North
America synchronous condenser market was valued USD177.24 million in 2020 and is
expected to grow at a rate of 3.63% from 2021-2026. Growth in North America
Synchronous Condenser market can be attributed to the increasing demand in
utilities and applications in renewable energy sector. Synchronous condensers
play a vital role in improving the power sector of the power transmission
network. Additionally, synchronous condensers compensate for the reactive power
and stabilize the variability in power generation, ensure grid reliability,
efficiency, and security, and maintain the power quality in the grid. The
synchronous condenser is one of the essential equipment utilized in power transmission.
North
America Synchronous Condenser Market can be segmented based on cooling type,
starting method, end-user, reactive power rating and country. 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 the US, are likely to foster the
growth of synchronous condenser market in North America.
North
America Synchronous Condenser Market, by end-user, is segmented into electric
utilities and industries. Electric utilities dominates the market with a share
of 82.94% in 2020 as synchronous condensers help electrical utilities achieve
grid reliability, stability, inertia, and strength. Demand for grid stability
and controlling voltage fluctuations in electrical utilities is expected to
drive the synchronous condenser market.
Siemens
AG, ABB Ltd, Sustainable Power Systems Inc, Eaton Corporation PLC, Power
Systems and Control Inc, WEG Industries, Fuji Electric Co. Ltd, General
Electric Company, Electromechanical Engineering Associates Inc., Hyundai Ideal
Electric Co. are 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.
The
US is at the forefront of the North America synchronous condenser market and is
expected to continue its dominance during the forecast period due to the increasing
demand of synchronous condensers in the renewable sector. Furthermore, some
other factors responsible for the growth of this market include rising
government initiatives to replace use of fossil fuels with clean energy
generation methods.
Years
considered for this report:
Historical
Years: 2016-2019
Base
Year: 2020
Estimated
Year: 2021
Forecast
Period: 2022-2026
Objective
of the Study:
- To analyze the historical growth in market
size of North American synchronous condenser market from 2016 to 2020.
- To estimate and forecast the market size of
the North America synchronous condenser market from 2021 to 2026, based on
cooling type, starting method, end user, reactive power rating and
regional distribution.
- To identify drivers and challenges for North
America synchronous condenser market.
- To examine competitive developments such as
expansions, new product launches, mergers and acquisitions, etc. in North
America synchronous condenser market.
- To conduct the pricing analysis for North
America synchronous condenser market.
- To identify and analyze the profiles of
leading players operating in the North America synchronous condenser
market.
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TechSci Research performed
both primary as well as exhaustive secondary research for this study.
Initially, TechSci Research sourced a list of synchronous condenser
manufacturers across the region. Subsequently, TechSci Research conducted
primary research surveys with the identified companies. While interviewing, the
respondents were also enquired about their competitors. Through this technique,
TechSci Research could include the manufacturers which could not be identified
due to the limitations of secondary research. TechSci Research analyzed the
product types, application types and presence of all major synchronous
condenser manufacturers across the region.
TechSci Research calculated
North America synchronous condenser market size using a bottom-up approach,
where data for various end user industries and its application across various
product types were recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company website, news articles, press releases,
company annual reports, investor presentations and financial reports were also
used by TechSci Research.
Key Target Audience:
- Synchronous
condenser manufacturers
- Synchronous
condenser suppliers and distributors and other stakeholders
- Government
bodies such as regulating authorities and policy makers
- Organizations,
forums and alliances related to synchronous condenser
- Market
research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as hazard
control system manufacturers and partners, end users etc., besides allowing
them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, North America synchronous condenser market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
Market, By
Cooling Type:
- Hydrogen-Cooled
- Air-Cooled
- Water-Cooled
Market, By
Starting Method:
- Static Frequency Converter
- Pony Motor
- Others
Market, By End
Use:
- Electrical Utilities
- Industries
Market, By
Reactive Power Rating:
- Up to 100 MVAr
- 100 MVAR–200 MVAr
- Above 200 MVAr
Market, By Country:
- United
States
- Canada
- Mexico
Competitive Landscape
Company
Profiles: Detailed analysis of the major companies present in North America
synchronous condenser market.
Available Customizations:
With the given market data, TechSci Research offers customizations
according to a company’s specific needs. The following customization options
are available for the report:
·
Detailed analysis and profiling of
additional market players (up to five).