Global Synchronous Condenser Market Forecast to 2023: Global Size, Share, Trends, Manufacturers

1. Market Research Future has published a Cooked Research Report on the Global Synchronous Condenser Market. Asynchronous condenser is a synchronous motor running without a mechanical load. Its purpose is to adjust conditions in the electric power transmission grid. Most synchronous condensers connected to electrical grids are rated between 20 MVAr and 200 MVAr and are usually hydrogen cooled. Large installations of synchronous condensers are sometimes used with high-voltage direct current converter stations to supply reactive power to the alternating current (AC) grid. The advantage of using synchronous condensers is that it can deliver different reactive power levels by varying the excitation of the machine. Synchronous condensers can be used in textile and paper industries to attain a wide range of speeds with variable frequency drive systems. The increase in renewable power generation has increased the grid complexity. Also, a lack of resilience and unstable electricity networks have led to an increase in demand for synchronous condensers, which have the ability to improve the power factor, while providing voltage correction in power transmission. With the growth of renewable energy, synchronous condensers are used for supplying additional short-circuit power so as to strengthen the grid and help maintain the power quality within the transmission system. Synchronous condensers have been implemented in various renewable energy projects due to their various technical advantages. For instance, in November 2018, Siemens received a contract to design and develop Australia’s first synchronous condenser being installed at a Kiamal solar farm to support the growing applications of renewable energy. Rising renewable power generation leads to the increase in applications of synchronous condensers, globally. There has been an increase in investments in renewable energy projects leading to the improvement in power factor and grid stability. For instance, according to Global Trends in Renewable Energy Investment 2018 report, in 2017, investments in renewable energy exceeded USD 200 billion, with China having the largest investment of USD 126.6 billion in 2017. Hence, the growth of renewable energy projects leads to an increase in the need for higher stability in power grid, which drives the demand for synchronous condensers. By region, the global synchronous condenser market is segmented as Europe, North America, Middle East & Africa, Asia-Pacific, and South America. Asia- Pacific dominates the global synchronous condenser market. The increasing

2. demand in the utilities and applications in renewable energy are expected to drive the synchronous condenser market in the region. Asia-Pacific dominates the global synchronous condenser market in terms of share. The factors driving the synchronous condenser in the region include increasing T&D expenditure and growing grid complexity. China is expected to hold the highest market share during the forecast period, followed by India, Japan, and Australia. The presence of companies offering synchronous condensers such as Fuji Electric Co. Ltd and Toshiba Corporation is one of the factors responsible for the growth of the market in this region. The increasing clean energy initiatives in the wind and hydropower in the region is one of the major factors that is expected to drive the growth of the synchronous condenser market in Asia-Pacific during the forecast period. The global synchronous condenser market is segmented based on region, cooling type, reactive power rating, type, starting method, and end-use. By cooling type, the global market has been segmented as hydrogen, air, and water. By reactive power rating, the global market has been segmented as up to 100 MVAr, between 100 MVAr to 200 MVAr, and above 200 MVAr. By type, the global market has been segmented as new and refurbished. By starting method, the global market has been segmented as static frequency converter, pony motor, and others. By end-use, the global market has been segmented as electric utilities and industries. About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact Us: Company Name: Market Research Future Email: sales@marketresearchfuture.com Phone: +1 646 845 9312 Country: India Website: www.marketresearchfuture.com