The synchronous condensers market is expected to grow at a CAGR of 2.1% from 2016 to 2021, to reach a market size of USD 572.9 million by 2021. Increasing renewable power generation, long service life, and rising need for power factor correction are the major drivers of the synchronous condensers market.
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The synchronous condensers market is dominated by a few global players that have an extensive regional presence and are established brand names. Leading players in the synchronous condensers industry include Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), ABB Ltd. (Switzerland), Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), and Hyundai Ideal Electric Co. (U.S.) among others.
Synchronous condensers are projected to experience high growth in the European region, especially in countries such as Italy, Denmark, and Germany. European countries are expected to witness high demand of power factor correction, for instance cos phi 0.92 to 0.95 in countries such as Germany, Spain, and France, with the rising share of renewable energy generation in the total power generation mix. Rising thrust on renewable power generation in Europe and other regions of the world is likely to spur demand for synchronous condensers during the forecast period.
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In terms of cooling type, the hydrogen-cooled synchronous condenser segment accounted for the major share of the market in 2015. This is attributed to the widespread adoption of large-sized synchronous condensers between 100 Mega Volt Amps (reactive) (MVAr) and 300 MVAr capacity. Hydrogen cooling is an efficient option for synchronous condensers of these capacities. In terms of starting method, static frequency converters are expected to be the largest and the fastest growing segment among all the segments. This is attributed to the associated benefits of using static frequency converter for synchronous condensers, especially when they are connected in series, along with single multi-unit startup compatibility and enhanced control. Electrical utilities are expected to be the largest end-users of synchronous condensers followed by industries.
Synchronous condensers rated above 200 MVAr is expected to be the most preferred segment by reactive power capacity. It is estimated to grow at the highest rate in Europe as majority of investments for new installations, refurbishment of old condensers and conversion of aging power plants to synchronous condensers are being planned in this region.
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