According to The Insight Partners’ research, the global synchronous condenser market was valued at US$ 507.64 million in 2019 and is expected to reach US$ 580.28 million by 2027, registering an annual growth rate of 2.6% from 2020 to 2027. Rising demand for renewable power generation, inclination toward advanced synchronous condenser, and expansion in high-voltage direct current network are factors creating a positive impact on the demand for synchronous condensers.

The amount of reactive power from a synchronous condenser can be changed continuously, unlike a static capacitor bank. When the grid voltage decreases, reactive power from a static capacitor bank decreases, whereas in a synchronous condenser, reactive current increases as the voltage decreases. The ability to regulate voltage levels is another advantage of synchronous condensers. Naturally, a synchronous condenser supplies a low voltage with more reactive power and it absorbs more reactive power from a high voltage. Thus, the benefits of controlling voltage fluctuations with the help of synchronous condensers influence the market size across the globe.

On the contrary, large-scale use of costly raw materials, such as aluminum and copper significantly adds on to the cost of synchronous condensers. A synchronous condenser's maintenance cost varies from US$ 0.4 to US$ 0.8/kVAR per year. Also, the cost of installing new synchronous condensers is usually hundreds of thousands of US$/MVAr, while the cost of converting generators to synchronous condensers or refurbishment varies from US$ 20,000/MVAr to US$ 50,000/MVAr. Therefore, high cost of condensers might hinder the synchronous condenser market growth over the forecast period.

Based on cooling type, the synchronous condenser market sphere is categorized into air-cooled, hydrogen-cooled, and water-cooled. The hydrogen-cooled segment held over 55% market share in 2019, amassing US$ 302.02 million. It is projected to garner US$ 356.90 million by 2027 to expand at 3.0% CAGR during 2020–2027.

By the reactive power rating, the global synchronous condenser market is divided into up to 100 MVAr, 100-200 MVAr, and above 200 MVAr. With more than 58% share of the domain, the above 200 MVAr segment dominated the market in 2019. It accrued US$ 258.14 million in 2019 and is estimated to generate US$ 302.06 million by 2027 to grow at a CAGR of 2.9% over the forecast period.

Our regional analysis states that North America captured 35% market share in 2019. It was assessed at US$ 189.95 million in 2019 and is likely to hit US$ 199.92 million by 2027, exhibiting a CAGR of 1.5% during the forecast period. Meanwhile, APAC registered the highest CAGR at 3.8%. The regional business was valued at US$ 109.85 million in 2019 and is predicted to reach US$ 137.88 million by 2027.

Key players dominating the global synchronous condenser market are ABB Ltd.; Eaton Corporation PLC; General Electric; Siemens AG; and Voith GmBH among others. BRUSH Group; Fuji Electric Co., Ltd.; Hyundai Idela Electric Co.; Mitsubishi Electric Corporation; and WEG Electric Corp., among others.

·         In December 2020, Siemens Energy won a contract from Estonian transmission system operator Elering AS to build three synchronous condenser plants in Estonia. The three synchronous condensers would help stabilize the grid and manage the ongoing integration of renewable energy generation.

·         In December 2020, two synchronous condensers were installed by ABB Ltd. in Australia’s Darlington Point solar farm to enhance the local power grid's stability as the penetration of renewable energy increases in a critical area of New South Wales.

·         In May 2020, General Electric provided two synchronous condensers and flywheel units to Italian grid operator Terna S.p.A. for the Brindisi substation in southern Italy. General Electric’s synchronous condensers unit could supply reactive power of up to +250/-125 MVAr and 1750 MWs inertia to support Italy’s grid's stability.

·         In December 2019, General Electric celebrated its 100th anniversary of supplying synchronous condenser solutions to utility customers and transmission system operators. The company’s latest synchronous condenser offerings have undergone many developments since its first supply. General Electric now offers synchronous condensers ranging from 20 Mvar to 300 Mvar.

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