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Synchronous Condenser Market Size, Share, Growth, Analysis, Trends and Report 2023-2030.
Synchronous Condenser Market-DataM Intelligence 4Market Research
The 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.
Electric utilities including transmission networks, power plants, and other industrial applications demand reactive power adjustment more.
In the next years, synchronous condensers' power factor correction, reactive power compensation, grid stability, and voltage control will boost the market.
Major European synchronous condenser rivals are using agreements and cooperation to preserve their market leadership.
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Market Drivers: Growing Demand for Clean Energy Sources.
Due to the demand for renewable energy, the worldwide synchronous condenser market is growing. Wind and solar power are becoming increasingly popular as the globe works toward a greener energy future. Integrating intermittent renewable energy sources causes voltage control and grid stability challenges.
On March 28, 2023, ABB completed a major turnkey project for Statkraft to refill system inertia for the UK power grid. This is critical as the nation moves away from fossil fuels and toward wind and solar energy. The Liverpool Lister Drive Greener Grid Park project installed two ABB high-inertia synchronous condenser units. Their present capacity meets 1% of the UK's inertia demands until 2025.
Market Segmentation: Rising Demand for Grid Infrastructure and Electric Vehicles Drives Segmental Growth
Due to rising demand for grid infrastructure-supporting goods like power, electrical utilities had the largest market share in 2022. Electric car adoption has increased the number of charging stations, which drives development and offers up new opportunities for renewable power integration.
Synchronous Condenser Market Companies:
The major global players include 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.
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
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share: Growing Demand for Power and Grid Upgrades in the U.S.
Population growth, urbanization, and industrial activities all contribute to the United States' increasing energy demand. Grid enhancements and investments in grid stabilization technologies are required to meet the increased demand for electricity; this creates an opportunity to utilize synchronous condensers.
Related Reports:
Condensing Unit Market- https://www.datamintelligence.com/research-report/condensing-unit-market
Synchronous Motors Market- https://www.datamintelligence.com/research-report/synchronous-motors-market
SDH Optical Synchronous Transmission Equipment Market-https://www.datamintelligence.com/research-report/sdh-optical-synchronous-transmission-equipment-market
Evaporative Condensing Unit Market- https://www.datamintelligence.com/research-report/evaporative-condensing-unit-market
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Website: https://www.datamintelligence.com
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DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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