Asia-Pacific Synchronous Condenser Market to Grow at a CAGR of 3.8% to reach US$ 137.88 million from 2020 to 2027

The APAC synchronous condenser market is expected to grow from US$ 109.85 million in 2019 to US$ 137.88 million by 2027; it is estimated to grow at a CAGR of 3.8 % from 2020 to 2027.

Australia, China, India, Japan, and South Korea are major economies in APAC. Modifying the existing synchronous generators into synchronous condensers is expected to upsurge the APAC synchronous condenser market. The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across APAC region are being shut down owing to these factors. Withdrawing a power generation unit decreases a plant's capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to drive the APAC synchronous condenser market. 

Further, 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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC synchronous condenser market. The APAC synchronous condenser market is expected to grow at a good CAGR during the forecast period.

APAC Synchronous Condenser Market Segmentation

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                   

APAC Synchronous Condenser Market -Companies Mentioned

• 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.