Middle East & Africa Synchronous Condenser Market
The MEA is experiencing a growth in its energy sector owing to the strategic investment and plans by the government body across the countries such as Saudi Arabia and UAE. For instance, the UAE is presently involved in building the world’s largest concentrated solar plant called the Mohammed Bin Rashid Solar Park. The UAE and Saudi Arabia along with several other countries, such as Qatar, Oman, Kuwait, Bahrain, Iran, and Iraq, have strategically planned to invest US$ 182.3 billion in the energy sector by 2025. This rising investment in the energy sector is expected to influence the demand for synchronous condenser, which, in turn is contributing to the growth of the market. In Africa, the market is not as mature as that in the Middle East, as the latter is technologically advanced, and implements technologies across all industries including the energy sector. Enterprises are taking active initiatives to educate people and bring advancements toward improving the infrastructural development across the region; thereby positively impacting the growth of the market across the region. 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
Moreover, 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.
Strategic insights for the Middle East & Africa 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.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 38.09 Million |
| Market Size by 2027 | US$ 45.72 Million |
| Global CAGR (2020 - 2027) | 3.2 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Cooling Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa 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.
The MEA synchronous condenser market is expected to grow from US$ 38.09 million in 2019 to US$ 45.72 million by 2027; it is estimated to grow at a CAGR of 3.2 % from 2020 to 2027. Escalating need for power factor correction (PFC) is expected to accelerate the MEA synchronous condenser market. Most of the engines used in industries are induction engines in which currents would be drawn by loads such as lamps, fans, heaters, etc. Due to large reactive components, these lagging currents would decrease the power factor of the entire unit. The overall performance of the device would therefore decrease. Using a synchronous motor in parallel with induction motors or transformers, the leading reactive volt-amperes supplied by the synchronous motor may be corrected by compensating for the lagging reactive volt-amperes of other power equipment. In this way, to increase the overall power factor of the device, a synchronous condenser is useful. The amount of reactive power from a synchronous condenser can be changed continuously, unlike a static capacitor bank. When the grid voltage decreases, reactive power from a static capacitor bank decreases; whereas a synchronous condenser would increase reactive current as the voltage decreases. Ability to regulate voltage levels is another advantage of synchronous condensers. Naturally, a synchronous condenser supplies a low voltage with more reactive power and it absorbs more reactive power from a high voltage; moreover, the field can be regulated as previously mentioned. In situations like starting large motors or in systems where power must move long distances from where it is produced to where it is used, reactive power improves voltage control. Thus, the above-mentioned benefits of controlling voltage fluctuations with the help of synchronous condenser are anticipated to influence the growth of the market across the MEA.
In terms of cooling type, the hydrogen-cooled segment accounted for the largest share of the MEA synchronous condenser market in 2019. In terms of reactive power rating, the above 200 MVAr segment held a larger market share of the MEA synchronous condenser market in 2019. Similarly, in terms of starting method, the static frequency converter segment held a larger market share of the MEA synchronous condenser market in 2019. Further, the electrical utilities and grid operators segment held a larger share of the MEA synchronous condenser market based on application in 2019.
A few major primary and secondary sources referred to for preparing this report on the MEA 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; Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP.
The Middle East & Africa Synchronous Condenser Market is valued at US$ 38.09 Million in 2019, it is projected to reach US$ 45.72 Million by 2027.
As per our report Middle East & Africa Synchronous Condenser Market, the market size is valued at US$ 38.09 Million in 2019, projecting it to reach US$ 45.72 Million by 2027. This translates to a CAGR of approximately 3.2 % during the forecast period.
The Middle East & Africa Synchronous Condenser Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Synchronous Condenser Market report:
The Middle East & Africa Synchronous Condenser Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Synchronous Condenser Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Synchronous Condenser Market value chain can benefit from the information contained in a comprehensive market report.
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