Synchronous Condenser Market Size, Share, and COVID-19 Impact Analysis
Synchronous Condenser Market is expected to witness significant growth in the coming years owing to the development initiatives proposed by the government in developing regions.
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The government from different countries is planning to replace the aging plants which are expected to boost product demand and increase productivity and profitability for the key players. Rising industrialization in emerging nations is anticipated to bolster market growth and maintain market value for the product globally. These factors are likely to ensure synchronous condenser market growth during the projected period.
Highlights of Report:
- The report for synchronous condenser market provides complete information along with factual data regarding market developments trends and advancements in the industry.
- Key developments adopted by the companies such as partnerships, mergers, acquisitions, and strategic alliances are highlighted in the report.
- Key trends such as innovation and technological advancements in the market are evaluated to understand market development scope in the coming years.
- Drivers and restraints affecting market growth and geographical expansion are discussed further in this report.
- The direct and indirect impact caused by covid-19 pandemic is highlighted in the report.
Competitive Landscape:
Key Players Form Strategic Alliances to Dominate Global Market
Prominent players in the industry focus on adopting strategic plans for business expansion to ensure high profitability and productivity. The strategies allow business expansion using various methods such as partnerships, mergers, strategic alliances, and innovation strategies for product differentiation and development. Furthermore, adopting technological advancements support key players to increase their production and sales rate in the global market.
- December 2020: Siemens Energy won a contract from Elering AS which helped them build three synchronous condenser plants in Estonia. These plants are supposed to be the first Flexible Alternating Current Transmission System that will be installed in the Baltic States.
May 2020: GE won a contract from Trena for providing two synchronous condensers and flywheel units for the Brindisi substation in southern Italy.
Segments:
By cooling type, the market is trifurcated into air-cooled, water-cooled, and hydrogen-cooled condensers.
Based on the starting methods, the market is categorized into static frequency converter, pony motors, and others.
On the basis of power rating, the market is bifurcated into up to 200 MVAR and above 200 MVAR.
According to the application, the market is segregated into utility and industrial.
Finally, by region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
