Portland, OR, August 09, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the synchronous capacitor market raised $ 568.9 million in 2020 and is expected to reach $ 751.0 million by 2030, with a CAGR of 2.8% from 2021 to 2030. The report offers an in-depth analysis of the changing dynamics market, major investment pockets, key segments, regional scenarios and competition. scenarios.
The increasing demand for power factor correction and reactive power compensation and the rapid increase in the integration of renewables are driving the growth of the global synchronous condenser market. However, the high cost and the availability of alternatives hamper the growth of the market. On the other hand, the growth of the HVDC network and the transition from the synchronous generator to the synchronous condenser present new opportunities in the coming years.
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- Synchronous condenser manufacturing activities have been halted due to lockdown measures taken by governments in many countries. In addition, disruptions in the supply chain and shortage of raw materials presented challenges in manufacturing at full capacity.
- The shutdown of construction activities and construction of new infrastructure of electric utilities, distribution network, renewable power plants and other power plants due to the unavailability of workers and required materials has resulted in a reduced demand for synchronous condensers.
- The import-export ban has disrupted the supply chain and created a gap between supply and demand. As the restrictions are lifted, the supply chain will be restored.
The report offers detailed segmentation of the global synchronous capacitors market on the basis of type, cooling type, starting method, rated reactive power, end-user, and region.
Based on the type of cooling, the air-cooled segment accounted for the highest share in 2020, holding more than half of the total market share, and is expected to maintain its leading position during the forecast period. However, the hydrogen-cooled segment is estimated to exhibit the greatest CAGR of 3.7% from 2021 to 2030.
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On an end-user basis, the electric utility segment contributed the largest market share in 2020, accounting for over four-fifths of the global synchronous condenser market, and is expected to maintain its leading status over the course of of the forecast period. However, the industrial segment is expected to grow at the highest CAGR of 3.8% from 2021 to 2030.
Based on the starting method, the segment of the static frequency converter held the highest market share in terms of revenue in 2020, contributing almost half of the total market, and is expected to retain its dominant share during the forecast period. However, the pony engine segment is expected to register the fastest CAGR of 3.6% from 2021 to 2030.
Based on region, Europe accounted for the largest share in 2020, contributing over a third of the total share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is expected to represent the largest share. Fastest 3.9% CAGR. during the forecast period.
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The major global synchronous condenser market players analyzed in the research include ABB, Ltd., Eaton Corporation Plc, Andritz, General Electric, Fuji Electric, Mitsubishi Electric Corporation, Ideal Electric Power Co., Voith GmbH & Co. KGaA, Siemens Energy , and the WEG group.
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