Synchronous condensers are electrical devices similar to synchronous motors whose rotating shaft rotates freely on no load condition. This device does not convert electrical energy to mechanical energy or the other way around but is primarily utilized to improve the power factor by over exciting the electric field surrounding the device. The level of electrical field excitation applied to the synchronous condensers changes the power factor generated by the device. Synchronous condenser also functions as a device to absorb or generate reactive power by controlling the voltage across it in order to adjust to the voltage demanded by the power grids. These devices are also known as synchronous compensators or capacitors. Synchronous condensers find their primary application in transmission and distribution centres within the power grid lines to regulate the line voltage and maintain a constant amount of electrical power transmission.
With the rise in demand and consumption of electrical power in the current scenario for commercial, residential and industrial purposes, the network of power grid system has also increased expanding to many remote areas of the world improving the transmission and distribution grid, thereby necessitating the requirement of synchronous condensers in the network to control power surges, paving a way for the growth of the synchronous condensers market. This is also augmented by the fact that higher adoption of renewable sources of energy to generate electrical power has improved the dynamics of the market on a favourable side. The need for correcting the power factor has also placed a high demand for the installation of synchronous condensers in the T&D network.
Though the utilization of synchronous condensers has greatly affected the way electrical power is transmitted with minimal losses and hazards, it is not without its disadvantages that can come across as a dent in the growth of the market in the upcoming years. High installation costs and periodical maintenance required to run the synchronous condensers for a longer period of time can hinder the market from a sustainable growth.
Synchronous condensers are known as the oldest known voltage regulation devices since the inception of power grids hence, cheaper, newer and efficient alternatives such as Static VAr Compensators and Static Synchronous Compensators are slowly replacing synchronous condensers restricting the growth of the market in the upcoming years.
The growth of the synchronous condensers market depends on the fact how much the power grid network has penetrated into different regions of the world and the demand placed by the consumers on electric power. North America is attributed to be on the forefront for the demand of synchronous condensers owing to improved industrialization and urban development as well as increased adoption of renewable sources of energy to meet their power demands. The same can be said for Japan and Europe, in particular, the western region. Asia Pacific region has also witnessed tremendous activities in the industrial sector, especially in China and India, which can be observed as an opportunity for the growth of the synchronous condensers market in the said region.
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