North America Synchronous Condenser Market Trends, Size, Segment and Growth by Forecast to 2030

The North America synchronous condenser market is projected to grow from US$ 189.95 million in 2019 to US$ 199.92 million by 2027, exhibiting a CAGR of 1.5% from 2020 to 2027. This growth is primarily driven by the increasing trend of converting existing synchronous generators into synchronous condensers.

The market is seeing a shift due to the decline of traditional power generation sources. Factors contributing to this decline include:

Aging power plants
Decommissioning efforts
Stricter environmental regulations
Increased competition from gas-fired turbines
Growth in renewable energy sources

As many coal-fired power plants in North America are being shut down, the grid’s capacity for reactive power decreases. Converting existing synchronous generators into synchronous condensers offers a cost-effective and efficient solution to provide the necessary reactive power and stabilize grid systems, thereby creating new opportunities for the market.

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Key Market Segments in 2019

In 2019, several segments dominated the North America synchronous condenser market:

Cooling Type: The hydrogen-cooled segment held the largest market share.
Reactive Power Rating: The above 200 MVAr segment accounted for the largest share.
Starting Method: The static frequency converter segment held the largest market share.
Application: The electrical utilities and grid operators segment commanded the largest share.

Major Industry Players

Leading companies in the North America synchronous condenser market include:

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.

Why This Report is Valuable

This report provides crucial insights for stakeholders looking to:

Understand the market landscape and identify profitable segments.
Stay informed about the evolving competitive environment.
Strategically plan mergers, acquisitions, and partnerships.
Make informed business decisions based on comprehensive market performance analysis.
Obtain market revenue forecasts by various segments for the North America region from 2020-2027.

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Synchronous Condensers: Enhancing Grid Stability in North America

Synchronous condensers are vital for modern electrical grids, offering enhanced voltage regulation, improved short-circuit strength, and frequency stability through synchronous inertia. Unlike traditional generators, their primary role isn’t energy conversion, but rather the precise control of reactive power and provision of synchronous inertia. These capabilities are increasingly crucial as the world transitions from fossil fuels to renewable energy sources, which often lack the inherent stability provided by conventional power plants.

North America: A Leading Market

North America stands as the largest market for synchronous condensers, driven by a surge in renewable energy adoption. Countries like the US and Canada are seeing increased implementation across various sectors, including electrical utilities, grid operators, metals and mining, and marine and oil and gas. This growth is further fueled by significant investments in renewable energy. For example, in 2019 alone, US investments in renewable energy reached an impressive US$301.7 billion. This financial commitment empowers companies to develop and deploy advanced power generation solutions across the region. Additionally, the trend of converting existing synchronous generators into synchronous condensers is expected to further propel market growth.

Impact of COVID-19

The COVID-19 pandemic presented considerable challenges to the North American synchronous condenser market, particularly in the US. As a region known for its rapid adoption of new technologies and supportive government policies, any industrial disruption had a significant economic impact. Nationwide lockdowns temporarily halted production plants and severely affected supply chains and logistics. While the demand for power, especially from the healthcare sector, remained high and even boosted the need for renewable energy, the disruption to the supply chain for key synchronous condenser components adversely impacted manufacturing. Consequently, the pandemic had a negative short-term impact on the market across the region.

North America Synchronous Condenser Strategic Insights

Strategic insights for the North America 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.

Market leaders and key 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.

North America Synchronous Condenser Market – Regional Insights

The geographic scope of the North America synchronous condenser market encompasses the distinct regions where businesses operate and compete. Understanding regional differences—such as variations in consumer preferences (e.g., requirements for specific plug types or battery backup durations), economic conditions, and regulatory frameworks—is essential for developing tailored market strategies. By identifying underserved areas or customizing products and services to meet local needs, companies can effectively expand their market presence. A focused regional approach enables more efficient resource allocation, targeted marketing efforts, and stronger positioning against local competitors, ultimately supporting sustainable growth within specific markets.

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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights