Synchronous Condenser Market to Perceive Substantial Growth During 2025
Synchronous
condensers are synchronous motors that are usually employed for power
factor correction in power lines. Electrical circuits involving
induction motors or inductive loads are usually encountered with
lagging power factors, due to which the efficiency of the system goes
down. Lagging power factors result in the loss of energy. Synchronous
condensers are introduced in such circuits to cancel out the lagging
power factor. They feed the circuits with leading power factors.
However, synchronous motors can be used to compensate leading and
lagging power factors by supplying reactive power to the line. This
helps in enhancing the voltage regulation of the line.
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Synchronous
condensers also help in improving the efficiency of long power
transmission lines. Furthermore, synchronous condensers help in
avoiding short circuit conditions and transient fault conditions in
power grids, due to their ability to absorb and produce reactive
power. Other benefits of synchronous condensers include provision of
sufficient short-circuit power and inertia, steady-state and dynamic
voltage control, reactive power control of dynamic loads, which can
be incorporated for stabilization of grids, line-commutated
converters based high voltage DC transmission links, renewable power
generation based transmission grids, and retirement/shut-down of
thermal power plants. However, use of synchronous condenser has few
disadvantages such as losses in the motor, high maintenance cost due
to rotating component, noise, high cost at low power ratings compared
to static capacitors method, and need of excitation equipment for
starting the synchronous motors. This gives rise to the need for
employment of substitute methods for power correction such as static
capacitor method or phase advancer method.
Based
on the cooling method, the synchronous condenser market can be
segmented into air cooled, water cooled, and hydrogen cooled. The
hydrogen cooled segment dominates the market. This trend is
anticipated to continue during the forecast period. This is primarily
due to the better results of hydrogen cooled synchronous condensers
in terms of cooling and losses, as the density of hydrogen is much
lesser while thermal conductivity is much higher than that of air.
Based
on reactive power rating, the synchronous condenser market can be
segmented into up to 100 MVAr, 100-200MVAr, and above 200MVAr. The
need for power factor correction is increasing due to the rising
demand for reactive power for grid stabilization and voltage
regulation. Moreover, the costs with synchronous condensers employed
for low power ratings is high. Therefore, synchronous condensers with
the rating above 200MVAr are highly preferred. The above 200 MVAr
segment is likely to expand during the forecast period.
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In
terms of geography, the market can be segmented into Asia Pacific,
North America, Latin America, Europe, and Middle East & Africa.
North America dominates the synchronous condenser market. The market
in the region is anticipated to expand in the near future due to
factors such as installation of new power plants in the U.S. and
increasing use of synchronous condensers in the existing power plants
in the country. Asia Pacific is also one of the major markets for
synchronous condensers and is anticipated to expand at a descent
pace, especially in the countries such as China.
Major
players operating in the global market include Siemens AG, General
Electric, Eaton Corporation Plc, ABB Ltd., Voith GmbH, Hyundai Ideal
Electric Co., and WEG Electric Corp.
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Companies
are expanding their market share by adopting several marketing and
merger & acquisition strategies. Companies are also shifting
their manufacturing facilities to developing countries, such as China
and India in Asia Pacific, to avail the easily available land, cheap
labor, and government subsidies in the region.
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