Synchronous Condenser Market

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 508.4 million in 2020 to USD 574.0 million by 2025, at a CAGR of 2.5% 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), ANDRITZ (Austria), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), and BRUSH Group (UK).

The major strategies adopted by the players include contracts & agreements, investments & expansions, partnerships & collaborations, mergers & acquisitions, and new product launches. Contracts & agreements were the most commonly adopted strategy from January 2016 to November 2020.

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

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 July 2020, GE received a contract from Australian Energy Market Operator (AEMO) to design and manufacture 2 synchronous condensers which are to be installed at Davenport near Port Augusta to improve the strength and reliability of South Australias electricity network. The company is also 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 Gas and Power, Digital Industries, Smart Infrastructure, Siemens Healthineers, Siemens Gamesa Renewable Energy, Mobility, Portfolio Companies, and Financial Services. Synchronous condensers are offered under the Portfolio Companies business segment. The company actively focuses on inorganic growth strategies such as contracts & agreements, joint ventures, and partnerships & collaborations for its expansion. For instance, 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. 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 other companies.

Related Reports:

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

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
EP 4095
RI Published ON
1/6/2021
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Synchronous Condenser Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2022 MarketsandMarkets Research Private Ltd. All rights reserved