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The rise in renewable energy production has made power grids more complex and less stable. This has created a greater need for synchronous condensers, which can help improve power quality and stabilize electricity networks. Synchronous condensers are especially useful for correcting voltage and power factor issues in power transmission. As renewable energy sources continue to expand, synchronous condensers are being used to provide additional short-circuit power to strengthen the grid and maintain power quality in the transmission system. These advantages have led to the implementation of synchronous condensers in various renewable energy projects. For example, in November 2018, Siemens was awarded a contract to create Australia's first synchronous condenser, which will be installed at the Kiamal solar farm to support the growing use of renewable energy. The increasing use of renewable energy worldwide is driving the greater application of synchronous condensers.
The rise in renewable energy generation has significantly impacted the demand for synchronous condensers. As renewable energy sources like solar and wind power continue to grow, the complexity of power grids has increased. This has resulted in less stability and resilience in electricity networks, leading to a greater need for solutions like synchronous condensers. These devices are capable of improving the power factor and providing voltage correction in power transmission, addressing the challenges posed by the rise in renewable energy. Furthermore, as the renewable energy sector expands, synchronous condensers are being employed to supply additional short-circuit power, thereby enhancing the grid's strength and ensuring the maintenance of power quality in the transmission system. This increased demand for synchronous condensers is a direct result of the growth in renewable energy applications. The investment in renewable energy has seen significant growth between 2014 and 2017. This increase in investment is a clear indication of the expanding applications of renewable energy on a global scale. The chart below illustrates the rise in investments in renewable energy over the specified time period.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Cooling Type, Reactive Power Rating, Type, Starting Method, End-Use, and Region |
Synchronous Condenser Market Highlights:
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