DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Synchronous Condenser Market by Cooling Type, Reactive Power Rating, Type, Starting Method, End User, and Region - Global Forecast to 2021" report to their offering.
The synchronous condensers market is projected to reach USD 572.9 million by 2021, growing at a CAGR of 2.1% from 2016 to 2021.
The increasing electrical power consumption and rising need to maximize transmission capacity are becoming increasingly important. 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 and helping to stabilize the transmission grid. It also offers several advantages over the other substitutes such as no harmonics, short-circuit power capability, and inertia to the transmission grid among others.
On the other hand, high cost of equipment and availability of low-cost alternatives are the major factors restraining the growth of the synchronous condenser market.
Synchronous condensers rated above 200 MVAr held the largest market share in 2015, and is expected to be the fastest growing segment in the synchronous condensers market from 2016 to 2021. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.
Hydrogen-cooled synchronous condenser segment held the largest market share in 2015, and is expected to be the fastest growing segment in the synchronous condensers market from 2016 to 2021. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).
The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. Gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region. North America is followed by Europe. Demand for synchronous condensers in Europe is mainly driven by rising HVDC network in the region.
Market Dynamics
Drivers
- Increasing Renewable Power Generation
- Long Service Life
- Rising Need for Power Factor Correction
Restraints
- High Maintenance and Equipment Cost
Opportunities
- Growing Hvdc Network
- Phase Out of Conventional Power Plants
Challenges
- Availability of Low-Cost Alternatives
Companies Mentioned
- ABB Ltd.
- Eaton Corporation PLC.
- Electromechanical Engineering Associates, Inc.
- Fuji Electric Co. Ltd.
- General Electric Company
- Hyundai Ideal Electric Co.
- Power Systems and Control, Inc
- Siemens AG
- Sustainable Power Systems Inc.
- Toshiba Corporation
- Voith GmbH
- WEG SA
For more information about this report visit http://www.researchandmarkets.com/research/hrzt98/synchronous
