“According to the research report published by Polaris Market Research, the global synchronous condenser market was valued at USD 647.5 million in 2021 and is expected to reach USD 819.3 million by 2030, to grow at a CAGR of 2.7% during the forecast period.”
The latest study released by Polaris Market Research titled Synchronous Condenser Market: By Size, Latest Trends, Share, Huge Growth, Segments, Analysis and Forecast, 2032 evaluates market size, trend, and forecast. The report deeps dive into market data by covering key business segments and wide scope geographies.
The report delivers significant research data and proof to be a ready-to-access and self-analyzed study for managers, analysts, industry experts, and other key people, assisting them in making crucial business decisions. The report comprises qualitative and quantitative information on the Synchronous Condenser Market that provides historical data and growth forecast. It covers recent developments, technologies, and the changing investment structure of the market. The report is showcased with self-explained tables and charts in a presentable format.
The demand for the systems is increasing as it is an excellent source of short circuit power and inertia in electrical utilities and the industrial sector. The growing integration of renewable energy sources into mainstream power generation is expected to drive demand as the systems are being used to stabilize the variability of energy generated through renewables.
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The growing renewable energy installations across North America and Europe are expected to have a positive impact on the demand for the systems. The renewable energy generation in the two regions combined grew by 6.7% in 2021 from 2020, with Europe accounting for 57%. This is likely to complement the demand for the systems as it is increasingly used as a stabilizer in the two regions.
COVID-19 had a negative impact on the market owing to the worldwide lockdowns and trade restrictions. In addition, the global economic slowdown also affected the energy & power sector, owing to which the demand for the systems saw a considerable decline. However, the resumption of industrial activities in 2021 aided in the market’s slow but steady recovery.
The growing need for reactive power generator systems to avoid production and operational losses in the industrial sector is expected to drive the growth of the systems. In addition, the growing demand for alternative power sources during failure and power outages is also likely to have a positive impact on the industry growth.
Top Key Players:
- ABB
- Andritz Group
- Ansaldo Energia
- Bharat Heavy Electricals Limited (BHEL)
- Brush Group
- Doosan Skoda Power
- Eaton
- Fuji Electric
- General Electric
- Ideal Electric Power
- Ingeteam
- Mitsubishi Heavy Industries
- Power Systems & Controls
- Siemens
- Voith Group
- WEG
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Synchronous Condenser Market Report Highlights
- New systems segment accounted for the largest share in 2021 owing to the growing demand for the systems to stabilize the variable power generated through renewable sources
- Hydrogen-cooled technology is expected to witness significant growth owing to the increasing demand for systems with reactive power rating with over 200 MVAr in electrical utilities
- Electrical utilities accounted for the largest revenue share in 2021, owing to the increasing integration of renewable energy sources with mainstream power generation driving the demand for the systems
- North America is expected to grow at a CAGR of 3.8% over the forecast period owing to the increasing renewable energy generation capacity in the U.S., positively impacting the demand for the system
- In May 2022, world largest flywheel arrived at Moneypoint power station in southwest Ireland and completed the synchronous condenser for grid stabilization built for Irish utility ESB
Polaris Market Research has segmented the synchronous condenser market report based on type, cooling technology, starting method, reactive power rating, end-use, and region:
Synchronous Condenser, Type Outlook (Revenue – USD Million)
- New
- Refurbished
Synchronous Condenser, Cooling Technology Outlook (Revenue – USD Million)
- Hydrogen-cooled
- Air-cooled
- Water-cooled
Synchronous Condenser, Starting Method Outlook (Revenue – USD Million)
- Static Frequency Converter
- Pony Motor
- Others
Synchronous Condenser, Reactive Power Rating Outlook (Revenue – USD Million)
- Up to 100 MVAr
- 101 – 200 MVAr
- Above 200 MVAr
Synchronous Condenser, End-Use Outlook (Revenue – USD Million)
- Electrical Utilities
- Industrial
Synchronous Condenser, Regional Outlook (Revenue – USD Million)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Key Questions Answered with This Study
- What makes the market feasible for long-term investment?
- What geographic region would have better demand for products/services?
- What opportunity emerging territory would offer to established and new entrants in the market?
- How influencing factors driving the demand for Synchronous Condenser Market in the next few years?
- What is the impact analysis of various factors in the market growth?
- What strategies of major players help them acquire share in a mature market?
- What are the recent trends in the regional market?
- What will be the market-based future possibilities, development patterns, and Synchronous Condenser Market elements?
Browse market data Tables and Figures and in-depth TOC on Synchronous Condenser Market Forecast Report (2023-2032) @ https://www.polarismarketresearch.com/industry-analysis/synchronous-condenser-market
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