Synchronous Condenser Market Size, Share, and Analysis by 2031
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.
Synchronous Condenser Market Analysis
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 Condenser Market Overview
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.
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Synchronous Condenser Market: Strategic Insights
Market Size Value in US$ 507.64 Million in 2019 Market Size Value by US$ 580.28 Million by 2027 Growth rate CAGR of 2.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Synchronous Condenser Market: Strategic Insights
| Market Size Value in | US$ 507.64 Million in 2019 |
| Market Size Value by | US$ 580.28 Million by 2027 |
| Growth rate | CAGR of 2.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Synchronous Condenser Market Drivers and Opportunities
Increasing Demand in Power Plants for Integrated Systems
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.
Growing Need for Eco-Friendly Energy Sources
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.
Synchronous Condenser Market Report Segmentation Analysis
Key segments that contributed to the derivation of the synchronous condenser market analysis are cooling type, reactive power rating, starting method, and application.
- Based on the cooling type, the synchronous condenser market is segmented into air-cooled, hydrogen-cooled, and water-cooled. The hydrogen-cooled segment held a larger market share in 2023.
- By reactive power rating, the market is segmented into up to 100 MVAr, 100–200 MVAr, and Above 200 MVAr.
- By starting method, the market is segmented into pony motors, static frequency converters, and others.
- By application, the market is segmented into metal and mining, electrical utilities and grid operators, marine, oil and gas, and others.
Synchronous Condenser Market Share Analysis by Geography
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.
Synchronous Condenser Market Report Scope
Synchronous Condenser Market News and Recent Developments
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:
- In November 2023, at Ireland's Shannon Bridge B, Siemens unveiled a hybrid grid stabilization system. This novel device combines a 160 MWh battery with a flywheel-equipped synchronous condenser. This is the first time these two technologies have been combined to provide a single, cohesive grid connection solution. Improving grid stability and optimizing the use of renewable energy sources are the main goals. Siemens hopes to successfully handle grid difficulties and expedite the shift towards a more sustainable energy infrastructure by utilizing this cutting-edge hybrid solution. (Source: Siemens, Press Release)
- In November 2023, General Electric announced that EDF SEI chose a consortium made up of GE Vernova's Power Conversion division and Eiffage Énergie Systèmes (consortium manager) to provide and construct a turnkey synchronous condenser system at the EDF. (Source: General Electric, Press Release)
Synchronous Condenser Market Report Coverage and Deliverables
The “Synchronous Condenser Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Cooling Type , Reactive Power Rating , Starting Method , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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