A synchronous condenser is treated as a DC-excited synchronous motor that adjusts temperature and power according to the electric power transmission grid. Synchronous compensators, also called synchronous condensers, are designed to control the voltage level in a network area continuously. They can produce or consume reactive power depending on the value of the excitation current. Synchronous condensers are an alternative to capacitor banks for power-factor correction in power grids.
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Data Bridge Market Research analyzes that the Global Synchronous Condenser Market is expected to reach USD 3.63 billion by 2031 from USD 2.65 billion in 2023, growing with a CAGR of 4.1% in the forecast period of 2024 to 2031.
Key Findings of the Study
Growing Need for Integrated Systems in Power Plants
With the rising awareness of renewable energy sources, there is an increased requirement for technologies that can enhance grid stability and power quality. Synchronous condensers play a pivotal role in power systems, providing reactive power support and voltage regulation. As the integration of power systems in power plants will enhance the working efficiency, this requires synchronous condensers. Thus, the growing need for integrated systems in power plants is propelling the market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2021 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Cooling Technology (Hydrogen Cooled Synchronous Condenser, Air-Cooled Synchronous Condenser, and Water Cooled Synchronous Condenser), Starting Method (Static Frequency Convertor, Pony Motor, and Others), Reactive Power Rating (Above 200 MVAR, 101-200 MVAR, 61-100 MVAR, 31-60 MVAR, and 0-30 MVAR), End User (Electrical Utilities and Industrial Sectors), Type (New Synchronous Condenser and Refurbished Synchronous Condenser), Design (Salient Pole Design and Cylindrical Rotor Design), No. of Poles (4 To 8, Less Than 4, and More Than 8), Excitation System Type (Static Excitation and Brushless Excitation System)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Turkey, Netherlands, Belgium, Finland, Norway, Switzerland, Rest of Europe, China, Japan, India, South Korea., Australia, Singapore, Indonesia, Thailand, Malaysia, Taiwan, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Qatar, Oman, Bahrain, Kuwait, and Rest of Middle East and Africa
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Market Players Covered
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General Electric (U.S.), ABB (Switzerland), Siemens Energy(Germany), Eaton (Ireland), WEG, Ansaldo Energia, Shanghai Electric, Ingeteam, Hitachi Energy Ltd, Mitsubishi Electric Power Products, Inc., Baker Hughes Company (U.S.), Power Systems & Controls, Inc., IDEAL ELECTRIC POWER CO., Doosan Škoda Power, and ANDRITZ among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis
The global synchronous condenser market is segmented into eight notable segments based on cooling technology, starting method, reactive power rating, end user, type, design, no. of poles, and excitation system type.
- On the basis of cooling technology, the market is segmented into hydrogen cooled synchronous condenser, air-cooled synchronous condenser, and water-cooled synchronous condenser
In 2024, the hydrogen-cooled synchronous condenser segment is expected to dominate the global synchronous condenser market
In 2024, the hydrogen-cooled synchronous condenser segment is expected to dominate the market because cooling with hydrogen gas is faster since it has higher thermal conductivity and 1.5 times heat transfer capacity than other methods with 43.62% market share.
- On the basis of starting method, the market is segmented into static frequency convertor, pony motor, and others
In 2024, the static frequency converter segment is expected to dominate the global synchronous condenser market
In 2024, the static frequency converter segment is expected to dominate the market due to its low installation costs and noise features are expected to boost its demand with 57.42% market share.
- On the basis of reactive power rating, the market is segmented into above 200 MVAR, 101-200 MVAR, 61-100 MVAR, 31-60 MVAR, and 0-30 MVAR. In 2024, the above 200 MVAR segment is expected dominate the market with 45.35% market share
- On the basis of end user, the market is segmented into electrical utilities and industrial sectors. In 2024, the electrical utilities segment is expected dominate the market with 73.32% market share
- On the basis of type, the market is segmented into new synchronous condenser and refurbished synchronous condenser. In 2024, the new synchronous condenser segment is expected dominate the market with 71.15% market share
- On the basis of no. of poles, the market is segmented into 4 to 8, less than 4, and more than 8. In 2024, the 4 to 8 segment is expected dominate the market with 73.68% market share
- On the basis of design, the market is segmented into salient pole design and cylindrical rotor design. In 2024, the salient pole design segment is expected dominate the market with 55.22% market share
- On the basis of excitation system type, the market is segmented into static excitation and brushless excitation system. In 2024, the static excitation segment is expected dominate the market with 65.63%
Major Players
Data Bridge Market Research analyzes General Electric (U.S.), ABB (Switzerland), Siemens Energy (Germany), Eaton (Ireland), Baker Hughes Company (U.S.) as major market players of global synchronous condenser market.
Market Developments
- In November 2023, General Electric announced that a consortium comprising GE Vernova’s Power Conversion business and Eiffage Énergie Systèmes (consortium manager) has been selected by EDF SEI to provide and install a turnkey synchronous condenser system at the EDF SEI TAC Jarry Sud plant in Guadeloupe, France. This solution played a crucial role in stabilizing the island's electrical grid, addressing the growing challenges of grid instability amidst global efforts to reduce carbon emissions through increased renewable energy reliance. This benefited company to strengthen its relationship with government
- In November 2023, Siemens has introduced a hybrid grid stabilization solution at Shannon bridge B in Ireland. This innovative system combines a synchronous condenser with flywheel technology alongside a 160 MWh battery. This marks the first integration of these two technologies into a unified grid connection solution. The primary objective is to enhance grid stability while maximizing the utilization of renewable energy sources. By leveraging this advanced hybrid system, Siemens aims to address grid challenges effectively and facilitate the transition towards a more sustainable energy infrastructure
- In March 2023, ABB announced the turnkey project for Statkraft, Europe's largest renewable power generator, for the stable operation of the UK power grid. This project has featured two high-inertia synchronous condenser systems installed at the Lister Drive Greener Grid Park in Liverpool. This will help the company increase the grid reliability by 3.5 times and gain the market's popularity
- In April 2023, Eaton announced the acquisition of a 9% stake in Jiangsu Ryan Electrical Co. Ltd., which manufactures power distribution and sub-transmission transformers in China. This acquisition helped the company to concentrate on electrical products and services. Moreover, it accelerates the company's global distribution, especially in Asia-Pacific
- In July 2023, ANDRITZ recently secured a contract with Transmissora Aliança de Energia Elétrica S.A. (TAESA) to provide a synchronous condenser for a new substation in Maranhão, Brazil. This contract underscores TAESA's commitment to innovation and excellence in the energy sector. This project aims to enhance grid stability and meet the growing energy demands in northeastern Brazil, fostering a promising avenue for future collaborations
Regional Analysis
Geographically, the market is segmented into U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Turkey, Netherlands, Belgium, Finland, Norway, Switzerland, rest of Europe, China, Japan, India, South Korea., Australia, Singapore, Indonesia, Thailand, Malaysia, Taiwan, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Qatar, Oman, Bahrain, Kuwait, and rest of Middle East and Africa.
As per Data Bridge Market Research Analysis:
North America region is estimated to be the dominant in Global Synchronous Condenser Market
North America region is expected to dominate the market due to increasing consumption usage of synchronous condensers for grid stability and generating higher electricity in major developing countries in the North America region, which is increasing the region's dominance in the global synchronous condenser market.
Asia-Pacific is estimated to be the fastest-growing region in the Global Synchronous Condenser Market
Asia-Pacific is expected to fastest growing region in the market due to increased industrialization, rising demand for electrical infrastructure, and a focus on renewable energy integration, driving the need for synchronous condenser technology.
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