North America Synchronous Condenser Market Growth Drivers and Forecast by 2027
Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027North America Synchronous Condenser Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Cooling Type (Air-cooled, Hydrogen-cooled, and Water-cooled), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, and Above 200 MVAr), Starting Method (Pony Motor, Static Frequency Converter, and Others), and Application (Metal and Mining, Electrical Utilities and Grid Operators, Marine, Oil and Gas, and Others)
- Report Date : Mar 2021
- Report Code : TIPRE00020062
- Category : Electronics and Semiconductor
- Status : Published
- Available Report Formats :
- No. of Pages : 150
The North America synchronous condenser market is expected to grow from US$ 189.95 million in 2019 to US$ 199.92 million by 2027; it is estimated to grow at a CAGR of 1.5 % from 2020 to 2027.
The US, Canada, and Mexico are major economies in North America. Rising demand for renewable power generation is expected to escalate the North America synchronous condenser market. The potential for rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the above-mentioned industries. Rising initiatives among states, cities, and utilities to pursue DE carbonization plans over the years are increasing the demand for renewable energy across the North America. The energy production of most countries around the North America has been dominated by fossil fuels since the industrial revolution. This significantly affects both the climate and human health. The combustion of fossil fuels for electricity results in three-quarters of greenhouse gas emissions. In order to reduce carbon dioxide emission across the North America, the consumption of renewable energy has increased, leading to the high demand for the same. For instance, according to the International Renewable Energy Agency, the top North American country in terms of renewable power and electricity generation capacity is the US. Thus, rising investments in renewable power generation by major economies across the North America are expected to influence the adoption of synchronous condensers, which will drive the North America synchronous condenser market
Further, in case of COVID-19, North America is highly affected specially the US. North America has the highest adoption and growth levels of new technologies, with favorable government policies to boost innovation and improve infrastructure capabilities. Therefore, any effect on industries is expected to have a negative influence on the economic growth of the region. It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has also affected the supply chain and logistics industry of the country adversely. Though the demand for power was very high across the region especially arising from the healthcare sector to support all systems has influenced the rise in demand for renewable energy across the region. However, owing to nationwide lockdown across major economies like the US and Canada, the supply chain of major components of synchronous condenser was adversely affected, thereby impacted the manufacturing of the same. Thus, the above mentioned factors indicate that the outbreak of the pandemic has an adverse impact on the market across 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 North America synchronous condenser market. The North America synchronous condenser market is expected to grow at a good CAGR during the forecast period.
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
North America Synchronous Condenser Market Segmentation
North America Synchronous Condenser Market – By Cooling Type
- Air-cooled
- Hydrogen-cooled
- Water-cooled
North America Synchronous Condenser Market – By Reactive Power Rating
- Up to 100 MVAr
- 100-200 MVAr
- Above 200 MVAr
North America Synchronous Condenser Market – By Starting Method
- Pony Motor
- Static Frequency Converter
- others
North America Synchronous Condenser Market – By Application
- Metal and Mining
- Electrical Utilities and Grid Operators
- Marine
- Oil and Gas
- Others
North America Synchronous Condenser Market, by Country
- US
- Canada
- Mexico
North America Synchronous Condenser Market -Companies Mentioned
- ABB Ltd.
- Brush Group
- Eaton Corporation plc
- FUJI ELECTRIC CO., LTD.
- General Electric Company
- IDEAL ELECTRIC POWER CO.
- Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation)
- Siemens AG (Siemens Energy)
- Voith GmbH & Co. KGaA
- WEG ELECTRIC CORP.
North America Synchronous Condenser Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 189.95 Million |
| Market Size by 2027 | US$ 199.92 Million |
| Global CAGR (2020 - 2027) | 1.5 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Cooling Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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- ABB Ltd.
- Brush Group
- Eaton Corporation plc
- FUJI ELECTRIC CO., LTD.
- General Electric Company
- IDEAL ELECTRIC POWER CO.
- Mitsubishi Electric Power Products, Inc. (Mitsubishi Electric Corporation)
- Siemens AG (Siemens Energy)
- Voith GmbH & Co. KGaA
- WEG ELECTRIC CORP.
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