North America Synchronous Condenser Market to be Valued USD 223.99 Million by 2026
Rising demand for power factor
correction, government initiatives to replace fossil fuels, increasing
renewable power generation, long service life, existing and planned upgrades
and expansion of High-Voltage Direct Current (HVDC) network among others to
drive the North America Synchronous Condenser Market through 2026
According
to TechSci Research report, “North America Synchronous Condenser Market
By Cooling Type (Hydrogen-Cooled, Air-Cooled, Water-Cooled), By Starting Method
(Static Frequency Converter, Pony Motor and Others) , By End-User (Electrical
Utilities and Industries), By Reactive Power Rating (Up to 100 MVAR, 100
MVAR–200 MVAR and Above 200 MVAR), By Country, Competition, Forecast &
Opportunities, 2026” the North America Synchronous Condenser
Market is expected to reach 223.99 million by 2026 from 177.24 million in 2020
growing at a rate of 3.63% from 2021-2026. This growth is attributed 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 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.
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North
America Synchronous Condenser Market can be segmented based on cooling type,
starting method, end-user, reactive power rating and country. By cooling type,
the synchronous condenser market is segmented into hydrogen-cooled, air-cooled
and water-cooled. Among them, hydrogen-cooled synchronous condensers dominated
the market in terms of largest market share until 2020 and is anticipated to
maintain its lead during the forecast years as well.
In
terms of starting method, the market can be categorized into static frequency
converter, pony motor, and others (damper windings and direct online
synchronous condensers). Static
frequency converter method dominates the market with a share of 61.29% in 2020.
This method is also expected to dominate during the forecast period because it is
independent of supply voltage and load variations. Also, it has low
installation cost, low volume, high reliability, and low noise characteristics.
Based
on reactive power rating, the market is typically segmented into up to 100
MVAr, 100–200 MVAr, and above 200 MVAr. The increasing installations of
large-sized above 200 MVAr synchronous condensers, especially in United States,
are likely to foster the synchronous condenser market in North America.
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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. are among the leading players in
the North America Synchronous Condenser Market. Companies operating in the
market are using organic strategies such as product and technological advancement
through addition of new features, mergers and collaborations to boost their
share.
“United States is the largest market in the North America synchronous
condenser market and is expected to continue its dominance during the forecast
period due to the increasing demand in the utilities and applications in
renewable energy. Furthermore, synchronous condenser market in United States is
expected to witness growth due to the need to improve the power factor of the
power transmission network, to stabilize the variability in power generation, to
ensure grid reliability, efficiency, and security, and to maintain the power
quality in the grid”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“North America Synchronous
Condenser Market By Cooling Type (Hydrogen-Cooled, Air-Cooled, Water-Cooled),
By Starting Method (Static Frequency Converter, Pony Motor and Others) , By
End-User (Electrical Utilities and Industries), By Reactive Power Rating (Up to
100 MVAR, 100 MVAR–200 MVAR and Above 200 MVAR), By Country, Competition,
Forecast & Opportunities, 2026”, 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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