Market Introduction
By continuously generating and absorbing adjustable reactive power, enhancing short-circuit strength, and stabilizing frequency through synchronous inertia, this system improves voltage regulation and overall grid stability. Unlike conventional power systems that convert electricity into mechanical power or vice versa, this technology leverages reactive power control and synchronous inertia to optimize grid performance.
Report Link – https://www.businessmarketinsights.com/reports/north-america-synchronous-condenser-market
Since the Industrial Revolution, fossil fuels have dominated energy production, leading to significant environmental and health impacts. To mitigate carbon dioxide emissions, the adoption of renewable energy has increased, driving demand for stable and efficient power systems. This shift is fueling the growth of the synchronous condenser market in North America, which is currently the largest regional market.
The adoption of synchronous condensers is expanding across the United States and Canada, particularly in industries such as electrical utilities, grid operations, metals and mining, marine, and oil and gas. Additionally, increasing government and private-sector investments in renewable energy are further accelerating industry growth. For example, in 2019, U.S. investments in renewable energy reached $301.7 billion, supporting the development of advanced power generation solutions at local and regional levels.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞 – https://www.businessmarketinsights.com/sample/TIPRE00020062
Moreover, in case of COVID-19, North America is highly affected specially the US. North America has the highest adoption and growth levels of new technologies, with favorable government policies to boost innovation and improve infrastructure capabilities. Therefore, any effect on industries is expected to have a negative influence on the economic growth of the region. It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has also affected the supply chain and logistics industry of the country adversely. Though the demand for power was very high across the region especially arising from the healthcare sector to support all systems has influenced the rise in demand for renewable energy across the region. However, owing to nationwide lockdown across major economies like the US and Canada, the supply chain of major components of synchronous condenser was adversely affected, thereby impacted the manufacturing of the same. Thus, the above mentioned factors indicate that the outbreak of the pandemic has an adverse impact on the market across the region.
North America Synchronous Condenser Strategic Insights
Strategic insights for the North America Synchronous Condenser provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America Synchronous Condenser Report Scope
| Attribute | Details |
| Market Size (2019) | US$ 189.95 Million |
| Market Size (2027) | US$ 199.92 Million |
| Global CAGR (2020-2027) | 1.5% |
| Historical Data | 2017-2018 |
| Forecast Period | 2020-2027 |
| Segments Covered | By Cooling Type: Air-cooled, Hydrogen-cooled, Water-cooled |
| By Reactive Power Rating: Up to 100 MVAr, 100-200 MVAr, Above 200 MVAr | |
| By Starting Method: Pony Motor, Static Frequency Converter | |
| By Application: Metal and Mining, Electrical Utilities and Grid Operators, Marine, Oil and Gas | |
| Regions Covered | North America (US, Canada, Mexico) |
| Market Leaders | ABB Ltd., Brush Group, Eaton Corporation, FUJI ELECTRIC CO., General Electric, IDEAL ELECTRIC POWER, Mitsubishi Electric, Siemens AG, Voith GmbH, WEG ELECTRIC CORP. |
North America Synchronous Condenser Regional Insights
The geographic scope of the North America Synchronous Condenser refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Market Overview and Dynamics
The North America synchronous condenser market is expected to grow from US$ 189.95 million in 2019 to US$ 199.92 million by 2027; it is estimated to grow at a CAGR of 1.5 % from 2020 to 2027. Changing the existing synchronous generators into synchronous condensers is expected to upsurge the North America synchronous condenser market. The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America are being shut down owing to these factors. Withdrawing a power generation unit decreases a plant’s capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to offer new opportunities for the North America synchronous condenser market.
Key Market Segments
In terms of cooling type, the hydrogen-cooled segment accounted for the largest share of the North America synchronous condenser market in 2019. In terms of reactive power rating, the above 200 MVAr segment held a larger market share of the North America synchronous condenser market in 2019. Similarly, in terms of starting method, the static frequency converter segment held a larger market share of the North America synchronous condenser market in 2019. Further, the electrical utilities and grid operators segment held a larger share of the North America synchronous condenser market based on application in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America synchronous condenser market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ABB Ltd.; Brush Group; Eaton Corporation plc; FUJI ELECTRIC CO., LTD.; General Electric Company; IDEAL ELECTRIC POWER CO.; Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation); Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP.
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- Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
