Hydrogen-cooled Segment to Dominate North America Synchronous Condenser Market during 2019–2027

According to a new market research study on “North America 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$ 199.92 million by 2027 from US$ 189.95 million in 2019. The market is estimated to grow at a CAGR of 1.5% from 2020 to 2027. The report provides trends prevailing in the North America synchronous condenser market along with the drivers and restraints pertaining to the market growth. Rising demand for renewable power generation and increasing need for power factor correction (PFC) are the major factor driving the growth of the North America synchronous condenser market. However, high costs of synchronous condensers hinder the growth of North America synchronous condenser market.

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.

The North America synchronous condenser market is segmented based on cooling type, reactive power rating, starting method, application, and country. Based on cooling type, the North America 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.; Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation); Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP. are among the leading companies in the North America 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, ABB Ltd. had installed two synchronous condensers in Australia’s Darlington Point solar farm. The technology would enhance the local power grid's stability as the penetration of renewable energy increases in a critical area of New South Wales.

The report segments the North America Synchronous Condenser Market as follows:

North America Synchronous Condenser Market – By Cooling Type

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

North America Synchronous Condenser Market – By Reactive Power Rating

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

North America Synchronous Condenser Market – By Starting Method

• Pony Motor
• Static Frequency Converter  
• Others

North America Synchronous Condenser Market – By Application

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

North America Synchronous Condenser Market – By Country

• US
• Canada
• Mexico