Synchronous Condenser Market Share, Development by Companies Outlook, Growth Prospects and Key Opportunities by 2029

The global synchronous condenser market was valued at ~US$ 760 Mn in 2018, and is estimated to increase at a CAGR of ~8% during the forecast period of 2019-2029. This growth is majorly driven by the integration of renewable energy through solar and wind power plants and increasing installation of synchronous condensers to carry robust functioning of the power plants.

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Newer Opportunities Identified in Middle East & Africa
Regions such as North America and Europe, are likely to hold prominent market shares in terms of value. However, the South Asiam market is estimated to project lucrative growth in the global synchronous condenser market over the forecast period of 2019-2029. This growth in the region is propelled by the rapid technological advancements and growing number of HVDC projects in prominent countries such as India and Indonesia, among others.
Furthermore, the market of synchronous condensers is expected to grow predominantly in prominent countries of Middle East and Africa including Saudi Arabia, Kuwait, Qatar, Abu Dhabi, Nigeria, and U.A.E., owing to various macroeconomic factors such as growing urbanization, stable political & social backdrop, and rapid industrialization. Increasing number of market players in the region have gained the confidence of foreign investors and grid operators to invest in the market.

Moreover, refurbishment of synchronous condensers from old conventional plants and generators to new machines have added expressively positive momentum over the few past years. Also, rapidly growing number of HVDC projects in MEA and installment of sustainable energy plants have boosted the demand for synchronous condensers to provide stability and robust functioning of power plants. These factors have resulted in significant growth of the synchronous condenser market in the region.

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By Segment:
By Product
• New synchronous condenser
• Refurbished synchronous condenser
By Cooling Type
• Air cooled
• Hydrogen cooled
• Water cooled
By Power Rating
• Less than 50 MVAR
• 50 to 80 MVAR
• 80 to 100 MVAR
• 100 to 150 MVAR
• 150 to 200 MVAR
• Above 200 MVAR
By Starting Method
• Static frequency converter
• Pony motors
• Others
By End Use
• Electrical power utilities
o Electric grids
o Solar farms
• Mining
• Commercial
• Others
By Region
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East
• Africa

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Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global synchronous condenser market. Some of the examples of key players in the global synchronous condenser market are ABB Ltd., General Electric, Siemens AG, Mitsubishi Electric Corporation, WEG, Eaton Corp. PLC, Voith GmbH, Ansaldo Energia, Toshiba Corporation, and Sustainable Power Systems Inc., among others.

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