Rising demand for power factor correction and government initiatives to replace fossil fuels to drive North America synchronous condenser market
According to Tech Sci Research report, “North America Synchronous Condenser Market By Cooling Type, By Starting Method, By End-User, By Reactive Power Rating, By Region, Competition, Forecast & Opportunities, 2025”, the North America synchronous condenser market is expected to grow at a steady pace during the next 5 years owing to increasing demand for power factor correction, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC). Moreover, some other factors responsible for the growth of this market include rising government initiatives in order to replace nuclear power generation capacity with renewables. This increase in renewable energy generation is accredited to benefits it offers such as declining dependence on fossil fuels, the diversification of energy supply and reduction in greenhouse gas emissions. However, the high manufacturing and maintenance cost when compared to its alternatives might restrain the growth of North America synchronous condenser market through 2025.
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North America synchronous condenser market can be segmented based on cooling type, starting method, end user, reactive power rating and region. On basis of starting method, the market can be segmented into static frequency converter, pony motor and others. Among them, static frequency converter segment is anticipated to hold the largest share in the North America synchronous condenser market during the forecast period as it is independent of supply voltage and load variations along with low installation cost. Additionally, its features such as high reliability, low volume and low noise characteristics makes it a popular choice.
Siemens AG, ABB Ltd, Sustainable Power Systems Inc, Eaton Corporation PLC, Power Systems and Control Inc, WEG SA, Fuji Electric Co. Ltd, General Electric Company, Electromechanical Engineering Associates Inc., Hyundai Ideal Electric Co etc. are some of the leading players operating in North America synchronous condenser market.
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“North America synchronous condenser market is expected to witness significant growth during the forecast period which can be attributed to surging demand for synchronous condensers in Canada. Additionally, rising trend to convert old power plants to synchronous condensers in country like in the United States is further anticipated to propel market growth in this region until 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America Synchronous Condenser Market By Cooling Type, By Starting Method, By End-User, By Reactive Power Rating, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of North America synchronous condenser market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America synchronous condenser market.