The growth of the synchronous condenser market has been influenced by various stakeholders such as synchronous condenser manufacturers, component manufacturers, raw material suppliers, state & national regulatory authorities, utilities, and government and research associations, environment research institutes, and investment banks.
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The growth of synchronous condenser market is led by many domestic and international manufacturers of synchronous condenser. Manufacturers share an intense rivalry for the market share in each region. The companies not only have to compete with international players, but also have to tackle the demand in each region.
There has been a rising trend of shifting the power generation more toward renewable sources across all regions. This when coupled with increased retirements of conventional power plants is leading to renewed demand for synchronous condensers for power factor correction. In North America, more and more thermal power plants are retired or pare planned for retirement in coming years. In European region, power generated through renewable sources is expected to account for more than 20% of total electricity consumption by 2020.
Leading companies of the synchronous condenser market focused on contracts & agreements and expansions to increase their market share and capture new growing markets. The strategy of winning major contracts and agreements was followed by major industry players as their growth strategy.
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Synchronous condenser manufacturers are competing to win contracts related to new synchronous condenser installations or refurbishments of old installations in several regions to expand their business as well as geographic penetration.
The synchronous condenser market was dominated by Siemens AG (Germany), General Electric (U.S.), Eaton Co. Plc. (Ireland), and ABB Ltd. (Switzerland) in 2014. These market players have also been active in the competitive developments of the synchronous condenser market.Other players include Voith GmbH (Germany), Fuji Electric Co., Ltd. (Japan), Toshiba Corporation (Japan), Hyundai Ideal Electric Co. (U.S.), Sustainable Power Systems, Inc. (U.S.), WEG SA (Brazil), and ElectroMechanical Engineering Associates, Inc. (U.S.).
The key market players were Siemens AG and General Electric who lead the market in contracts & agreements. Siemens bagged most number of contracts among the profiled companies during 2012–2015.