                                 TABLE 158 QATAR: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD THOUSAND)
                                   15.1.6.4.6 Algeria
                                                 TABLE 159 ALGERIA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD THOUSAND)
                                   15.1.6.4.7 Nigeria
                                                 ABLE 160 NIGERIA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD THOUSAND)
                                   15.1.6.4.8 Rest of the Middle East & Africa
                                                 TABLE 161 REST OF THE MIDDLE EAST & AFRICA: SHUNT REACTOR MARKET SIZE, BY TYPE,  2015–2022 (USD THOUSAND)
                       15.1.6.5 SOUTH AMERICA
                                   TABLE 162 SOUTH AMERICA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   TABLE 163 SOUTH AMERICA: SHUNT REACTOR MARKET SIZE, BY END-USER, 2015–2022 (USD MILLION)
                                   TABLE 164 SOUTH AMERICA: SHUNT REACTOR MARKET SIZE, BY APPLICATION, 2015–2022 (USD MILLION)
                                   TABLE 165 SOUTH AMERICA: SHUNT REACTOR MARKET SIZE, BY COUNTRY, 2015–2022 (USD MILLION)
                                   15.1.6.5.1 BRAZIL
                                                 TABLE 166 BRAZIL: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.5.2 Argentina
                                                 TABLE 167 ARGENTINA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)
                                   15.1.6.5.3 Rest of South America
                                                 TABLE 168 REST OF SOUTH AMERICA: SHUNT REACTOR MARKET SIZE, BY TYPE, 2015–2022 (USD MILLION)

16 APPENDIX (Page No. - 197)
     16.1 INSIGHTS OF INDUSTRY EXPERTS
     16.2 DISCUSSION GUIDE
     16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     16.4 AVAILABLE CUSTOMIZATIONS
     16.5 RELATED REPORTS
     16.6 AUTHOR DETAILS

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

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as UNCTAD data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and synchronous condenser journal to identify and collect information useful for a technical, market-oriented, and commercial study of the synchronous condenser market. 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 comprise several stakeholders such as companies related to the industry, consulting companies in the energy and power sector, power generation companies, government & research organizations, organizations, forums, alliances & associations, synchronous condenser providers, state & national utility authorities, synchronous condenser manufacturers, dealers & suppliers, and vendors. The demand side of the market is characterized by the transmission lines and distribution lines additions across regions, investments by key end-users such as utilities and renewables, and increasing demand for reliable and resilient power supply worldwide. Moreover, the demand is also driven by rising investments in electrification projects and power generation projects rising from renewable sources across the globe. The supply side is characterized by the increasing demand for contracts & agreements 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. The breakdown of primary respondents is given below:

Synchronous Condenser Market  Size, and Share

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

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global synchronous condenser market and its dependent submarkets. These methods were also extensively used 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 shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply 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 Portable Synchronous Condenser Market Size: Bottom-Up Approach

Synchronous Condenser Market  Size, Bottom-Up Approach

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above&mdas-the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the synchronous condenser market.

Report Objectives

  • To define, describe, segment, and forecast the synchronous condenser market by cooling type, starting method, a reactive power rating (MVAr), end user, type, and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the synchronous condenser market with respect to individual growth trends, future expansions, and contribution of each segment to the market
  • To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
  • To forecast the growth of the synchronous condenser market with respect to major regions, namely, North America, Europe, South America, and the Rest of the World (RoW)
  • To profile and rank key players and comprehensively analyze their respective market shares
  • To analyze competitive developments such as contracts & agreements, investments & expansions, new product launches, and mergers & acquisitions in the synchronous condenser market

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  • Detailed analyses and profiling of additional market players
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Benchmarking the rapid strategy shifts of the Top 100 companies in the Synchronous Condenser Market

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Report Code
EP 4095
Published ON
Jan, 2021
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