Synchronous Condenser Market is expected to reach US$ 580.28 Mn by 2027

"Synchronous Condenser Market" study by "The Insight Partners" provides details about the market dynamics affecting the market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.

According to our latest market study on "Synchronous Condenser Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Cooling Type, Reactive Power Rating, Starting Method, and Application," the market was valued at US$ 507.64 million in 2019 and is projected to reach US$ 580.28 million by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027.

This Report encloses comprehensive analysis on the market and are assessed through volume and value data validated on three approaches including top companies revenues. It concludes with precise and authentic market estimations considering all the parameters and market dynamics. Every crucial and decisive detail for the development and restriction of the market is mentioned in fine points with solutions and suggestions that may affect the market in near future. Segmentation of the market are studied specifically to give profound knowledge for supplementary market investments.

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The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America and Europe are being shut down owing to these factors. For instance, in 2019, 8.3 GW worth of capacity retirements took place, of which 53% were coal. Withdrawing a power generation unit decreases a plant's capacity for reactive power.

There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to offer new opportunities for the synchronous condenser market globally.

The report facilitates in determining and interpreting the key market players, portfolios with necessary information such as company profiles, components and services offered, financial information of past few years, key developments in past few years, that helps in constructing strategies to gain competitive advantage in the long run. The report also analyzes factors affecting Synchronous Condenser market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend.

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Impact of COVID-19 Pandemic on Synchronous Condenser Market

The COVID-19 outbreak was first reported in Wuhan, China, during December 2019. The crisis is adversely affecting industries worldwide. The global economy witnessed the worst hit in 2020, and it is likely to continue in 2021. The outbreak is creating significant disruptions in primary industries such as logistics, retail, and e-commerce. In addition, the sharp decline in international trade is hindering the growth of the global economy. The pandemic has temporarily closed down most of the production plants across all industries, and has also disrupted the supply chain and logistics industry. However, lockdown in almost all countries is restricting the supply chain of major components of synchronous condenser as well as hindering the manufacturing of the same.
The report is a combination of qualitative and quantitative analysis of the virtual reality industry. The global market majorly considers five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America (SACM). The report also focuses on the exhaustive PEST analysis and extensive market dynamics during the forecast period.

Synchronous Condenser Market: Competitive Landscape and Key Developments
• ABB Ltd.
• BRUSH Group
• Eaton Corporation PLC
• Fuji Electric Co., Ltd.
• General Electric
• Hyundai Idela Electric Co.
• Mitsubishi Electric Corporation
• Siemens AG
• Voith GmBH
• WEG Electric Corp.
Key Elements that the report acknowledges:
• Market size and growth rate during forecast period.
• Key factors driving the "Synchronous Condenser market" market.
• Key market trends cracking up the growth of the "Synchronous Condenser market" market.
• Challenges to market growth.
• Key vendors of "Synchronous Condenser market" market.
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global "Synchronous Condenser" market.
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major regions.

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