Synchronous Condenser Market Size Share Growth Opportunities Forecast 2024 - 2031

Growing Demand for Clean Energy Source:
The synchronous condenser market, valued at USD 635.2 million in 2022, is fueled by the rising need for clean energy sources. The increasing popularity of wind and solar power necessitates solutions like synchronous condensers for voltage management and grid stability.

For instance, ABB completed a turnkey project for Statkraft in March 2023, providing two high-inertia synchronous condenser systems at the Liverpool Lister Drive Greener Grid Park. These systems contribute around 1% of the UK's anticipated inertia needs until 2025, supporting the transition to renewable energy.

Grid Modernization and Upgradation:
Grid modernization aims to enhance resilience against disruptive events. Synchronous condensers play a crucial role by quickly responding to shifts in power demand or supply, supporting the grid during crises. Siemens Energy, in August 2022, was contracted by TenneT to provide grid stabilization systems, emphasizing the importance of grid resilience in contemporary power systems.

Technological Competition:
The market faces competition from alternative grid stabilization methods such as static VAR compensators (SVCs) and static synchronous compensators (STATCOMs). Cost-effectiveness and unique benefits of these alternatives may influence grid operators' choices, potentially impacting the synchronous condenser industry's development.

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Synchronous Condenser Market Segment Analysis:
Rising Demand for Grid Infrastructure and Electric Vehicles Drives Segmental Growth:
The global synchronous condenser market is segmented based on insulation, cooling technology, reactive power rating, end-user, and region. In 2022, the electrical utilities segment had the largest market share due to the growing demand for grid infrastructure and the rise in electric vehicles, which increases the need for charging stations.

Synchronous Condenser Market Geographical Share:
Growing Demand for Power and Grid Upgrades in the U.S.:
The U.S. dominates the North American synchronous condenser market, holding over 75.5% of the market share. The rising demand for power, grid upgrades, and investments in grid stabilization technologies in the U.S., driven by population expansion and industrial operations, propels the growth of synchronous condensers.

Synchronous Condenser Market Companies:
Major global players driving the synchronous condenser market 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.

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