Press release
Synchronous Condenser Market is expected to reach USD 769.4 million by 2030
Synchronous Condenser Market - DataM Intelligence
Global Synchronous Condenser Market reached USD 635.2 million in 2022 and is expected to reach USD 769.4 million by 2030, growing with a CAGR of 2.4% during the forecast period 2023-2030.
The Growing Demand for Reactive Power Compensation
There is a rising demand for reactive power compensation from electric utilities, including transmission systems, power plants, and various industrial applications. In the forthcoming years, it is anticipated that the advantages associated with synchronous condensers, such as power factor correction, reactive power compensation, grid stability, and voltage regulation, will play a pivotal role in propelling the market's expansion.
To maintain their leadership in the synchronous condenser sector, major competitors in Europe are adopting diverse strategies, including agreements and collaborations. A notable example occurred in December 2020 when Elering AS, an Estonian transmission system operator, and Siemens Energy entered into a contract. The objective of this agreement was the construction of three synchronous condenser facilities in Estonia. Siemens Energy will be responsible for the design, provision, and installation of the three 330 kV synchronous condenser plants in the northern Estonian towns of Püssi, Viru, and Kiisa. As a result, Europe currently holds a significant one-third share of the global market.
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Market Dynamics
Advancing Grid Modernization and Upgrades
The primary objective of grid modernization is to enhance the resilience of the system against disruptive events, including cyberattacks, natural disasters, and adverse weather conditions. Synchronous condensers play a crucial role in achieving this goal by responding swiftly to shifts in power demand or supply, thereby supporting the grid during crises and system contingencies. Their ability to react quickly contributes to strengthening grid resilience, making them increasingly essential in contemporary power systems. Synchronous condensers aid in grid stability, minimizing downtime during emergencies.
A concrete example of this is Siemens Energy's contract with the German-Dutch grid operator TenneT, announced on August 30, 2022. Siemens Energy has been tasked with providing three grid stabilization systems for the German electricity grid. These systems play a vital role in stabilizing the grid, akin to the automatic stabilization provided by conventional power plants, showcasing the necessity of such solutions in the context of modernizing and upgrading power grids.
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Market Segmentation
By Insulation
New Synchronous Condenser
Refurbished Synchronous Condenser
By Cooling Technology
Hydrogen-Cooled
Air-Cooled
Water-Cooled
By Reactive Power Rating
Up to 10 MVAr
101 to 200 MVAr
Above 200 MVAr
By End-User
Electrical Utilities
Industrial Sector
Market Key Players
Major players are Eaton Corporation plc, Voith GmbH & Co. KGaA, ABB LTD, GENERAL ELECTRIC, Ideal Electric Power Co., Fuji Electric, Siemens Energy, Mitsubishi Electric Corporation, Andritz and WEG Group.
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