Synchronous Condenser Market by Cooling Type (Hydrogen, Air, and Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, & Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End User, and Region - Global Forecast to 2021
[134 Pages Report] The synchronous condenser market was valued at USD 473.8 Million in 2015, and is expected to grow at a CAGR of 2.1% from 2016 to 2021. Increasing renewable power generation, long service life, and rising need for power factor correction are the major factors driving the market of synchronous condenser.
The years considered for the study are as follows:
- Base Year 2015
- Estimated Year 2016
- Projected Year 2021
- Forecast Period 20162021
2015 has been considered as the base year for company profiles. Whenever information was unavailable for the base year, the prior year has been considered.
Increasing renewable power generation to drive the global synchronous condenser industry demand close to USD 600 million by 2021
Synchronous condenser key application lies in power generation from renewable sources fed to the main transmission grid. A synchronous condenser is preferred over its substitutes due to its short-circuit power capability, no harmonics, and inertia to the transmission grid.The global market of synchronous condenser size is projected to reach USD 572.9 Million by 2021, largely due to long service life, increasing renewable power generation, and rising need for power factor correction. Ongoing new product developments by leading companies for new applications of condensers are likely to propel further growth of the synchronous condenser the long-term forecast.
High maintenance and equipment cost could hamper the growth of the market of synchronous condenser.
Renewable sources are gaining in contribution to the global power generation mix. However, renewable sources offer poorer power quality resulting in weak grid stabilities. Synchronous condenser offers key technology to mitigate this challenge. However, it is associated with high initial costs, owing to large-scale use of expensive raw materials such as aluminium and copper. Usually, new synchronous condensers installation cost runs to hundreds of thousands of USD/MVAr, while converting generators into synchronous condensers or refurbishment cost ranges between USD 20,000/MVArUSD 50,000/MVAr. This makes the synchronous condenser less popular than alternatives such as STATCOM, shunt reactors, and capacitor banks.
Objectives of the Study
- To define, describe, and forecast the global market on the basis of cooling type, reactive power rating, type, starting method, end-user, and by region
- To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the market with respect to individual growth trends of manufacturers and service providers, their future expansions, and contribution to the market
- To forecast the growth of the market with respect to the main regions (Europe, North America, South America, and Rest of the World)
- To strategically profile key market players and comprehensively analyze their market shares and core competencies
- To analyze market opportunities for stakeholders and provide details of competitive developments, such as contracts & agreements, expansions & investments, and mergers & acquisitions, in the global synchronous condensers market
Research Methodology
The research study involves extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg, Businessweek, Factiva, and OneSource) to identify and collect information useful for a technical, market-oriented, and commercial study of the market. The points given below explain the research methodology.
- Secondary has been conducted to find out contracts and major players in the market
- Major regions have been identified along with countries contributing to the maximum share
- Country-wise data collected to find the capacity of retiring conventional power plants
- Studied renewable energy market and current industry trends
- End-users were identified on the basis of contracts in the region and the split was calculated by conducting primaries with industry participants, subject-matter experts, and C-level executives of key market players among other experts, which helped to obtain and verify critical qualitative and quantitative information as well as assess future market prospects
- Revenue of top companies, and industry trends along with top-down, bottom-up, and MnM KNOW have been used to estimate the market size
After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below shows the breakdown of the primaries on the basis of company designation and region, conducted during the research study.
To know about the assumptions considered for the study, download the pdf brochure
Market Ecosystem:
The ecosystem of the global market starts with tendering for substations, or HVDC networks. The tenders goes through contractors/manufacturers of synchronous condenser for new units or conversion of old power plants. The delivering services, further, include a new synchronous condenser units, ancillary components for refurbishment or conversion. This is followed by installation of new units or converting to synchronous condenser mode. Maintenance and repair is the next stage of the ecosystem, which includes scheduled maintenance, repairs, refurbishments, and replacements. Some of the major players in the market are Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), ABB Ltd. (Switzerland), Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), and Hyundai Ideal Electric Co. (U.S.) among others.
The study answers several questions for the stakeholders which include product manufacturers, energy consultants, component suppliers, utility service providers, consulting firms, private equity groups, equity research firms, and other stakeholders. It provides information about market segments to focus on for the next 25 years to prioritize efforts and investments.
Target Audience:
The reports target audience includes:
- Synchronous condensers manufacturers
- Energy consultants
- Component suppliers
- Utility service providers
- Consulting firms
- Private equity groups
- Research firms and regional energy associations
- Government organizations
- Investment banks
Scope of the Report:
By Type
- New
- Refurbished
By End-User
- Electrical utilities
- Industries
By Reactive Power Rating
- Up to 100 MVAr
- 100200 MVAr
- Above 200 MVAr
By Cooling Type
- Hydrogen
- Air
- Water
By Starting Method
- Static Frequency Converter
- Pony Motor
By Region
- North America
- Europe
- South America
- Rest of the World
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the clients specific needs. The following customization options are available for this report:
Regional Analysis
Further breakdown of region-/country-specific analysis
Company Information
Detailed analysis and profiling of additional market players (Up to five)
Market Dynamics
Key Questions
- The synchronous condenser industry is facing the issue of high initial cost, when will this issue will get resolved?
- Most of the suppliers have opted sustainability & innovation as the key strategies as could be seen from the recent developments. Where will it take the industry in the mid to long term?
- Which are the substitute products and how big is the threat from them?
The global synchronous condenser market is projected to grow at a CAGR of 2.1% from 2016 to 2021, to reach a market size of USD 572.9 Million by 2021. The growth is attributed to increasing renewable power generation, long service life, and rising need for power factor correction. Existing and planned upgradation and expansion of High-Voltage Direct Current (HVDC) network across the globe in various regions is expected to increase demand for power factor correction equipment such as synchronous condenser.
The hydrogen-cooled synchronous condenser segment is the largest segment and is expected to grow faster than other cooling methods employed for cooling synchronous condenser. The key driving factor will be installation of large-sized synchronous condenser units between 100 and 300 MVAr across regions. Owing to the installation of large-sized synchronous condensers, the market segment for synchronous condenser rated above 200 MVAr is the largest segment for synchronous condenser by reactive power rating. Also, large-sized or small-sized synchronous condenser installed in series can ideally be started using static frequency converter or pony motors, but owing to superior control, the static frequency converter segment for synchronous condenser is the leading segment and also the fastest growing segment for synchronous condenser.
Electric utilities are estimated to grow at the highest rate in the end-user segment of the synchronous condenser industry. The key driving factor for this market is the large-scale demand by utilities for high-capacity synchronous condenser. In most of the developed regions, power is being generated through renewable sources to move from dependence on fossil fuel-based power generation. Power generated from renewable sources is intermittent and needs power factor correction to maintain voltage stability. Synchronous condenser are more suitable in such situations over other equipment as they are capable of continuous service for long duration.
In this report, the market has been analyzed with respect to four regions, namely, North America, Europe, South America, and Rest of the World (RoW). North America is expected to see high demand for synchronous condensers. Canada has seen a rising demand for synchronous condensers, especially new installations, whereas in the U.S., the more prevalent trend is to convert the old power plants to synchronous condensers.
The major factors restraining the growth of the synchronous condensers over its substitutes are high cost of equipment and availability of low-cost alternatives.
Some of the leading players in the market of synchronous condenser include Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), ABB Ltd. (Switzerland), Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), and Hyundai Ideal Electric Co. (U.S.) among others. Contracts & agreements was the strategy most commonly adopted by the top players in the market, constituting 92% of the total developments from 2012 to 2016. These players are expanding their market share by winning new contracts for synchronous condensers and for refurbishment and conversion of old power plants to synchronous condensers. It was followed by expansions & investments, and mergers & acquisitions.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Leading synchronous condenser manufacturers are developing sustainable and innovative solutions for existing and new end-use applications of synchronous condenser to
Electrical Utilities
Electrical utilities are the largest end-users of synchronous condenser. Electrical utilities are engaged in the generation, transmission, and distribution of electricity from various conventional as well as renewable sources. With the rising share of renewable energy in the grid, it becomes imperative for electrical utilities to maintain grid stability, as power generated from renewable sources keeps fluctuating unlike the power generated from conventional thermal or nuclear sources. Synchronous condensers are an attractive option to maintain grid stability and control voltage fluctuations. Moreover, synchronous condensers have a long-serving life that can assure stable long-term service for electrical utilities.
New Installation of Synchronous Condenser
New Installations account to more than 60% of the market globally. Their market is also likely to grow swiftly compared to refurbished installations. Biggest contributors include North America and Europe with more than 90% share. Market for synchronous condenser with reactive power rating above 200MVAr hold the strongest potential in the forecast period.
Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Countries Covered
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 18)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions & Limitations
2.4.1 Assumptions
3 Executive Summary (Page No. - 26)
3.1 Introduction
3.2 Current Scenario
3.3 Future Outlook
3.4 Conclusion
4 Premium Insights (Page No. - 32)
4.1 Synchronous Condenser Market, By Cooling Type
4.2 Market of Synchronous Condenser, By Type
4.3 Market of Synchronous Condenser, By Cooling Type
4.4 Market of Synchronous Condenser: Reactive Power Rating vs Starting Method
4.5 Electrical Utilities are Expected to Dominate the Global Market During the Forecast Period
5 Market Overview (Page No. - 36)
5.1 Introduction
5.2 Market Segmentation
5.2.1 By Power Rating
5.2.2 By Region
5.2.3 By Type
5.2.4 By Starting Method
5.2.5 By End-User
5.2.6 By Cooling Type
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Increasing Renewable Power Generation
5.3.1.2 Long Service Life
5.3.1.3 Rising Need for Power Factor Correction
5.3.2 Restraints
5.3.2.1 High Maintenance and Equipment Cost
5.3.3 Opportunities
5.3.3.1 Growing Hvdc Network
5.3.3.2 Phase Out of Conventional Power Plants
5.3.4 Challenges
5.3.4.1 Availability of Low-Cost Alternatives
6 Synchronous Condenser, By Cooling Type (Page No. - 46)
6.1 Introduction
6.2 Hydrogen-Cooled Market
6.3 Air-Cooled Market
6.4 Water-Cooled Market
7 Synchronous Condenser, By Starting Method (Page No. - 50)
7.1 Introduction
7.2 Static Frequency Converter
7.3 Pony Motor
7.4 Others
8 Synchronous Condenser, By Reactive Power Rating (MVAR) (Page No. - 54)
8.1 Introduction
8.2 Synchronous Condenser With Reactive Power Rating Up to 100 MVAR
8.3 Synchronous Condenser With Reactive Power Rating Between 100 MVAR200 MVAR
8.4 Synchronous Condenser With Reactive Power Rating Above 200 MVAR
9 Synchronous Condenser, By End-User (Page No. - 58)
9.1 Introduction
9.2 Electrical Utilities
9.3 Industries
10 Synchronous Condenser, By Type (Page No. - 62)
10.1 Introduction
10.2 New Synchronous Condenser
10.3 Refurbished Synchronous Condenser
11 Synchronous Condenser, By Region (Page No. - 65)
11.1 Introduction
11.2 North America
11.2.1 By Cooling Type
11.2.2 By Starting Method
11.2.3 By Reactive Power Rating (MVAR)
11.2.4 By End User
11.2.5 By Type
11.2.6 By Country
11.2.6.1 Canada
11.2.6.2 U.S.
11.3 Europe
11.3.1 By Cooling Type
11.3.2 By Reactive Power Rating (MVAR)
11.3.3 By Starting Method
11.3.4 By End-User
11.3.5 By Type
11.3.6 By Country
11.3.6.1 Italy
11.3.6.2 Norway
11.3.6.3 Germany
11.3.6.4 Rest of Europe
11.4 South America
11.4.1 By Cooling Type
11.4.2 By Reactive Power Rating (MVAR)
11.4.3 By Starting Method
11.4.4 By End User
11.4.5 By Type
11.4.6 By Country
11.4.6.1 Brazil
11.4.6.1.1 By Cooling Type
11.4.6.2 Rest of South America
11.5 Rest of the World
11.5.1 By Cooling Type
11.5.2 By Reactive Power Rating (MVAR)
11.5.3 By Starting Method
11.5.4 By End-User
11.5.5 By Type
11.5.6 By Country
11.5.6.1 Australia
11.5.6.2 Other Countries of RoW
12 Competitive Landscape (Page No. - 93)
12.1 Overview
12.2 Competitive Situation and Trends
12.3 Market Share Analysis, Hybrid Power Solutions Market (By Key Players)
12.4 Contracts and Agreements
12.5 Expansions & Investments
12.6 Mergers & Acquisitions
13 Company Profiles (Page No. - 99)
(Overview, Products & Services, Strategies & Insights, Developments and MnM View)*
13.1 Introduction
13.2 ABB Ltd.
13.3 Siemens AG
13.4 Eaton Corporation PLC.
13.5 General Electric Company
13.6 Fuji Electric Co. Ltd.
13.7 Toshiba Corporation
13.8 Voith GmbH
13.9 Hyundai Ideal Electric Co.
13.10 Sustainable Power Systems Inc.
13.11 WEG SA
13.12 Electromechanical Engineering Associates, Inc.
13.13 Power Systems and Control, Inc
*Details on Overview, Products & Services, Strategies & Insights, Developments and MnM View Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 125)
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets Subscription Portal
14.5 Available Customizations
14.6 Related Reports
14.7 Author Details
List of Tables (71 Tables)
Table 1 Serving Life of Power Factor Correction Equipment
Table 2 Existing Coal Fired Capacity Retirements in the U.S. in 2012
Table 3 U.S.: Coal-Fired Electric Generator Announcements Since November, 2013
Table 4 World: Nuclear Power Plant Shut Down, 20142016
Table 5 Synchronous Condenser Alternatives
Table 6 Synchronous Condenser Market Size, By Cooling Type, 20142021 (USD Million)
Table 7 Hydrogen-Cooled: Market Size, By Region, 20142021 (USD Million)
Table 8 Air-Cooled: Market Size, By Region, 20142021 (USD Million)
Table 9 Water-Cooled: Market Size, By Region, 20142021 (USD Million)
Table 10 Market Size, By Starting Method, 20142021 (USD Million)
Table 11 Static Frequency Converter: Market Size, By Region, 20142021 (USD Million)
Table 12 Pony Motor: Market Size, By Region, 20142021 (USD Million)
Table 13 Others: Market Size, By Region, 20142021 (USD Thousand)
Table 14 Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 15 Up to 100 MVAR: Market Size, By Region, 20142021 (USD Million)
Table 16 100 MVAR-200 MVAR: Market Size, By Region, 20142021 (USD Million)
Table 17 Above 200 MVAR: Market Size, By Region, 20142021 (USD Million)
Table 18 Market, By End-User, 20142021 (USD Million)
Table 19 Electrical Utilities: Market Size, By Region, 20142021 (USD Million)
Table 20 Industries: Market Size, By Region, 20142021 (USD Million)
Table 21 Market Size, By Type, 20142021 (USD Million)
Table 22 New: Market Size, By Region, 20142021 (USD Million)
Table 23 Refurbished: Market Size, By Region, 20142021 (USD Million)
Table 24 Market Size, By Region, 20142021 (USD Million)
Table 25 North America: Market Size, By Cooling Type, 20142021 (USD Million)
Table 26 North America: Market Size, By Starting Method, 20142021 (USD Million)
Table 27 North America: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 28 North America: Market Size, By End-User, 20142021 (USD Million)
Table 29 North America: Market Size, By Type, 20142021 (USD Million)
Table 30 North America: Market Size, By Country, 20142021 (USD Million)
Table 31 Canada: Market Size, By Cooling Type, 20142021 (USD Million)
Table 32 Canada: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 33 U.S.: Market Size, By Cooling Type, 20142021 (USD Million)
Table 34 U.S.: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 35 Europe: Market Size, By Cooling Type, 20142021 (USD Million)
Table 36 Europe: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 37 Europe: Market Size, By Starting Method, 20142021 (USD Million)
Table 38 Europe: Market Size, By End-User, 20142021 (USD Million)
Table 39 Europe: Market Size, By Type, 20142021 (USD Million)
Table 40 Europe: Market Size, By Country, 20132020 (USD Million)
Table 41 Italy: Market Size, By Cooling Type, 20142021 (USD Million)
Table 42 Italy: Market Size, By Reactive Power Rating, 20142021 (USD Million)
Table 43 Norway: Market Size, By Cooling Type, 20142021 (USD Million)
Table 44 Norway: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 45 Germany: Market Size, By Cooling Type, 20142021 (USD Million)
Table 46 Germany: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 47 Rest of Europe: Market Size, By Cooling Type, 20142021 (USD Million)
Table 48 Rest of Europe: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 49 South America: Market Size, By Cooling Type, 20142021 (USD Million)
Table 50 South America: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 51 South America: Market Size, By Starting Method, 20142021 (USD Million)
Table 52 South America: Market Size, By End-User, 20142021 (USD Million)
Table 53 South America: Market Size, By Type, 20142021 (USD Million)
Table 54 South America: Market Size, By Country, 20142021 (USD Million)
Table 55 Brazil: Market Size, By Cooling Type, 20142021 (USD Million)
Table 56 Brazil: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 57 Rest of South America: Market Size, By Cooling Type, 20142021 (USD Million)
Table 58 Rest of South America: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 59 Rest of the World: Market Size, By Cooling Type, 20142021 (USD Million)
Table 60 Rest of the World: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 61 Rest of the World: Market Size, By Starting Method, 20142021 (USD Million)
Table 62 Rest of the World : Market Size, By End-User, 20142021 (USD Million)
Table 63 Rest of the World: Market Size, By Type, 20142021 (USD Million)
Table 64 Rest of the World: Market Size, By Country, 20142021 (USD Million)
Table 65 Australia: Market Size, By Cooling Type, 20142021 (USD Million)
Table 66 Australia: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 67 Other Countries of RoW: Market Size, By Cooling Type, 20142021 (USD Million)
Table 68 Other Countries of RoW: Market Size, By Reactive Power Rating (MVAR), 20142021 (USD Million)
Table 69 Contracts and Agreements, 20132016
Table 70 Expansions & Investments, 2014
Table 71 Mergers & Acquisitions, 2016
List of Figures (47 Figures)
Figure 1 Market of Synchronous Condenser: Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation Methodology
Figure 5 Assumptions of the Research Study
Figure 6 North America Occupied the Largest Market Share (Value) in 2015
Figure 7 Market Share, By Cooling Method, 2016 & 2021 (USD Million)
Figure 8 Market Size, By Reactive Power Rating (MVAR), 2016 & 2021 (USD Million)
Figure 9 Electrical Utilities Was the Largest End-User in 2015 & is Projected to Remain So During the Forecast Period
Figure 10 Market Size, By Starting Method, 20162021 (USD Million)
Figure 11 New Installation Type is Expected to Lead the Market, 20162021 (USD Million)
Figure 12 Company Development Comparison, 20122016
Figure 13 Attractive Market Opportunities in the Synchronous Condenser Industry
Figure 14 Market Share, By Cooling Type, 20162021
Figure 15 New Type Segment is Expected to Dominate the Market, 2021
Figure 16 Commercial Segment is the Largest End-User Segment in the Market, 20162021
Figure 17 Solar-Diesel Synchronous Condenser Segment Captured the Largest Market Share in 2016
Figure 18 Synchronous Condenser in Electrical Utilities Accounted for the Largest Market Share in 2015
Figure 19 Synchronous Condenser Industry Segmentation
Figure 20 Increasing Focus on Renewable Energy Production to Propel Market Growth
Figure 21 Percentage Share of Renewables in Electricity Production (Including Hydro), 20102015
Figure 22 Hydrogen-Cooled Synchronous Condenser Segment is Expected to Dominate the Market From 2016 to 2021
Figure 23 Synchronous Condensers Started Using Static Frequency Converter to Dominate the Market From 2016 to 2021
Figure 24 Above 200 MVAR Synchronous Condenser Segment is Expected to Dominate the Market From 2016 to 2021
Figure 25 Electrical Utilities-Based Segment is Expected to Dominate the Synchronous Condenser, By End-User, 20162021
Figure 26 New Synchronous Condensers Segment is Projected to Dominate the Market From 2016 to 2021
Figure 27 Regional Snapshot: North America and Europe are Expected to Be the Major Markets for Synchronous Condenser, During 20162021
Figure 28 Regional Snapshot: North American Market of Synchronous Condenser Overview (2015)
Figure 29 Regional Snapshot: Europe Offered Attractive Market Opportunities in 2015
Figure 30 Companies Adopted Contracts and Agreements as the Key Growth Strategy During 20132016
Figure 31 Market Evaluation Framework
Figure 32 Battle for Market Share: Contracts & Agreements is the Key Strategy Adopted By Major Players, 20132016
Figure 33 Market Share Analysis (Revenue, 2015)
Figure 34 Region-Wise Revenue Mix of the Top 5 Players
Figure 35 ABB Ltd.: Company Snapshot
Figure 36 ABB Ltd.: SWOT Analysis
Figure 37 Siemens AG: Company Snapshot
Figure 38 Siemens AG: SWOT Analysis
Figure 39 Eaton Corporation PLC: Company Snapshot
Figure 40 Eaton Corporation PLC.: SWOT Analysis
Figure 41 General Electric Company: Company Snapshot
Figure 42 General Electric Company: SWOT Analysis
Figure 43 Fuji Electric Co. Ltd.: Company Snapshot
Figure 44 Toshiba Corporation: Company Snapshot
Figure 45 Voith GmbH: Company Snapshot
Figure 46 Voith GmbH Company: SWOT Analysis
Figure 47 WEG SA: Company Snapshot
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