Press release
North America Synchronous Condenser Market to be Valued USD 223.99 Million by 2026
According to TechSci Research report, “North America Synchronous Condenser Market By Cooling Type (Hydrogen-Cooled, Air-Cooled, Water-Cooled), By Starting Method (Static Frequency Converter, Pony Motor and Others) , By End-User (Electrical Utilities and Industries), By Reactive Power Rating (Up to 100 MVAR, 100 MVAR–200 MVAR and Above 200 MVAR), By Country, Competition, Forecast & Opportunities, 2026” the North America Synchronous Condenser Market is expected to reach 223.99 million by 2026 from 177.24 million in 2020 growing at a rate of 3.63% from 2021-2026. This growth is attributed to increasing demand for power factor correction, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC). Moreover, some other factors responsible for the growth of this market include rising government initiatives to replace nuclear power generation capacity with renewables. This increase in renewable energy generation is accredited to benefits it offers such as declining dependence on fossil fuels, the diversification of energy supply and reduction in greenhouse gas emissions.
Browse 22 Market Data Figures spread through 80 Pages and an in-depth TOC on"North America Synchronous Condenser Market "
https://www.techsciresearch.com/report/north-america-synchronous-condenser-market/4614.html
North America Synchronous Condenser Market can be segmented based on cooling type, starting method, end-user, reactive power rating and country. By cooling type, the synchronous condenser market is segmented into hydrogen-cooled, air-cooled and water-cooled. Among them, hydrogen-cooled synchronous condensers dominated the market in terms of largest market share until 2020 and is anticipated to maintain its lead during the forecast years as well.
In terms of starting method, the market can be categorized into static frequency converter, pony motor, and others (damper windings and direct online synchronous condensers). Static frequency converter method dominates the market with a share of 61.29% in 2020. This method is also expected to dominate during the forecast period because it is independent of supply voltage and load variations. Also, it has low installation cost, low volume, high reliability, and low noise characteristics.
Based on reactive power rating, the market is typically segmented into up to 100 MVAr, 100–200 MVAr, and above 200 MVAr. The increasing installations of large-sized above 200 MVAr synchronous condensers, especially in United States, are likely to foster the synchronous condenser market in North America.
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Siemens AG, ABB Ltd, Sustainable Power Systems Inc, Eaton Corporation PLC, Power Systems and Control Inc, WEG SA, Fuji Electric Co. Ltd, General Electric Company, Electromechanical Engineering Associates Inc., Hyundai Ideal Electric Co. are among the leading players in the North America Synchronous Condenser Market. Companies operating in the market are using organic strategies such as product and technological advancement through addition of new features, mergers and collaborations to boost their share.
“United States is the largest market in the North America synchronous condenser market and is expected to continue its dominance during the forecast period due to the increasing demand in the utilities and applications in renewable energy. Furthermore, synchronous condenser market in United States is expected to witness growth due to the need to improve the power factor of the power transmission network, to stabilize the variability in power generation, to ensure grid reliability, efficiency, and security, and to maintain the power quality in the grid”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America Synchronous Condenser Market By Cooling Type (Hydrogen-Cooled, Air-Cooled, Water-Cooled), By Starting Method (Static Frequency Converter, Pony Motor and Others) , By End-User (Electrical Utilities and Industries), By Reactive Power Rating (Up to 100 MVAR, 100 MVAR–200 MVAR and Above 200 MVAR), By Country, Competition, Forecast & Opportunities, 2026”, has evaluated the future growth potential of North America Synchronous Condenser Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in North America Synchronous Condenser Market.
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About TechSci Research
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