Despite the higher market share of new synchronous condensers, reconditioned condensers are expected to lead the global market in terms of CAGR
A synchronous condenser is DC-excited synchronous motor which runs in no load condition, and maintains power conditions on the electric power transmission grid. There are two types of synchronous condensers – new and reconditioned synchronous condensers. A new synchronous condenser is usually constructed with two or four poles, and can be cooled with air, water, or hydrogen.
Whereas, a reconditioned synchronous condenser is the existing synchronous generator converted into a synchronous condenser. It involves decoupling the turbine from the generator, installation of a starting method for the condenser, design and installation of a new control system, and some mechanical modifications to the generator.
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According to our analysis, the new synchronous condensers segment is estimated to hold a greater market share with its value reaching over US$ 620 Mn in 2027, growing at a CAGR of 4.4%. However, reconditioned synchronous condensers are witnessed growth at a much higher rate than new condensers. The market for reconditioned condensers is expected to grow at a CAGR of 6.2% during the forecast period.
Growth of the synchronous condensers market is driven by renewable energy based power generation and need for power factor correction
Energy and utility enterprises are moving towards renewable power generation from renewable energy sources such as wind, solar, and biomass facilities, to minimise the impact on the environment. Sometimes, the shortage of renewable energy sources for power generation results in an unstable transmission network of energy in a power supply system.
To cope with this situation, synchronous condensers are installed, which provide reactive power to power plants at the time of reduced voltage, and accommodate the potential differences in power sources, which results in stable power generation and transmission. Thus, the adoption of renewable energy-based power generation in the energy mix results in the growth of the synchronous condensers market globally.
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Another major factor that has helped the global synchronous condensers market grow is an increase in demand for power factor correction. An electrical load with a poor power factor draws more current, puts strain on the electricity distribution network, and results in high electricity bills. Moreover, poor power factor leads to power losses and voltage drops, which results in overheating and failure of electrical equipment and motors.
There is a huge demand for power factor correction for reducing electricity costs, less heat generation, and greater longevity of electrical equipment and systems. The power factor is improved by installing power factor correction systems such as synchronous condensers, which compensate reactive power and stabilize the power grid. The rise in demand for power factor correction results in rising demand for synchronous condensers.
How can companies make full use of the opportunities available in the global market and help their business grow in the foreseeable future?
As the global synchronous condensers market experiences growth, businesses dealing in synchronous condensers are likely to witness lucrative opportunities to excel in the industry. The adoption of renewable energy sources is creating new opportunities for the installation of synchronous condensers. Companies in the global market need to focus on areas with high adoption rate of renewable energy sources, as it automatically opens doors for synchronous condensers.
Also, power generation plants based on conventional energy sources are costlier to manage and it is equally uneconomical to abandon the power plants, as the capital expenditure on these units is generally huge, and is at times not covered fully even when the power plant is rendered obsolete. To counter this situation, the generators from these plants are being converted into synchronous condensers, as they can cost significantly less than installing a new synchronous condenser, and can also keep the power plant operational.
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