The synchronous condenser market size is projected to reach US$ 939.03 million by 2031 from US$ 680 million in 2023. The market is expected to register a CAGR of 4.1 % in 2023–2031. The increasing demand for high-voltage direct current (HVDC) systems is likely to remain a key synchronous condenser market trend.
The growing need for sustainable energy sources is propelling the synchronous condenser market's strong expansion globally. The market is expanding due in part to the power plants' increasing requirement for integrated systems. An important opportunity in this context is the increase in government programs aimed at lowering air pollution. The market is nevertheless constrained by factors including increased capital and maintenance costs and strict regulations pertaining to synchronous condensers. Among the difficulties are the presence of inexpensive alternatives and the need to engage in an intricate and drawn-out installation procedure.
Synchronous condensers are thought of as DC-excited synchronous motors that modify their power and temperature in accordance with the grid for transmitting electricity. The purpose of synchronous compensators, also known as synchronous condensers, is to continually regulate the voltage level in a network area. Depending on the excitation current value, they can either produce or consume reactive power. When it comes to power-factor correction in power grids, synchronous condensers offer an alternative to capacitor banks.
There is a growing need for solutions that can improve power quality and grid stability as awareness of renewable energy sources grows. In power systems, synchronous condensers are essential because they regulate voltage and sustain reactive power. The power generating and distribution network's overall dependability is preserved, power plant operations are optimized, and grid fluctuations are reduced thanks to the integration of these condensers. As the need for grid stability increases, synchronous condenser use is anticipated to increase, propelling the market ahead.
The term "clean energy" describes energy derived from sources that do not emit air pollutants. Power produced from resources that are continually being replenished is known as renewable energy. These sustainable energy sources, which include wind and solar energy, won't run out like fossil fuels and gas do. Sustainable energy sources are mostly renewable, nevertheless. Thus, renewable energy sources are another name for flawless green clean energy. Thus, the growing need for eco-friendly energy sources is anticipated to present new opportunities for the synchronous condenser market players during the forecast period.
Key segments that contributed to the derivation of the synchronous condenser market analysis are cooling type, reactive power rating, starting method, and application.
The geographic scope of the synchronous condenser market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, Europe accounted for the largest synchronous condenser market share. High voltage direct current (HVDC) systems, a sizable customer base, the quick growth of the renewable energy industry, and the presence of significant regional companies are all credited for this. Furthermore, the existence of countries such as Germany, the United Kingdom, France, and Spain is expected to support the expansion of the European market.
The regional trends and factors influencing the Synchronous Condenser Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Synchronous Condenser Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 680 million |
| Market Size by 2031 | US$ 939.03 million |
| Global CAGR (2023 - 2031) | 4.1 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Cooling Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Synchronous Condenser Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Synchronous Condenser Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The synchronous condenser market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Synchronous Condenser Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global synchronous condenser market was estimated to be US$ 680 million in 2023 and is expected to grow at a CAGR of 4.1 % during the forecast period 2023 - 2031.
The increasing demand in power plants for integrated systems and the growing need for eco-friendly energy sources are the major factors that propel the global synchronous condenser market.
The increasing demand for high-voltage direct current (HVDC) systems is anticipated to play a significant role in the global synchronous condenser market in the coming years.
The key players holding majority shares in the global synchronous condenser market are ABB Ltd., BRUSH Group, Eaton Corporation PLC, Fuji Electric Co., Ltd., and General Electric.
The global synchronous condenser market is expected to reach US$ 939.03 million by 2031.