The global synchronous condensers market is projected to grow at a CAGR of 2.1% from 2016 to 2021. North America is estimated to be the largest market, followed by Europe and this trend is expected to continue till 2021. The growth of the synchronous condensers market is driven by increasing renewable power generation, long service life, and rising need for power factor correction.

The synchronous condenser market was dominated by Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), and ABB Ltd. (Switzerland) in 2015. Other players include Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), Hyundai Ideal Electric Co. (U.S.), Sustainable Power Systems, Inc. (U.S.), WEG SA (Brazil), and ElectroMechanical Engineering Associates, Inc. (U.S.)

The key market players were Siemens AG and General Electric, who led the market in contracts & agreements from 2012 to 2016. General Electric bagged the most number of contracts among the profiled companies from 2013 to 2016.

Key strategies adopted by players in the synchronous condensers market include contracts & agreements, expansions & investments, and mergers & acquisitions. Contracts & agreements was the most commonly used strategy, constituting 92% of the total developments from 2012 to 2016.

General Electric Company (U.S.) is among the largest infrastructure and financial services companies in the world. The company offers synchronous condensers under the digital energy vertical of its energy management segment. A synchronous condenser is a part of power projects which addresses reactive compensation and voltage support requirements. In 2016, the company was awarded a contract by Canada based Nalcor Energy to supply synchronous condensers for its Lower Churchill Project in Labrador, Canada. The company is focusing on the U.S. market for refurbishment of thermal power plants into synchronous condensers. These thermal power plants are no longer in operation.

Siemens AG (Germany) provides synchronous condensers under its FACTS (Flexible AC Transmission Systems) product portfolio. FACTS is part of company’s energy product and service offerings. Since 2013, the company has provided synchronous condensers for converting non-productive generators into synchronous condensers for many power plants and HVDC connections, such as Feda (Norway), Biblis power plant (Germany), and Ensted power plant (Denmark) to name a few. The company is trying to set benchmarks in innovation, and providing leading technologies related to power products. The company has designed a comprehensive strategic framework “Vision 2020” with a focus on driving performance in the short-term, strengthen the core in the medium-term, and scale up in the long-term.

Related Reports:

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

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