Synchronous Condensers Market to Reap Over US$ 1,200 Mn in Revenues by End of 20
Posted by Divakar on June 10th, 2018
Global Synchronous Condensers Market: Overview
The synchronous condensers market is witnessing a significant growth owing to the special equipment properties. These condensers have the ability to absorb or produce reactive power on a transient basis. This helps correct the power factor and stabilise the power grid against short circuits and other transient fault conditions. It also has active components designed according to project-specific needs. These condensers are used for electrical power utilities and also for industry purposes.
A new research report by Future Market Insights titled ‘Synchronous Condensers Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027’, provides all the crucial insights of the global synchronous condensers market. According to the research report, the global synchronous condensers market is expected to hold a valuation of over US$ 720 Mn in 2017 and reach over US$ 1,200 Mn by the end of 2027. The global market is anticipated to expand at a robust CAGR of 5.2% during the forecast period.
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Global Synchronous Condensers Market: Dynamics
Revenue growth of the global synchronous condensers market is driven by a lot of factors including increase in renewable energy-based power generation and demand for power factor correction. Another factor that plays an important role in the growth of the market is the increase in environment regulations owing to global climate changes. Old power plants generating power from non-renewable energy sources have to be converted into renewable power generation or shifted away from residential areas. This shifting of power plants away from residential areas results in the setting up of long distance transmission lines for transferring electric power from power plants to the grid located in the city. This leads to power loss, as the length of a transmission line is directly proportional to the power loss occurred. Hence, synchronous condensers are installed at power plants to mitigate the power loss in transmission by moving reactive power and changing the voltage of the grid to balance the distribution across long distances. This factor drives the growth of the synchronous condensers market.
However the market analysis indicates that revenue growth of the market is expected to be hindered by long installation duration time and long refresh cycles associated with synchronous condensers.
Global Synchronous Condensers Market: Segmental Highlights
The global synchronous condensers market is divided into different segments on the basis of various parameters. The segmental forecasts are given below.
Global Synchronous Condensers Market: Competitive Analysis
An important section of the report covers the competitive scenario of the global synchronous condensers market. Some of the key players included in the report are ABB Ltd., General Electric Company, Toshiba Corporation, WEG, Siemens AG, Power Systems & Controls, Inc., Sustainable Power Systems Inc., Electromechanical Engineering Associates, Inc. etc.
Know More About Report@ https://www.futuremarketinsights.com/reports/synchronous-condensers-market
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About the AuthorDivakar
Joined: January 23rd, 2017
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