Asia-Pacific Synchronous Condenser Market is expected to reach US$ 137.88 million by 2027

Electrical Utilities and Grid Operators Segment to Dominate APAC Synchronous Condenser Market during 2019–2027

According to The Insight Partners market research study on “APAC Synchronous Condenser Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Cooling Type, Reactive Power Rating, Starting Method, and Application,” is expected to reach US$ 137.88 million by 2027 from US$ 109.85 million in 2019. The market is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The report provides trends prevailing in the APAC synchronous condenser market along with the drivers and restraints pertaining to the market growth. Modifying the existing synchronous generators into synchronous condensers and mounting high-voltage direct current (HVDC) network are the major factor driving the growth of the APAC synchronous condenser market. However, overpriced installation and maintenance hinder the growth of APAC synchronous condenser market.

In case of COVID-19, APAC is highly affected specially China. Because of a massive number of cases in China, the APAC region is greatly affected by COVID-19, the country also homes the largest population across the world, thereby imposing greater risk of a large number of individuals; it is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as the large India, Australia and Japan, and is experiencing downward inflation. The sudden closedown of all economic activities which includes manufacturing plants of both essential products and luxurious items has impacted the overall economy of the countries in the region. China being the manufacturing hub of the world has many major players and distributers located in the country. The temporary shutdown of supply chain to both local and global manufacturers of the condensers is expected to negatively impact the market. Additionally, the reduction in demand of power by 25-30% has been observed across countries like India. This decrease in demand, combined with decreased collection and slow recovery, would have a negative effect on the synchronous market across the region is also expected to adversely impact the demand for synchronous condenser in the region.

The APAC synchronous condenser market is segmented based on cooling type, reactive power rating, starting method, application, and country. Based on cooling type, the APAC synchronous condenser market is segmented as hydrogen-cooled, air-cooled, and water-cooled. The hydrogen-cooled segment dominated the market in 2019 and is expected to be fastest growing during forecast period. Based on reactive power rating, the market is segmented as up to 100 MVAr, 100-200 MVAr, and above 200 MVAr. The above 200 MVAr segment dominated the market in 2019 and is expected to be fastest growing during forecast period. Based on starting method, the market is segmented into static frequency converter, pony motor, and others. The static frequency converter segment dominated the market in 2019 and is expected to be fastest growing during forecast period. Based on application, the market is segmented as electrical utilities and grid operators, metal and mining, marine, oil and gas and others. The electrical utilities and grid operators segment dominated the market in 2019 and is expected to be fastest growing during forecast period                 

ABB Ltd.; Brush Group; Eaton Corporation plc; FUJI ELECTRIC CO., LTD.; General Electric Company; Siemens AG (Siemens Energy); Voith GmbH & Co. KGaA; WEG ELECTRIC CORP. are among the leading companies in the APAC synchronous condenser market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Siemens Energy engaged in designing, manufacturing, installing grid stabilization technology in South Wales, Great Britain. The technology consists of a synchronous condenser and flywheel that provides inertia to strengthen the grid, short circuit power to ensure a reliable operation, and reactive power for voltage control. 

The report segments the APAC Synchronous Condenser Market as follows:

APAC Synchronous Condenser Market – By Cooling Type

• Air-cooled              
• Hydrogen-cooled
• Water-cooled

APAC Synchronous Condenser Market – By Reactive Power Rating

• Up to 100 MVAr
• 100-200 MVAr
• Above 200 MVAr

APAC Synchronous Condenser Market – By Starting Method

• Pony Motor
• Static Frequency Converter               
• Others

APAC Synchronous Condenser Market – By Application

• Metal and Mining
• Electrical Utilities and Grid Operators
• Marine
• Oil and Gas        
• Others                        

APAC Synchronous Condenser Market – By Country

• Australia
• China
• India
• Japan
• South Korea           
• Rest of APAC