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.

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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.

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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The global synchronous condenser market is significantly consolidated with some players holding prominent shares of the market. These players are offering synchronous condensers under their business segments such as F.A.CT.S., and motors & generators, among others.

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