Synchronous Condenser Market by Cooling Type (Hydrogen, Air, 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 2024
[121 Pages Report] MarketsandMarkets forecasts the synchronous condenser market is projected to reach USD 606 million by 2024 from an estimated USD 549 million in 2019, at a CAGR of 2.0% during the forecast period. Rising need for power factor correction and increasing demand for renewable power generation are the primary drivers of the synchronous condensers market. Along with this, growing renewable-based power generation in the energy mix, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC) has had a considerable effect on transmission grid stability. Synchronous condensers play a vital role by generating lagging and leading reactive power, helping to stabilize the transmission grid.
By cooling type, the hydrogen-cooled synchronous condensers dominate the global market during the forecast period
The synchronous condenser market is segmented by cooling type, into hydrogen-cooled, air-cooled and water-cooled. The hydrogen-cooled synchronous condenser segment accounted for the major share of the market in 2019. This is attributed to the widespread adoption of large-sized synchronous condensers between 100 Mega Volt Amps (reactive) (MVAr) and 300 MVAr capacity. Hydrogen cooling is an efficient option for synchronous condensers of these capacities.
By starting method, the static frequency converter segment to hold the largest share of the synchronous condenser market 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
North America to account for the largest market size 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 2019 to 2024. 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 U.S., 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.
Market Dynamics
Driver: Increasing demand for renewable power generation
The growing demand for renewable power generation is an important factor driving the growth of the synchronous condenser market. According to the International Energy Agency (IEA), annual investments in new renewable power generation capacity are expected to reach USD 230 billion by 2020. The share of renewable energy in the global power generation mix is estimated to rise from 22% in 2013 to more than 26% by 2020. China is expected to account for nearly 40% of the total renewable power capacity growth by 2020. Renewable electricity addition is expected to reach 700 GW by 2020. This increase in renewable energy generation can be attributed to benefits such as reduction in greenhouse gas emissions, the diversification of energy supply, and a declining dependence on fossil fuels. In developing countries like India, power generation through renewables is promoted by giving subsidies.
Conventional power generation enables a stable voltage supply to the grid. However, with the rising adoption of renewable energy, voltage stabilizing equipment must be deployed because the output from renewable sources constantly fluctuates. Synchronous condensers ensure stable supply to the transmission grid. With renewable power generation on the rise, the market for synchronous condensers is expected to witness substantial growth in the coming years. This trend is expected to gain attraction in regions such as North America and Europe, where renewable energy is gaining momentum, and the conventional power generation infrastructure is aging and being converted to synchronous condensers.
Restraint: High maintenance and equipment cost
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–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 current supply is more expensive than AC current supply. This makes synchronous condensers less popular than its alternatives such as STATCOM, shunt reactors, and capacitor banks
Opportunity: Expanding High–Voltage Direct Current (HVDC) network
Typically, an HVDC transmission has a power rating greater than 100 MW and many are in the 1,000–3,000 MW range. The HVDC transmission scheme is generally cost‐effective when compared with an equivalent AC transmission scheme. The losses on the HVDC lines are roughly 3.5% per 1,000 km as compared with 6.7% for AC lines at similar voltage levels. The HVDC–High–Voltage Alternating Current (HVAC) interconnection point is subjected to a number of operating difficulties such as high-magnitude AC voltage oscillations and voltage disturbances. Synchronous condensers are used in such systems to strengthen their dynamic voltage regulation, provide reactive power support, and enable steady-state AC voltage control. They also regulate the DC line voltage and control temporary overvoltage situations in case of HVDC tripping. The synchronous condenser is one of the best means of stabilizing and improving transmission system stability and strength. Also, as per EIA, the US energy demand will increase by 0.4% from 2016 to 2050; the growth will require more investments in HVDC network, which is expected to bring high-growth opportunities for the synchronous condenser market.
Challenge: Availability of low-cost alternatives
Synchronous condensers are used to improve power factor by either absorbing or generating reactive power (VARs), as per requirements, 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 Compensator. These alternatives can also achieve grid stability or dynamic voltage control at a lower cost. Synchronous condensers with longer service life and stability is not widely adopted because of its high maintenance and equipment costs—this is a major challenge of the synchronous condenser market.
Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2017–2024 |
|
Base year considered |
2017 |
|
Forecast period |
2019–2024 |
|
Forecast units |
Million (USD) |
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Segments covered |
By Cooling Type, Reactive Power Rating, Type, Starting Method, End-User, and Region |
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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 Mitsubishi Electric (Japan) |
The research report categorizes the synchronous condenser to forecast the revenues and analyze the trends in each of the following sub-segments:
Synchronous Condenser Market By Type
- New
- Refurbished
Synchronous Condenser Market By Cooling Type
- Hydrogen-cooled
- Air-cooled
- Water-cooled
Synchronous Condenser Market By reactive power rating (MVAr)
- Up to 100 MVAr
- 100–200 MVAr
- Above 200 MVAr
Synchronous Condenser Market By starting method
- Static frequency converter
- Pony motor
- Others (damper windings and direct online)
Synchronous Condenser Market By Region
- North America
- Europe
- South America
- ROW
Key Market Players
The major players in the synchronous condenser market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and Mitsubishi Electric (Japan).
GE (US) is a key player in this segment. The company actively focuses on inorganic strategies to increase its global market share. For instance, in April 2016, GE was awarded a contract by Florida Power & Light to convert its Turkey point unit 2 plant from generation mode to synchronous condenser mode. GE provides all the major types of cooling methods for synchronous condensers such as air, hydrogen, and water.
Recent Developments
- In October 2018, ABB, in partnership with Ansaldo Energia, received a contract from Terna, an Italian transmission system operator for Matera and Manfredonia substations along the southeast coast of the country. Under the contract, ABB would supply, install, and commission the complete electrical system package to connect the synchronous compensators to the grid, including protection and control systems as well as monitoring and diagnostic solutions.
- In January 2017, ABB received a contract from Power Grid Corporation of India for Raigarh-Pugalur 800 kV Ultra-High-Voltage Direct Current (UHVDC) system. Under the contract, ABB’s scope of work included designing, supplying, engineering, installation, commissioning, and major equipment supplies such as complete UHVDC stations, including transformers, converter valves, cooling systems as well as control
- In April 2016, GE was awarded a contract by Canada-based Nalcor Energy to supply synchronous condensers for its Lower Churchill Project in Labrador, Canada.
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the synchronous condenser market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 17)
2.1 Market Size Estimation
2.1.1 Demand-Side Analysis
2.1.1.1 Assumptions
2.1.2 Supply-Side Analysis
2.1.2.1 Assumptions
2.1.2.2 Calculation
2.1.3 Forecast
2.2 Some of the Insights of Industry Experts
3 Executive Summary (Page No. - 20)
4 Premium Insights (Page No. - 25)
4.1 Attractive Opportunities in the Synchronous Condenser Market
4.2 Synchronous Condensers Market, By Region
4.3 Synchronous Condensers Market, By Cooling Type
4.4 Synchronous Condensers Market, By Starting Method
4.5 Synchronous Condensers Market, By Reactive Power Rating (MVAr)
4.6 Synchronous Condensers Market, By End-User
4.7 Synchronous Condensers Market, By Type
5 Market Overview (Page No. - 29)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Renewable Power Generation
5.2.1.2 Growing Need for Power Factor Correction (PFC)
5.2.2 Restraints
5.2.2.1 High Maintenance and Equipment Cost
5.2.3 Opportunities
5.2.3.1 Converting the Existing Synchronous Generators Into Synchronous Condensers
5.2.3.2 Expanding High-Voltage Direct Current (HVDC) Network
5.2.4 Challenges
5.2.4.1 Availability of Low-Cost Alternatives
6 Synchronous Condenser Market, By Type (Page No. - 33)
6.1 Introduction
6.2 New Synchronous Condenser
6.2.1 Expansion of HVDC Network is Likely to Generate Demand for the New Synchronous Condenser Segment
6.3 Refurbished Synchronous Condenser
6.3.1 Growing Usage of Renewable Power Generation is Likely to Foster the Refurbished Synchronous Condensers Market
7 Synchronous Condenser Market, By Cooling Type (Page No. - 37)
7.1 Introduction
7.2 Hydrogen-Cooled
7.2.1 High thermal Conductivity of Hydrogen-Cooled Synchronous Condensers is Expected to Foster their Demand
7.3 Air-Cooled
7.3.1 Improved Cooling Feature of Air-Cooled Synchronous Condensers Using Air Circulation is Likely to Fuel the Synchronous Condensers Market
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 the Market
8 Synchronous Market, By Starting Method (Page No. - 42)
8.1 Introduction
8.2 Static Frequency Converter
8.2.1 Low Installation Cost and Low Noise Features are Expected to Boost the Demand for Static Frequency Converters
8.3 Pony Motor
8.3.1 Low Cost of Pony Motors is Likely to Foster their Demand in the Synchronous Condensers Market
8.4 Others
9 Synchronous Condenser Market, By Reactive Power Rating (MVAr) (Page No. - 47)
9.1 Introduction
9.2 Up to 100 MVAr Synchronous Condenser
9.2.1 Growing Usage of Air- & Water-Cooled Synchronous Condensers is Expected to Foster the Demand of Up to 100 MVAr Synchronous Condensers
9.3 100–200 MVAr Synchronous Condenser
9.3.1 Usage of 100–200 MVAr Synchronous Condensers for Transmission System Stability is Likely to Foster their Demand
9.4 Above 200 MVAr Synchronous Condenser
9.4.1 Growing Usage of Hydrogen-Cooled Synchronous Condensers is Expected to Boost Its Demand
10 Synchronous Condenser Market, By End-User (Page No. - 52)
10.1 Introduction
10.2 Electrical Utilities
10.2.1 Demand for Grid Stability and Controlling Voltage Fluctuations is Expected to Drive the Market
10.3 Industries
10.3.1 Requirement for Industrial Loads’ Power Factor Correction is Likely to Drive the Market
11 Synchronous Condenser Market, By Region (Page No. - 56)
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 Mercury and Air Toxics Standards’ (Mats) Compliance and Growing Demand for Renewables in the Country are Expected to Increase the Demand for the US Synchronous Condensers Market
11.2.2 Canada
11.2.2.1 Increasing Investments in the Renewable Power Generation are Likely to Drive the Demand for the Canadian Synchronous Condensers Market
11.3 Europe
11.3.1 Italy
11.3.1.1 Integrating Renewable Sources in the Grid Systems is Expected to Increase the Demand for the Italian Synchronous Condensers Market
11.3.2 Germany
11.3.2.1 Government Initiatives to Replace Fossil Fuels and Nuclear Power Generation With Renewables is Likely to Boost the Demand
11.3.3 Norway
11.3.3.1 Increasing Investments in HVDC Network are Likely to Drive the Demand
11.3.4 Rest of Europe
11.4 South America
11.4.1 Brazil
11.4.1.1 Increasing Demand for Power Factor Correction Equipment is Likely to Drive the Brazilian Synchronous Condensers Market
11.4.2 Rest of South America
11.5 Rest of the World (RoW)
11.5.1 Australia
11.5.2 Others
12 Competitive Landscape (Page No. - 83)
12.1 Overview
12.2 Competitive Leadership Mapping, 2018
12.2.1 Visionary Leaders
12.2.2 Innovators
12.2.3 Dynamic
12.2.4 Emerging
12.3 Market Share Analysis, 2018
12.4 Competitive Scenario
12.4.1 Contracts & Agreements
12.4.2 Mergers & Acquisitions
12.4.3 Collaborations
13 Company Profiles (Page No. - 89)
(Business Overview, Products Offered, Recent Developments, MnM View)*
13.1 ABB
13.2 Siemens
13.3 WEG
13.4 Voith Group
13.5 Fuji Electric
13.6 GE
13.7 Eaton
13.8 Ideal Electric (Hyundai Ideal Electric Co.)
13.9 Sustainable Power Systems
13.1 Electromechanical Engineering Associates
13.11 Power Systems & Controls
13.12 Ansaldo Energia
*Details on Business Overview, Products Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 113)
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details
List of Tables (68 Tables)
Table 1 Number of Units Installed and Project Investments are the Determining Factors for the Global Synchronous Condensers Market
Table 2 Synchronous Condenser Market Snapshot
Table 3 Comparison Between Synchronous Condenser and Its Alternatives
Table 4 Synchronous Condenser Market Size, By Type, 2017–2024 (USD Million)
Table 5 New: Market Size, By Region, 2017–2024 (USD Million)
Table 6 Refurbished: Market Size, By Region, 2017–2024 (USD Million)
Table 7 Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 8 Hydrogen-Cooled: Market Size, By Region, 2017–2024 (USD Million)
Table 9 Air-Cooled: Market Size, By Region, 2017–2024 (USD Million)
Table 10 Water-Cooled: Market Size, By Region, 2017–2024 (USD Million)
Table 11 Synchronous Condenser Market Size, By Starting Method, 2017–2024 (USD Million)
Table 12 Static Frequency Converter: Market Size, By Region, 2017–2024 (USD Million)
Table 13 Pony Motor: Market Size, By Region, 2017–2024 (USD Thousand)
Table 14 Others: Market Size, By Region, 2017–2024 (USD Thousand)
Table 15 Synchronous Condenser Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 16 Synchronous Condensers Market Size, By Inertia Requirement, 2017–2024 (USD Million)
Table 17 Up to 100 MVAr: Market Size, By Region, 2017–2024 (USD Thousand)
Table 18 100–200 MVAr: Market Size, By Region, 2017–2024 (USD Thousand)
Table 19 Above 200 MVAr: Market Size, By Region, 2017–2024 (USD Thousand)
Table 20 Synchronous Condenser Market Size, By End-User, 2017–2024 (USD Million)
Table 21 Electrical Utilities: Market Size, By Region, 2017–2024 (USD Million)
Table 22 Industries: Market Size, By Region, 2017–2024 (USD Thousand)
Table 23 Synchronous Condenser Market Size, By Region, 2017–2024 (USD Million)
Table 24 North America: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 25 North America: Market Size, By Starting Method, 2017–2024 (USD Thousand)
Table 26 North America: Market Size, By End-User, 2017–2024 (USD Thousand)
Table 27 North America: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 28 North America: Market Size, By Type, 2017–2024 (USD Million)
Table 29 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 30 US: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 31 US: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 32 Canada: Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 33 Canada: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 34 Europe: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 35 Europe: Market Size, By Starting Method, 2017–2024 (USD Million)
Table 36 Europe: Market Size, By End-User, 2017–2024 (USD Million)
Table 37 Europe: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 38 Europe: Market Size, By Type, 2017–2024 (USD Million)
Table 39 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 40 Italy: Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 41 Italy: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 42 Germany: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 43 Germany: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 44 Norway: Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 45 Norway: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 46 Rest of Europe: Market Size, By Cooling Type, 2017–2024 (USD Million)
Table 47 Rest of Europe: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Million)
Table 48 South America: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 49 South America: Market Size, By Starting Method, 2017–2024 (USD Thousand)
Table 50 South America: Market Size, By End-User, 2017–2024 (USD Thousand)
Table 51 South America: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 52 South America: Market Size, By Type, 2017–2024 (USD Million)
Table 53 South America: Market Size, By Country, 2017–2024 (USD Thousand)
Table 54 Brazil: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 55 Brazil: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 56 Rest of South America: Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 57 Rest of South America: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 58 Rest of the World: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 59 Rest of the World: Market Size, By Starting Method, 2017–2024 (USD Thousand)
Table 60 Rest of the World: Market Size, By End-User, 2017–2024 (USD Thousand)
Table 61 Rest of the World: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 62 Rest of the World: Market Size, By Type, 2017–2024 (USD Thousand)
Table 63 Rest of the World: Market Size, By Country, 2017–2024 (USD Thousand)
Table 64 Australia: Synchronous Condenser Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 65 Australia: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 66 Others: Market Size, By Cooling Type, 2017–2024 (USD Thousand)
Table 67 Others: Market Size, By Reactive Power Rating (MVAr), 2017–2024 (USD Thousand)
Table 68 Developments By Key Players in the Market, 2016–2019
List of Figures (35 Figures)
Figure 1 Hydrogen-Cooled Segment is Expected to Lead the Synchronous Condenser Market, By Cooling Type, During the Forecast Period
Figure 2 Static Frequency Converter Segment is Expected to Lead the Synchronous Condenser Market, By Starting Method, During the Forecast Period
Figure 3 Above 200 MVAr Segment is Expected to Lead the Synchronous Condenser Market, By Reactive Power Rating (MVAr), During the Forecast Period 22
Figure 4 Electrical Utilities Segment is Expected to Lead the Synchronous Condenser Market, By End-User, During the Forecast Period
Figure 5 New Synchronous Condenser Segment is Expected to Lead the Synchronous Condenser Market, By Type, During the Forecast Period
Figure 6 North America is Expected to Dominate the Synchronous Condenser Market, By Region, in Terms of CAGR (2019–2024)
Figure 7 Government Initiatives to Replace Fossil Fuels & Nuclear Power Generation Capacity With Renewables and Growing Need for Power Factor Correction are Expected to Drive the Synchronous Condenser Market, 2019–2024
Figure 8 North American Synchronous Condenser Market, By Region, is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 9 Hydrogen-Cooled Segment Dominated the Synchronous Condenser Market, By Cooling Type, in 2018
Figure 10 Static Frequency Converter Segment Dominated the Synchronous Condenser Market, By Starting Method, in 2018
Figure 11 New Synchronous Condenser Segment Dominated the Synchronous Condenser Market, By Reactive Power Rating (MVAr), in 2018
Figure 12 Electrical Utilities Segment Dominated the Synchronous Condenser Market, By End-User, in 2018
Figure 13 New Synchronous Condenser Segment Dominated the Synchronous Condenser Market, By Type, in 2018
Figure 14 Synchronous Condenser Market: Drivers, Restraints, Opportunities, and Challenges
Figure 15 Electricity Mix (Twh), Oecd, 2018
Figure 16 New Synchronous Condenser Segment Accounted for the Largest Market Share in 2018
Figure 17 Hydrogen-Cooled Segment Accounted for the Largest Market Share in 2018
Figure 18 Static Frequency Converter Segment Accounted for the Largest Market Share in 2018
Figure 19 Above 200 MVAr Synchronous Condenser Segment Accounted for the Largest Market Share in 2018
Figure 20 Electrical Utilities Segment Accounted for the Largest Market Share in 2018
Figure 21 Regional Snapshot: North American Synchronous Condenser Market is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Synchronous Condenser Market Share (Value), By Region, 2018
Figure 23 North America: Regional Snapshot
Figure 24 Europe: Regional Snapshot
Figure 25 Key Developments in the Synchronous Condenser Market, 2016–2019
Figure 26 Synchronous Condenser Market (Global) Competitive Leadership Mapping, 2018
Figure 27 Market Share Analysis, 2018
Figure 28 ABB: Company Snapshot
Figure 29 Siemens: Company Snapshot
Figure 30 WEG: Company Snapshot
Figure 31 Voith Group: Company Snapshot
Figure 32 Fuji Electric: Company Snapshot
Figure 33 GE: Company Snapshot
Figure 34 Eaton: Company Snapshot
Figure 35 Ansaldo Energia: Company Snapshot
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 condensers 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:
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Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global heat-shrink tubing 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.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—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 sector.
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 condensers 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 condensers 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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Growth opportunities and latent adjacency in Synchronous Condenser Market