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3. GE (US) and Siemens (Germany) are the Major Player in the Synchronous Condenser Market

The global synchronous condenser market is expected to grow from an estimated USD 549 million in 2019 to USD 606 million by 2024, at a CAGR of 2.0% during the forecast period. The growth of this market is driven by the increasing demand for renewable power generation and regulatory standards for power factor correction.

The global synchronous condenser market is dominated by a few major players that have an extensive regional presence. The leading 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).

The major strategies adopted by the players include contracts & agreements, investments & expansions, partnerships & collaborations, mergers & acquisitions, joint ventures, and strategic alliances. Contracts & agreements were the most commonly adopted strategy from January 2016 to July 2019.

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GE (US), a multinational conglomerate that provides solutions for generation, transmission, distribution, control, and utilization of electricity, is a key player in this segment. The company offers synchronous condenser under its power business segment. Synchronous condensers are a part of power projects which address reactive compensation and voltage support requirement. In April 2016, the company was awarded a contract by Canada-based Nalcor Energy to supply synchronous condenser for its Lower Churchill Project in Labrador, Canada. The company is focusing on the US market for the refurbishment of thermal power plants into the synchronous condenser. These thermal power plants are no longer in operations.

Another major player in the segment is Siemens (Germany). Siemens is a technology company with major activities in the fields of electrification, digitalization, and automation. It is one of the leading suppliers of power generation, power transmission, infrastructure solutions, automation, drive and software solutions, and medical diagnostics solutions. The company operates in eight business segments, namely, power & gas, energy management, mobility, digital factory, building technologies, process industries & drives, healthineers, and Gamesa renewable energy. Synchronous condensers are offered under the energy management division. The company actively focuses on inorganic growth strategies such as contracts & agreements, joint ventures, and partnerships & collaborations for its expansion. For instance, in November 2018, it was awarded a contract for a 265 MW (DC) TOTAL-Eren’s Kiamal solar farm located near Ouyen in North West Victoria to improve grid stability. The company provides different cooling methods of synchronous condensers such as air, hydrogen, and water for utilities and industries, which gives it a competitive edge over others in the synchronous condenser market.

Related Reports:

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

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