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.
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APAC Synchronous Condenser Market Segmentation
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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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Cooling Type, Reactive Power Rating, Starting Method, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Synchronous Condenser Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Synchronous Condenser Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Escalating Demand for Renewable Power Generation
5.1.2 Upsurge in the Need for Power Factor Correction (PFC)
5.2 Market Restraints
5.2.1 Overpriced Installation and Maintenance
5.3 Market Opportunities
5.3.1 Modifying the existing synchronous generators into synchronous condensers
5.4 Future Trends
5.4.1 Mounting High-Voltage Direct Current (HVDC) Network
5.5 Impact Analysis of Drivers and Restraints
6. Synchronous Condenser Market – APAC Analysis
6.1 APAC Synchronous Condenser Market Overview
6.2 APAC Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Five Key Players
7. APAC Synchronous Condenser Market Analysis – By Cooling Type
7.1 Overview
7.2 APAC Synchronous Condenser Market, By Cooling Type (2019 and 2027)
7.3 Air-Cooled
7.3.1 Overview
7.3.2 Air-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
7.4 Hydrogen-Cooled
7.4.1 Overview
7.4.2 Hydrogen-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
7.5 Water-Cooled
7.5.1 Overview
7.5.2 Water-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
8. APAC Synchronous Condenser Market Analysis – By Reactive Power Rating
8.1 Overview
8.2 APAC Synchronous Condenser Market Breakdown, by Reactive Power Rating, 2019 & 2027
8.3 Up to 100 MVAr
8.3.1 Overview
8.3.2 Up to 100 MVAr Market Revenue and Forecast to 2027 (US$ Million)
8.4-200 MVAr
8.4.1 Overview
8.4.2-200 MVAr Market Revenue and Forecast to 2027 (US$ Million)
8.5 Above 200 MVAr
8.5.1 Overview
8.5.2 Above 200 MVAr Market Revenue and Forecast to 2027 (US$ Million)
9. APAC Synchronous Condenser Market Analysis – By Starting Method
9.1 Overview
9.2 APAC Synchronous Condenser Market Breakdown, by Starting Method, 2019 & 2027
9.3 Pony Motor
9.3.1 Overview
9.3.2 Pony Motor Market Revenue and Forecast to 2027 (US$ Million)
9.4 Static Frequency Converter
9.4.1 Overview
9.4.2 Static Frequency Converter Market Revenue and Forecast to 2027 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others Market Revenue and Forecast to 2027 (US$ Million)
10. APAC Synchronous Condenser Market Analysis – By Application
10.1 Overview
10.2 APAC Synchronous Condenser Market Breakdown, by Application, 2019 & 2027
10.3 Metal and Mining
10.3.1 Overview
10.3.2 Metal and Mining Market Revenue and Forecast to 2027 (US$ Million)
10.4 Electrical Utilities and Grid Operators
10.4.1 Overview
10.4.2 Electrical Utilities and Grid Operators Market Revenue and Forecast to 2027 (US$ Million)
10.5 Marine
10.5.1 Overview
10.5.2 Marine Market Revenue and Forecast to 2027 (US$ Million)
10.6 Oil and Gas
10.6.1 Overview
10.6.2 Oil and Gas Market Revenue and Forecast to 2027 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others Market Revenue and Forecast to 2027 (US$ Million)
11. APAC Synchronous Condenser Market – Country Analysis
11.1 Overview
11.1.1 APAC: Synchronous Condenser Market, by Key Country
11.1.1.1 Australia: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.1.1 Australia: Synchronous Condenser Market, by Cooling Type
11.1.1.1.1.1 Australia: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.1.2 Australia: Synchronous Condenser Market, by Starting Method
11.1.1.1.3 Australia: Synchronous Condenser Market, by Application
11.1.1.2 China: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.2.1 China: Synchronous Condenser Market, by Cooling Type
11.1.1.2.1.1 China: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.2.2 China: Synchronous Condenser Market, by Starting Method
11.1.1.2.3 China: Synchronous Condenser Market, by Application
11.1.1.3 India: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.3.1 India: Synchronous Condenser Market, by Cooling Type
11.1.1.3.1.1 India: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.3.2 India: Synchronous Condenser Market, by Starting Method
11.1.1.3.3 India: Synchronous Condenser Market, by Application
11.1.1.4 Japan: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.4.1 Japan: Synchronous Condenser Market, by Cooling Type
11.1.1.4.1.1 Japan: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.4.2 Japan: Synchronous Condenser Market, by Starting Method
11.1.1.4.3 Japan: Synchronous Condenser Market, by Application
11.1.1.5 South Korea: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.5.1 South Korea: Synchronous Condenser Market, by Cooling Type
11.1.1.5.1.1 South Korea: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.5.2 South Korea: Synchronous Condenser Market, by Starting Method
11.1.1.5.3 South Korea: Synchronous Condenser Market, by Application
11.1.1.6 Rest of APAC: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
11.1.1.6.1 Rest of APAC: Synchronous Condenser Market, by Cooling Type
11.1.1.6.1.1 Rest of APAC: Synchronous Condenser Market, by Reactive Power Rating
11.1.1.6.2 Rest of APAC: Synchronous Condenser Market, by Starting Method
11.1.1.6.3 Rest of APAC: Synchronous Condenser Market, by Application
12. Impact of COVID-19 Pandemic on APAC Synchronous Condenser Market
12.1 APAC: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
14. Company Profiles
14.1 ABB Ltd.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Brush Group
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Eaton Corporation plc
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 FUJI ELECTRIC CO., LTD.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Electric Company
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Siemens AG (Siemens Energy)
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Voith GmbH & Co. KGaA
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 WEG ELECTRIC CORP.
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
LIST OF TABLES
Table 1. APAC Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. Australia: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 3. Australia: Synchronous Condenser Market, by Reactive Power Rating –Revenue and Forecast to 2027 (US$ Million)
Table 4. Australia: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 5. Australia: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 6. China: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 7. China: Synchronous Condenser Market, by Reactive Power Rating –Revenue and Forecast to 2027 (US$ Million)
Table 8. China: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 9. China: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 10. India: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 11. India: Synchronous Condenser Market, by Reactive Power Rating –Revenue and Forecast to 2027 (US$ Million)
Table 12. India: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 13. India: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 14. Japan: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 15. Japan: Synchronous Condenser Market, by Reactive Power Rating –Revenue and Forecast to 2027 (US$ Million)
Table 16. Japan: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 17. Japan: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 18. South Korea: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 19. South Korea: Synchronous Condenser Market, by Reactive Power Rating –Revenue and Forecast to 2027 (US$ Million)
Table 20. South Korea: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 21. South Korea: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 22. Rest of APAC: Synchronous Condenser Market, by Cooling Type –Revenue and Forecast to 2027 (US$ Million)
Table 23. Rest of APAC: Synchronous Condenser Market, by Reactive Power Rating –Revenue and Forecast to 2027 (US$ Million)
Table 24. Rest of APAC: Synchronous Condenser Market, by Starting Method –Revenue and Forecast to 2027 (US$ Million)
Table 25. Rest of APAC: Synchronous Condenser Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 26. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Synchronous Condenser Market Segmentation
Figure 2. APAC Synchronous Condenser Market Segmentation – By Country
Figure 3. APAC Synchronous Condenser Market Overview
Figure 4. Hydrogen-cooled Segment to Show Remarkable Traction During Forecast Period
Figure 5. Above 200 MVAr Segment to Show Remarkable Growth During Forecast Period
Figure 6. Static frequency converter Segment to Show Remarkable Growth During Forecast Period
Figure 7. Electrical Utilities and Grid Operators Segment to Show Remarkable Growth During Forecast Period
Figure 8. China Held Largest Share of APAC Synchronous Condenser Market
Figure 9. APAC – PEST Analysis
Figure 10. Ecosystem Analysis
Figure 11. Expert Opinion
Figure 12. APAC Synchronous Condenser Market Impact Analysis of Drivers and Restraints
Figure 13. APAC Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14. APAC Synchronous Condenser Market Revenue Share, by Cooling Type (2019 and 2027)
Figure 15. APAC Air-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16. APAC Hydrogen-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 17. APAC Water-Cooled: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. APAC Synchronous Condenser Market Breakdown, by Reactive Power Rating (2019 and 2027)
Figure 19. APAC Up to 100 MVAr Market Revenue and Forecast to 2027(US$ Million)
Figure 20. APAC 100-200 MVAr Market Revenue and Forecast to 2027(US$ Million)
Figure 21. APAC Above 200 MVAr Market Revenue and Forecast to 2027(US$ Million)
Figure 22. APAC Synchronous Condenser Market Breakdown, by Starting Method (2019 and 2027)
Figure 23. APAC Pony Motor Market Revenue and Forecast to 2027(US$ Million)
Figure 24. APAC Static Frequency Converter Market Revenue and Forecast to 2027(US$ Million)
Figure 25. APAC Others Market Revenue and Forecast to 2027(US$ Million)
Figure 26. APAC Synchronous Condenser Market Breakdown, by Application (2019 and 2027)
Figure 27. APAC Metal and Mining Market Revenue and Forecast to 2027(US$ Million)
Figure 28. APAC Electrical Utilities and Grid Operators Market Revenue and Forecast to 2027(US$ Million)
Figure 29. APAC Marine Market Revenue and Forecast to 2027(US$ Million)
Figure 30. APAC Oil and Gas Market Revenue and Forecast to 2027(US$ Million)
Figure 31. APAC Others Market Revenue and Forecast to 2027(US$ Million)
Figure 32. APAC: Synchronous Condenser Market Revenue Share, By Key Country (2019 and 2027)
Figure 33. Australia: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 34. China: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 35. India: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 36. Japan: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 37. South Korea: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 38. Rest of APAC: Synchronous Condenser Market – Revenue and Forecast to 2027 (US$ Million)
Figure 39. Impact of COVID-19 Pandemic in APAC Country Markets
- 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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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