Global Synchronous Condenser Market 2022-2030: ABB, Siemens, GE, Eaton, Voith Group, Fuji Electric, and WEG

The global synchronous condenser market is projected to grow from USD 661 million in 2022 to USD 811 million by 2030, registering a CAGR of 2.6% during the review period. The developments in the power transmission and distribution networks to maintain grid operations and the increasing investments in expanding the renewable energy capacities are the key factors driving the growth of the synchronous condenser market.

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"New Synchronous Condenser: is expected to be the largest segment synchronous condenser market, by type"
The type segment is categorized as New Synchronous Condenser and refurbished synchronous condenser. A new synchronous condenser is constructed with 2 or 4 poles (2-pole pair), which can be cooled with hydrogen, air, and water. With the globally expanding HVDC network, countries such as Canada, Brazil, and Italy have deployed new synchronous condensers for stabilizing and improving transmission systems' stability and strength. Besides, they are also being deployed to control voltage fluctuations and provide reactive power support.

"The hydrogen cooled synchronous condenser segment is expected to emerge as the fastest segment, by Cooling technology"
The Synchronous Condenser market has been segmented into the hydrogen-cooled synchronous condenser, Air cooled synchronous condensers and Water-cooled synchronous condensers. The hydrogen-cooled synchronous condenser uses gaseous hydrogen as a coolant because of its superior cooling properties. It exhibits low density, high specific heat, and high thermal conductivity features. The hydrogen-cooled synchronous condenser has 1.5 times higher heat transfer capability and 1/14th the density than its air-cooled counterpart, resulting in fewer friction losses and faster cooling. Hydrogen-cooled synchronous condensers can be operated at a higher load with the same temperature rise, and the windage loss is lower than air-cooled synchronous condensers.

"North America is expected to account for the largest market size during the forecast period."
North America is expected to be the largest market during the forecast period. North America has aging power infrastructures, which may increase the risk of blackouts. Therefore, governments of different countries in this region are actively focusing on upgrading and replacing aging infrastructures to improve grid reliability and resilience and develop smart electricity networks. The North American power sector is currently facing challenges such as meeting energy-efficiency targets, compliance with federal carbon policies and integrating various distributed generation sources in the grid.

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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1-65%, Tier 2-24%, and Tier 3-11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
• By Region: North America- 33%, Europe - 27%, South America-20 %, Asia Pacific- 12%Central America-8%
Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined based on their total revenues as of 2017. Tier 1:>USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:< USD 500 million
The Synchronous Condenser market is dominated by a few major players that have a wide regional presence. The leading players in the synchronous condenser market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), and WEG (Brazil).

Research Coverage:
The report defines, describes, and forecasts the synchronous condenser market, Cooling Technology, Reactive Power Rating, Type, Starting Method, End User, and Region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the synchronous condenser market.

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Key Benefits of Buying the Report:
• The report identifies and addresses the key markets for the synchronous condenser market, which would help cable manufacturers review the growth in demand.
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