Global Synchronous Condenser Market Reached About US$1.01 Billion In 2022, Growing At A 7.9% Annual Rate

The global synchronous condenser market reached about $ 1.01 billion in 2022, with an annual growth rate of 7.9%. However, due to increasing synchronous condenser adoption across a range of end-use industries, it is anticipated that the market as a whole will grow at a healthy CAGR of 8.2% between 2022 and 2029, reaching a total valuation of US$ 1.76 Bn by that year.

Due to synchronous condensers' capacity to reduce energy loss during transmission and maintain the stability of electrical power systems, their demand has increased significantly over the past few years. Around 17% of the global automotive condenser market in 2020 came from the synchronous condenser market.

In terms of region, North America will continue to be the most lucrative market for synchronous condensers in 2022, with a significant share of 24.8%. The expansion of the renewable energy sector, the heavy presence of major market players, and supportive government policies are all factors in the growth of the North American synchronous condenser market.

But given the speed of technological development and the rise in HVDC projects, it is expected that the South Asian synchronous condenser market will expand more quickly over the course of the assessment period.

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Future Market Insights foresees a comparison and review analysis of the Synchronous Condenser market's dynamics, which are primarily influenced by a number of industry-specific factors as well as a few definite influences regarding viewpoints that foster industry innovation. The synchronous condenser market is expanding due to the quick development of technology and the rise in HVDC projects.

The difference between the BPS values observed in the Synchronous Condenser Market in H1, 2022 and the Outlook for H1, 2022 According to FMI analysis, this represents a decline of 73 units. The market, however, is anticipated to decline by 44 BPS in H1-2022 compared to H1-2021. The primary market restraint is the high synchronous condenser equipment and maintenance costs.

However, some of the key factors propelling the growth of the synchronous condenser market include power factor correction; the expansion of the high-voltage direct current (HVDC) network; advancements in condenser technology; and a gradual shift towards renewable energy sources.

What Factors Determine the Growth of the Synchronous Condenser Market?

"Synchronous Condensers Market Growth Facilitated by a Paradigm Shift Toward Renewable & Sustainable Energy Resources"

Governments all over the world are searching for alternative energy sources to help meet their energy needs while also reducing environmental pollution levels due to growing concerns about the alarming rate of depletion of fossil fuels. As a result, infrastructure for renewable energy sources like solar and wind power plants has been expanded.

However, these power plants frequently experience issues with supplying the grid with high-quality power and maintaining voltage stability. Synchronous condensers are being installed in these power plants more frequently as a solution to this problem, allowing for stable operations and maintaining voltage stability in the presence of weakened grids. The market for synchronous condensers is being stimulated by this.

The growth of the synchronous condenser market is further supported by rising government investments in creating new HVDC networks, and the trend is anticipated to last throughout the forecast period. Countries are launching numerous new HVDC projects to enable the supply of electricity to their citizens. For instance, India's Prime Minister, Narendra Modi, officially opened the Pugalur-Thrissur HVDC project in 2021.

On electrical power transmission networks, synchronous condensers assist in adjusting reactive power. Future prospects for the global synchronous condenser market are expected to be bright due to the growing use of synchronous condensers in HVDC systems.

Making the U.S. a Lucrative Market for Synchronous Condensers

"Rapid Growth of Renewable Energy Power Industry Fueling Growth in the U.S."

Due to the nation's rapid industrialization, the depletion of fossil fuels, and the growing use of electric vehicles, the demand for renewable energy has significantly increased over the past few years in the U.S. The United States generated approximately 63,194.0 GWh of renewable electricity overall in 2019, according to the International Renewable Energy Agency (IRENA).

The American government is making investments to increase the capacity of renewable energy production. For instance, the U.S. Agency for International Development (USAID) and the Inter-American Development Bank (IDB) announced in 2021 that they would be investing US$ 6.5 million in the development of a new solar power plant at the Caracol Industrial Park. The synchronous condenser market now has lucrative growth opportunities thanks to this.

The expansion of the mining sector and the presence of major market players are also anticipated to help the U.S. synchronous condenser market grow even more.

According to the aforementioned factors, North America will account for 24.8% of the global market in 2022, with the United States as its leader.

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Growth Unfolds in the Chinese Synchronous Condenser Market

"Expansion of the HVDC Network Spurring Sales of Synchronous Condensers in China"

According to FMI, China will maintain its dominance over the synchronous condenser market in South Asia due to the country's favourable political climate, expanding a number of HVDC projects, and quick technological advancements.

China has developed into a global leader in HVDC transmission systems on a global scale. The nation offers a favourable environment for major producers of synchronous condensers like ABB.

The sales of synchronous condensers are expected to increase due to the electrical industry's rapid expansion and the expansion of HVDC transmission networks. In 2022, South Asia, led by China, is expected to account for 17.2% of the global market.

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.