North America Synchronous Condenser Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Cooling Type (Air-cooled, Hydrogen-cooled, and Water-cooled), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, and Above 200 MVAr), Starting Method (Pony Motor, Static Frequency Converter, and Others), and Application (Metal and Mining, Electrical Utilities and Grid Operators, Marine, Oil and Gas, and Others)
Market Introduction
By continuously generating/absorbing adjustable reactive power, enhanced short-circuit strength, and frequency stability by providing synchronous inertia, this system provides improved voltage regulation and stability. The goal is not to transform electricity into mechanical power or vice versa, but to use the reactive power control capabilities of the machines and synchronous inertia. Since the Industrial Revolution, the energy production has been dominated by fossil fuels. This has important consequences for the environment as well as for human health. Thus, the use of renewable energy has increased to minimize carbon dioxide emissions, leading to a high demand for the same energy. This is thus, fueling the growth of the North America market. North America is the largest market of synchronous condensers. Currently, synchronous condenser adoption has increased in the US and Canada through industries such as electrical utilities and grid operators, metals and mining, marine and oil and gas. Furthermore, growing investment in the adoption of renewable energy by government bodies and private companies in the process is fueling the growth of the region's industry. In 2019, for example, US investments in renewable energy accounted for US$ 301.7 billion. Growing investment is therefore enabling companies to deliver advanced solutions around the local and regional sectors of power generation. Factors like changing the existing synchronous generators into synchronous condensers is expected to drive the North America synchronous condenser market.
Moreover, 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.
Get more information on this report :
Market Overview and Dynamics
The North America synchronous condenser market is expected to grow from US$ 189.95 million in 2019 to US$ 199.92 million by 2027; it is estimated to grow at a CAGR of 1.5 % from 2020 to 2027. Changing the existing synchronous generators into synchronous condensers is expected to upsurge the North America synchronous condenser market. The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America are being shut down owing to these factors. Withdrawing a power generation unit decreases a plant's capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to offer new opportunities for the North America synchronous condenser market.
Key Market Segments
In terms of cooling type, the hydrogen-cooled segment accounted for the largest share of the North America synchronous condenser market in 2019. In terms of reactive power rating, the above 200 MVAr segment held a larger market share of the North America synchronous condenser market in 2019. Similarly, in terms of starting method, the static frequency converter segment held a larger market share of the North America synchronous condenser market in 2019. Further, the electrical utilities and grid operators segment held a larger share of the North America synchronous condenser market based on application in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America 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; IDEAL ELECTRIC POWER CO.; Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation); Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP.
Reasons to buy report
- To understand the North America synchronous condenser market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America synchronous condenser market
- Efficiently plan M&A and partnership deals in North America synchronous condenser market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America synchronous condenser market
- Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.
North America Synchronous Condenser Market Segmentation
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
North America Synchronous Condenser Market - Company Profiles
- 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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Synchronous Condenser Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Synchronous Condenser Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for Renewable Power Generation
5.1.2 Increasing Need for Power Factor Correction (PFC)
5.2 Market Restraints
5.2.1 High Costs of Synchronous Condensers
5.3 Market Opportunities
5.3.1 Changing the existing synchronous generators into synchronous condensers
5.4 Future Trends
5.4.1 Growing High-Voltage Direct Current (HVDC) Network
5.5 Impact Analysis of Drivers and Restraints
6. Synchronous Condenser Market – North America Analysis
6.1 North America Synchronous Condenser Market Overview
6.2 North America Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Five Key Players
7. North America Synchronous Condenser Market Analysis – By Cooling Type
7.1 Overview
7.2 North America Synchronous Condenser Market, By Cooling Type (2019 and 2027)
7.3 Air-Cooled
7.3.1 Overview
7.3.2 Air-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
7.4 Hydrogen-Cooled
7.4.1 Overview
7.4.2 Hydrogen-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
7.5 Water-Cooled
7.5.1 Overview
7.5.2 Water-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
8. North America Synchronous Condenser Market Analysis – By Reactive Power Rating
8.1 Overview
8.2 North America Synchronous Condenser Market Breakdown, by Reactive Power Rating, 2019 & 2027
8.3 Up to 100 MVAr
8.3.1 Overview
8.3.2 Up to 100 MVAr Market Revenue and Forecast to 2027 (US$ Million)
8.4-200 MVAr
8.4.1 Overview
8.4.2-200 MVAr Market Revenue and Forecast to 2027 (US$ Million)
8.5 Above 200 MVAr
8.5.1 Overview
8.5.2 Above 200 MVAr Market Revenue and Forecast to 2027 (US$ Million)
9. North America Synchronous Condenser Market Analysis – By Starting Method
9.1 Overview
9.2 North America Synchronous Condenser Market Breakdown, by Starting Method, 2019 & 2027
9.3 Pony Motor
9.3.1 Overview
9.3.2 Pony Motor Market Revenue and Forecast to 2027 (US$ Million)
9.4 Static Frequency Converter
9.4.1 Overview
9.4.2 Static Frequency Converter Market Revenue and Forecast to 2027 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others Market Revenue and Forecast to 2027 (US$ Million)
10. North America Synchronous Condenser Market Analysis – By Application
10.1 Overview
10.2 North America Synchronous Condenser Market Breakdown, by Application, 2019 & 2027
10.3 Metal and Mining
10.3.1 Overview
10.3.2 Metal and Mining Market Revenue and Forecast to 2027 (US$ Million)
10.4 Electrical Utilities and Grid Operators
10.4.1 Overview
10.4.2 Electrical Utilities and Grid Operators Market Revenue and Forecast to 2027 (US$ Million)
10.5 Marine
10.5.1 Overview
10.5.2 Marine Market Revenue and Forecast to 2027 (US$ Million)
10.6 Oil and Gas
10.6.1 Overview
10.6.2 Oil and Gas Market Revenue and Forecast to 2027 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others Market Revenue and Forecast to 2027 (US$ Million)
11. North America Synchronous Condenser Market – Country Analysis
11.1 Overview
11.1.1 North America: Synchronous Condenser Market, by Key Country
11.1.1.1 US: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.1.1 US: Synchronous Condenser Market, by Cooling Type
11.1.1.1.1.1 US: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.1.2 US: Synchronous Condenser Market, by Starting Method
11.1.1.1.3 US: Synchronous Condenser Market, by Application
11.1.1.2 Canada: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.2.1 Canada: Synchronous Condenser Market, by Cooling Type
11.1.1.2.1.1 Canada: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.2.2 Canada: Synchronous Condenser Market, by Starting Method
11.1.1.2.3 Canada: Synchronous Condenser Market, by Application
11.1.1.3 Mexico: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.3.1 Mexico: Synchronous Condenser Market, by Cooling Type
11.1.1.3.1.1 Mexico: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.3.2 Mexico: Synchronous Condenser Market, by Starting Method
11.1.1.3.3 Mexico: Synchronous Condenser Market, by Application
12. Impact of COVID-19 Pandemic on North America Synchronous Condenser Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
14. Company Profiles
14.1 ABB Ltd.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Brush Group
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Eaton Corporation plc
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 FUJI ELECTRIC CO., LTD.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Electric Company
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 IDEAL ELECTRIC POWER CO.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation)
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Siemens AG (Siemens Energy)
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Voith GmbH & Co. KGaA
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 WEG ELECTRIC CORP.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
LIST OF TABLES
Table 1. North America Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. US: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 3. US: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 4. US: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 5. US: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 6. Canada: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 7. Canada: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 8. Canada: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 9. Canada: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 10. Mexico: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 11. Mexico: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 12. Mexico: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 13. Mexico: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Synchronous Condenser Market Segmentation
Figure 2. North America Synchronous Condenser Market Segmentation – By Country
Figure 3. North America Synchronous Condenser Market Overview
Figure 4. Hydrogen-cooled Segment to Show Remarkable Traction During Forecast Period
Figure 5. Above 200 MVAr Segment to Show Remarkable Growth During Forecast Period
Figure 6. Static frequency converter Segment to Show Remarkable Growth During Forecast Period
Figure 7. Electrical Utilities and Grid Operators Segment to Show Remarkable Growth During Forecast Period
Figure 8. US Held Largest Share of North America Synchronous Condenser Market
Figure 9. North America – PEST Analysis
Figure 10. Ecosystem Analysis
Figure 11. Expert Opinion
Figure 12. North America Synchronous Condenser Market Impact Analysis of Drivers and Restraints
Figure 13. North America Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14. North America Synchronous Condenser Market Revenue Share, by Cooling Type (2019 and 2027)
Figure 15. North America Air-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16. North America Hydrogen-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 17. North America Water-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. North America Synchronous Condenser Market Breakdown, by Reactive Power Rating (2019 and 2027)
Figure 19. North America Up to 100 MVAr Market Revenue and Forecast to 2027(US$ Million)
Figure 20. North America 100-200 MVAr Market Revenue and Forecast to 2027(US$ Million)
Figure 21. North America Above 200 MVAr Market Revenue and Forecast to 2027(US$ Million)
Figure 22. North America Synchronous Condenser Market Breakdown, by Starting Method (2019 and 2027)
Figure 23. North America Pony Motor Market Revenue and Forecast to 2027(US$ Million)
Figure 24. North America Static Frequency Converter Market Revenue and Forecast to 2027(US$ Million)
Figure 25. North America Others Market Revenue and Forecast to 2027(US$ Million)
Figure 26. North America Synchronous Condenser Market Breakdown, by Application (2019 and 2027)
Figure 27. North America Metal and Mining Market Revenue and Forecast to 2027(US$ Million)
Figure 28. North America Electrical Utilities and Grid Operators Market Revenue and Forecast to 2027(US$ Million)
Figure 29. North America Marine Market Revenue and Forecast to 2027(US$ Million)
Figure 30. North America Oil and Gas Market Revenue and Forecast to 2027(US$ Million)
Figure 31. North America Others Market Revenue and Forecast to 2027(US$ Million)
Figure 32. North America: Synchronous Condenser Market Revenue Share, By Key Country (2019 and 2027)
Figure 33. US: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 34. Canada: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 35. Mexico: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 36. Impact of COVID-19 Pandemic in North American Country Markets
- 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.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America synchronous condenser market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America synchronous condenser market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the synchronous condenser market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution