Synchronous Condenser Market Technology Analysis - 2030

A synchronous condenser, also known as a synchronous compensator or synchronous capacitor, is a type of electrical device used in power systems to provide reactive power support and voltage stability. It is a rotating machine similar to a synchronous motor but operates without a mechanical load. Instead of converting electrical energy into mechanical energy, a synchronous condenser absorbs or generates reactive power to maintain the required voltage levels and stabilize the grid.

The synchronous condenser market size was valued at $568.9 million in 2020, and is projected to reach $751.0 million by 2030, growing at a CAGR of 2.8% from 2021 to 2030.

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In power systems, both active power (measured in watts) and reactive power (measured in volt-amperes reactive or VARs) are essential. Active power is responsible for performing useful work, such as driving motors or illuminating lights, while reactive power is necessary for maintaining the voltage levels and supporting the magnetic fields in transformers and induction motors.

The key players operating and profiled in the synchronous condenser market report include ABB, Ltd., Andritz, Eaton Corporation Plc, Fuji Electric, General Electric, Ideal Electric Power Co., Mitsubishi Electric Corporation, Siemens Energy, Voith GmbH & Co. KGaA, and WEG Group. Other players operating in the synchronous condenser market are Toshiba Corporation, Brush Group, Sustainable Power Systems, Inc., Power Systems & Controls, Inc., Ansaldo Energia, and Modern Power Systems.

Synchronous condenser is the device used to generate or absorb reactive power as per the need for stabilization of electric utilities. It is an alternative to capacitor bank to correct the power factor in power grids. The installation of synchronous condensers in electric utilities and industrial applications is same as of large electric motors. During short circuits or fluctuating loads, the energy stored in the rotor of synchronous condensers is used to stabilize power system by compensating reactive power and correcting power factor of grid system.

Significant development of the end-use industries such as oil & gas, telecom, mining, and healthcare is fueling the growth of the synchronous condenser market, owing to rise in demand for reactive power to compensate lagging power factor created by inductive loads in the abovementioned industries. In addition, increase in demand for synchronous condenser for grid stabilization applications from electric utilities such as power generation plants, transmission, distribution, and other utilities in developing economies is driving the growth of the market, globally.

Depending on the type, the new segment garnered the highest synchronous condenser market share of about 78.6% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for reactive power compensation from electric utilities such as transmission system, power plants, and other industrial applications. In addition, advantages associated with synchronous condenser such as power factor correction, reactive power compensation, grid stability, and voltage regulation are anticipated to fuel the global synchronous condenser market growth of in the coming years.

On the basis of cooling type, the air-cooled segment acquired the largest share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for synchronous condensers from high-voltage DC system, wind/solar power generations, synchronous condenser upgrading, and other reactive power compensation applications in electric utilities. One of the major advantages with using air cooled system in synchronous condenser is simple operation and maintenance. This is further expected to fuel the market growth of this segment in the upcoming years.

On the basis of starting method, static frequency converter segment held the largest share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rapid expansion of heavy industries & projects such as dams, power plants, power grids, refineries, and mills. In addition, rise in hydropower projects across the globe act as the key driving force of the static frequency converter-based synchronous condenser in the coming years.

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The main functions of a synchronous condenser are:

Reactive Power Compensation: A synchronous condenser can absorb or generate reactive power, depending on the system's needs. During periods of low voltage, it can supply reactive power to raise the voltage levels, and during periods of high voltage, it can absorb reactive power, helping to reduce the voltage.

Voltage Control: By regulating the amount of reactive power injected into the system, a synchronous condenser helps to stabilize the voltage levels and prevent voltage fluctuations.

Grid Stability: Synchronous condensers contribute to grid stability by providing inertia and supporting the system's ability to ride through disturbances and faults.

Power Factor Correction: Synchronous condensers are used to improve the power factor of the system, which is the ratio of real power (active power) to apparent power (the vector sum of real and reactive power). A power factor closer to 1 indicates more efficient use of electrical power.

On the basis of reactive power rating, up to 100 MVAR segment dominated in 2020, in terms of revenue, and is expected to grow at a CAGR of 2.5%. This is attributed to rise in demand for power factor correction and reactive power compensation due to multiple inductive loads present in the industrial applications. In addition, increased short circuit Mega volt ampere (MVA), high response excitation system, high overload capability, prolonged service life, and enhanced reliability are the key advantages of using synchronous condenser in utility applications which is expected to drive the growth of the market during the forecast period.

On the basis of end user, the electric utilities segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 2.6%, owing to rise in demand for electricity & related products, which, in turn, fuels the demand for grid infrastructure. Moreover, rapid penetration of electric vehicles led to increase in charging stations, which acts as a key growth factor and creates the new opportunities for renewable power integration in charging station. The synchronous condenser can be used in these stations to improve power factor by absorbing or generating reactive power as per capacity and requirement in the station. This is further anticipated to propel the demand for synchronous condensers in upcoming years.

Europe garnered the dominant share in 2020, and anticipated to maintain this synchronous condenser market trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base, rapid expansion of the renewable energy sector, high-voltage direct current (HVDC) systems, and the existence of key players in the region. Moreover, presence of the countries such as Germany, the UK, France and Spain is anticipated to contribute toward the growth of the synchronous condenser market in Europe.

COVID-19 impact on the market

Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for synchronous condenser from these consumers.

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In addition, halt in building & construction of new electric utility infrastructures, renewable power plants, grid network, and other power plants, owing to unavailability of workers and increase in demand-supply gap are projected to hamper the market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020.

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