Energy and Power Synchronous Condenser Market | Page 2

Synchronous condensers rated above 200 MVAr are expected to capture the major s hare of
the synchronous condensers market by reactive power rating
With the rising need for power factor correction, demand for synchronous condensers is
expected to grow, especially for condensers rated above 200 MVAr. This is evident from the
contracts that have been executed from 2012 to 2016. This may be attributed to the rising
demand for reactive power to stabilize the grid and maintain voltage regulation.
Electric utilities are the leading end-users of synchronous condensers and are expected to
lead the market throughout the forecast period
Electric utilities have been historically the largest users of power factor correction equipment.
Industries employ synchronous condensers only when the requirement for power factor
correction is high and the power transmission is over a long distance. Mining and metal
processing industries have been the major user of synchronous condensers but their share is low
compared with electric utilities. Hence, the market for electric utilities will remain dominant and
grow at a faster rate during the forecast period.
North America is expected to dominate the global synchronous condensers market
Rising demand for synchronous condensers in Canada, especially new installations and
conversion of old power plants to synchronous condensers in the U.S. would drive the
synchronous condenser market in North America. Many thermal power plants are being shut
down in the U.S. to curb pollution and promote renewable power generation. This is also likely to
create a huge demand for synchronous condensers in the region.
To enable an in-depth understanding of the competitive landscape, the report includes profiles
of some of the leading players, such as Siemens AG (Germany), General Electric (U.S.), Eaton
Corporation Plc. (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany) along with other
prominent manufacturers of synchronous condensers.
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