Static Frequency Converter Segment to Dominate MEA Synchronous Condenser Market during 2019–2027

According to a new market research study on “MEA 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$ 45.72 million by 2027 from US$ 38.09 million in 2019. The market is estimated to grow at a CAGR of 3.2 % from 2020 to 2027. The report provides trends prevailing in the MEA synchronous condenser market along with the drivers and restraints pertaining to the market growth. Burgeoning high-voltage direct current (HVDC) network and upgrading the existing synchronous generators into synchronous condensers are the major factor driving the growth of the MEA synchronous condenser market. However, high installation and maintenance price hinder the growth of MEA synchronous condenser market.

In case of COVID-19, MEA is highly affected especially Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. It is becoming clear with the COVID-19 pandemic spreading through the above-mentioned countries that few can avoid its effects, posing major challenges for all sectors. The retail industry across the Middle East has being severely impacted due to the outbreak of the pandemic in the starting of the year 2020. However, in order to combat the huge economic impact, countries like UAE have taken necessary steps to continue economic activities across the region. However, the supply chain across the country has been greatly affected thereby increasing the unavailability of manufacturing parts or finished condenser supply across the country. Thus, the above-mentioned factors are expected to negatively impact the market over the years.

The MEA synchronous condenser market is segmented based on cooling type, reactive power rating, starting method, application, and country. Based on cooling type, the MEA 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; Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP. are among the leading companies in the MEA 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 2019, General Electric had celebrated its 100th anniversary of supplying synchronous condenser solutions to utility customers and transmission system operators. The company’s latest synchronous condenser offerings have undergone many developments since its first supply. General Electric now offers synchronous condensers ranging from 20 Mvar to 300 Mvar. 

The report segments the MEA Synchronous Condenser Market as follows:

MEA Synchronous Condenser Market – By Cooling Type

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

MEA Synchronous Condenser Market – By Reactive Power Rating

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

MEA Synchronous Condenser Market – By Starting Method

• Pony Motor
• Static Frequency Converter
• Others

MEA Synchronous Condenser Market – By Application

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

MEA Synchronous Condenser Market – By Country

• South Africa
• Saudi Arabia
• UAE        
• Rest of MEA