Synchronous Condenser Market to increase at a CAGR of ~8% During Forecast Period of 2019-2029

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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1. The global synchronous condensers market size in 2018 was ~US$ 760 Mn.
2. The synchronous condensers market is expected to grow at a CAGR of ~8% during the forecast period of 2019-2029.
3. Besides increasing the adoption of sustainable energy solutions and solar and wind plants, HVDC projects are also driving the sales of synchronous condensers.
4. Collectively, North America, Europe, Middle East and Africa, are likely to account for half of the revenue shares in the synchronous condensers industry by the end of 2029.
o North America, attributing to the strong presence of the renewable energy industry, will continue to be a prominent regional market for synchronous condensers manufacturers.
5. The power generation industry, along with nuclear power plants and mining industry, is expected to remain prominent application area for synchronous condensers market players to invest in.
o Power generation industries such as solar, wind, and thermal plants, have witnessed significant growth over the recent past, and revival of this sector has been particularly noteworthy owing to the increasing environmental concerns.
o Noteworthy application potential of synchronous condensers has been identified in the water cooled synchronous condensers segment.

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Rising Number of HVDC and Related Substation Projects Creating New Opportunities for Synchronous Condenser Manufacturers
The global market of synchronous condensers has been segmented on the basis of different types of synchronous condensers, their multiple applications, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa.
• By product, newly built synchronous condenser is likely to hold prominent value shares of the global synchronous condenser market. This has majorly resulted from the increasing adoption of synchronous condensers over conventional cooling gas plants and increasing installation of solar and wind farms in several countries.
• On the basis of cooling, the water cooled segment is expected to consume majority share of the global synchronous condenser market value. This is driven by the increasing demand for water cooled synchronous condensers across several regions. Furthermore, it is expected that the application of synchronous condensers in power plants and other similar machines will grow prominently throughout the forecast period.
• On the basis of power rating, synchronous condensers ranging from less than 50 MVAR and from 50 to 80 MVAR are expected to consume majority share of the global synchronous condenser market value. This is driven by the increasing construction of synchronous condensers under specified power ratings by key market players across several regions.

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Synchronous Condenser Market: 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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