The synchronous condenser market is being driven by several key factors, including:
Increasing demand for renewable energy sources: Synchronous condensers play a crucial role in supporting the integration of renewable energy sources, such as wind and solar power, into the grid. As the adoption of renewable energy sources continues to grow, the demand for synchronous condensers is also expected to increase.
Grid modernization initiatives: Governments and utility companies around the world are investing in grid modernization projects to improve the efficiency, reliability, and flexibility of the power grid. Synchronous condensers are an important component of these projects, as they help to stabilize the grid and prevent power outages.
Aging power infrastructure: Many power systems around the world are aging and in need of upgrades. Synchronous condensers can help to extend the life of existing power infrastructure by improving its performance and stability.
High efficiency and reliability: Synchronous condensers are highly efficient and reliable, with a long lifespan and low maintenance requirements. This makes them a cost-effective solution for improving the performance of the power grid.
Growing demand from developing economies: Developing economies, particularly in Asia-Pacific and Latin America, are investing in new power infrastructure to meet growing energy demand. Synchronous condensers are a key component of these projects, as they can help to improve the stability and reliability of the power grid in these regions.
Synchronous Condenser Market Overview
Synchronous Condenser Market is to grow at a CAGR of 5.2% during the forecast period 2022-2030 with increasing demand in the utilities.
Market Segmentation
Synchronous Condenser Market Segmentation by cooling type is as follows:
- Hydrogen
- Air
- Water
Synchronous Condenser Market segmentation by reactive power rating is as follows:
- 100 MVAr
- Between 100MVAr- 200 MVAr
- Above 200 MVAr
Synchronous Condenser Market segmentation based on type is as follows:
- New type
- Refurbished Type
Synchronous Condenser Market segmentation based on the starting method is as follows:
- The static frequency converter
- The pony motor
- Others
Synchronous Condenser Market segmentation based on end-user is as follows:
- The Electric Utilities
- The Industries
Industry News
The major key players of the Global Synchronous Condenser Market include Eaton (Ireland), Siemens (Germany), ABB (Switzerland), Voith Group (Germany), General Electric (US), Sustainable Power Systems, Inc. (the US), Electro Mechanical Engineering Associates, Inc. (US), Toshiba Corporation (Japan), WEG (Brazil), Power Systems Controls, Inc. (the US), Andritz (Austria), Ideal Electric Company (US), and Ansaldo Energia (Italy). These players are in charge of ensuring that the users' critical needs are met. They take into account all user suggestions to increase the business's value. These many players are collaborating on several strategic initiatives aimed at promoting the industry's growth and income generation.
