Europe Synchronous Condenser Market
No. of Pages: 156 | Report Code: TIPRE00020065 | Category: Electronics and Semiconductor
No. of Pages: 156 | Report Code: TIPRE00020065 | Category: Electronics and Semiconductor
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 of most countries around the Europe has been dominated by fossil fuels. This has important consequences for the environment as well as for human health. Three-quarters of greenhouse gas emissions derive from the burning of fossil fuels for energy. 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 Europe market. For many in the European region, the stability of grid supply is now an issue with the shift in the power generation sector towards increased use of renewables. Over the years, the ability to consume or supply reactive power has been improved across the region by the use of a synchronous condenser. Several players are thus investing in the region to take advantage of the region's increased demand. For example, for the first time in Europe, GENERAL ELECTRIC has converted a powerful 625 MVA liquid-cooled generator operating at a coal-fired power plant to a synchronous condenser. The customer is now able to generate > 500 MVAr of reactive power to mitigate the removal of thermal property removal. The above-mentioned advantages of synchronous condensers therefore affect market growth across the European region.
Moreover, in case of COVID-19, Europe is highly affected specially the UK. The European Government has made tremendous investments in implementing technology into its healthcare systems to help detect symptoms of the virus, in order to protect its people from the virus. Businesses across Europe have shifted from traditional to online businesses in order to carry on with their financial activities during the corona virus outbreak. High adoption of work from home culture across the region owing to the nationwide lockdown has reduced the demand for power across the country especially from the commercial sector, thereby affected the power sector adversely across the region. For instance, Italy recorded a reduction of demand in power by 20% during the pandemic. This has negatively affected the demand for synchronous condenser across the region. On the other hand, the shutdown of manufacturing plants coupled with the adverse impact on logistics and supply chain in the area. The manufacturing processes of the condensers are also negatively impacted. Thus, the above-mentioned factors indicate that the European synchronous condenser market has been negatively impacted owing to the pandemic.
Strategic insights for the Europe 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$ 154.52 Million |
| Market Size by 2027 | US$ 179.84 Million |
| Global CAGR (2020 - 2027) | 2.8 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Cooling Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe 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 Europe synchronous condenser market is expected to grow from US$ 154.52 million in 2019 to US$ 179.84 million by 2027; it is estimated to grow at a CAGR of 2.8 % from 2020 to 2027. Increment in high-voltage direct current (HVDC) network is expected to upsurge the Europe synchronous condenser market. Existing and planned enhancements and extension of the high-voltage direct current (HVDC) network are expected to increase the demand for power factor correction devices, such as synchronous condensers, in different regions. High investments by key market players across Europe to build a strong HVDC network among major countries are further fueling the demand for synchronous condensers. For instance, Siemens has received the contract for building the link between Great Britain and France. The HDVC link would offer power supply reliability across both the countries to promote integration of renewable energy sources in the power grids. Siemens would supply the two HVDC converter stations on both sides of the DC power line, which would be routed through the Channel Tunnel as a DC cable. Technological progress in HVDC transmission systems is expected to assist in minimizing wind and solar-based electricity transmission system operational problems, as the phase gap in the HVDC transmission line does not matter. Although traditional HVAC does not operate on this principle, transformers are required to fit the stage generated from a different source. This is also expected to provide a better opportunity for the HVDC transmission system to expand across European countries. Increased renewable energy penetration has accelerated the adoption of HVDC transmission networks. Thus, the above-mentioned factors are contributing to the growth of the Europe synchronous condenser market.
In terms of cooling type, the hydrogen-cooled segment accounted for the largest share of the Europe synchronous condenser market in 2019. In terms of reactive power rating, the above 200 MVAr segment held a larger market share of the Europe synchronous condenser market in 2019. Similarly, in terms of starting method, the static frequency converter segment held a larger market share of the Europe synchronous condenser market in 2019. Further, the electrical utilities and grid operators segment held a larger share of the Europe synchronous condenser market based on application in 2019.
A few major primary and secondary sources referred to for preparing this report on the Europe 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.; Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP.
The Europe Synchronous Condenser Market is valued at US$ 154.52 Million in 2019, it is projected to reach US$ 179.84 Million by 2027.
As per our report Europe Synchronous Condenser Market, the market size is valued at US$ 154.52 Million in 2019, projecting it to reach US$ 179.84 Million by 2027. This translates to a CAGR of approximately 2.8 % during the forecast period.
The Europe 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 Europe Synchronous Condenser Market report:
The Europe Synchronous Condenser Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Synchronous Condenser Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Synchronous Condenser Market value chain can benefit from the information contained in a comprehensive market report.
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