Europe Synchronous Condenser Market is expected to reach US$ 179.84 million by 2027

Above 200 MVAr Segment to Dominate Europe Synchronous Condenser Market during 2019–2027

According to a new market research study on “Europe Synchronous Condenser Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Cooling Type, Reactive Power Rating, Starting Method, and Application,” is expected to reach US$ 179.84 million by 2027 from US$ 154.52 million in 2019. The market is estimated to grow at a CAGR of 2.8% from 2020 to 2027. The report provides trends prevailing in the Europe synchronous condenser market along with the drivers and restraints pertaining to the market growth. Rising need for power factor correction (PFC) and growing demand for renewable power generation are the major factor driving the growth of the Europe synchronous condenser market. However, high costs of synchronous condensers hinder the growth of Europe synchronous condenser market.

In case of COVID-19, Europe is highly affected specially the UK. The European Government has made tremendous investments in implementing technology into its healthcare systems to help detect symptoms of the virus, in order to protect its people from the virus. Businesses across Europe have shifted from traditional to online businesses in order to carry on with their financial activities during the corona virus outbreak. High adoption of work from home culture across the region owing to the nationwide lockdown has reduced the demand for power across the country especially from the commercial sector, thereby affected the power sector adversely across the region. For instance, Italy recorded a reduction of demand in power by 20% during the pandemic. This has negatively affected the demand for synchronous condenser across the region. On the other hand, the shutdown of manufacturing plants coupled with the adverse impact on logistics and supply chain in the area. The manufacturing processes of the condensers are also negatively impacted. Thus, the above-mentioned factors indicate that the European synchronous condenser market has been negatively impacted owing to the pandemic.

The Europe synchronous condenser market is segmented based on cooling type, reactive power rating, starting method, application, and country. Based on cooling type, the Europe synchronous condenser market is segmented as hydrogen-cooled, air-cooled, and water-cooled. The hydrogen-cooled segment dominated the market in 2019 and is expected to be fastest growing during forecast period. Based on reactive power rating, the market is segmented as up to 100 MVAr, 100-200 MVAr, and above 200 MVAr. The above 200 MVAr segment dominated the market in 2019 and is expected to be fastest growing during forecast period. Based on starting method, the market is segmented into static frequency converter, pony motor, and others. The static frequency converter segment dominated the market in 2019 and is expected to be fastest growing during forecast period. Based on application, the market is segmented as electrical utilities and grid operators, metal and mining, marine, oil and gas and others. The electrical utilities and grid operators segment dominated the market in 2019 and is expected to be fastest growing during forecast period                 

ABB Ltd.; Brush Group; Eaton Corporation plc; FUJI ELECTRIC CO., LTD.; General Electric Company; IDEAL ELECTRIC POWER CO.; Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP. are among the leading companies in the Europe synchronous condenser market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, General Electric had provided two synchronous condensers and flywheel units to Italian grid operator Terna S.p.A. for the Brindisi substation in southern Italy. General Electric’s synchronous condensers unit could supply reactive power of up to +250/-125 MVAr and 1750 MWs inertia to support Italy’s grid's stability. 

The report segments the Europe Synchronous Condenser Market as follows:

Europe Synchronous Condenser Market – By Cooling Type

• Air-cooled              
• Hydrogen-cooled
• Water-cooled

Europe Synchronous Condenser Market – By Reactive Power Rating

• Up to 100 MVAr
• 100-200 MVAr
• Above 200 MVAr

Europe Synchronous Condenser Market – By Starting Method

• Pony Motor
• Static Frequency Converter       
• Others

Europe Synchronous Condenser Market – By Application

• Metal and Mining
• Electrical Utilities and Grid Operators
• Marine
• Oil and Gas        
• Others                        

Europe Synchronous Condenser Market – By Country

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe