North America Synchronous Condenser Market to Grow at a Steady Rate until 2025
Rising demand for power factor correction and government
initiatives to replace fossil fuels to drive North America synchronous
condenser market
According
to Tech Sci Research report, “North
America Synchronous Condenser Market By Cooling Type, By Starting Method,
By End-User, By Reactive Power Rating, By Region, Competition, Forecast &
Opportunities, 2025”, the North America synchronous
condenser market is expected to grow at a steady pace during the next 5 years owing
to increasing demand for power factor correction, retiring conventional power
plants, and growing network of High-Voltage Direct Current (HVDC). Moreover,
some other factors responsible for the growth of this market include rising
government initiatives in order to replace nuclear power generation capacity
with renewables. This increase in renewable energy generation is accredited to
benefits it offers such as declining dependence on fossil fuels, the
diversification of energy supply and reduction in greenhouse gas emissions. However,
the high manufacturing and maintenance cost when compared to its alternatives might
restrain the growth of North America synchronous condenser market through 2025.
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North America synchronous condenser market can be segmented based on cooling
type, starting method, end user, reactive power rating and region. On basis of starting
method, the market can be segmented into static frequency converter, pony motor
and others. Among them, static frequency converter segment is anticipated to
hold the largest share in the North America synchronous condenser market during
the forecast period as it is independent of supply voltage and load variations along
with low installation cost. Additionally, its features such as high reliability,
low volume and low noise characteristics makes it a popular choice.
Siemens AG, ABB Ltd, Sustainable Power Systems Inc, Eaton Corporation
PLC, Power Systems and Control Inc, WEG SA, Fuji Electric Co. Ltd, General
Electric Company, Electromechanical Engineering Associates Inc., Hyundai Ideal
Electric Co etc. are some of the leading players operating in North America synchronous
condenser market.
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“North
America synchronous condenser market is expected to witness significant growth
during the forecast period which can be attributed to surging demand for
synchronous condensers in Canada. Additionally, rising trend to convert old
power plants to synchronous condensers in country like in the United States is further
anticipated to propel market growth in this region until 2025.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“North America Synchronous Condenser Market By Cooling
Type, By Starting Method, By End-User, By Reactive Power Rating, By Region,
Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of North
America synchronous condenser market and provides statistics & information
on market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in North America synchronous
condenser market.
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