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Synchronous Condenser Market Trends, Demand, Growth, Future Scope, Analysis, Forecast By 2032
Synchronous Condenser Market
Synchronous Condenser Market is to grow at a CAGR of 5.20% during the forecast period 2023-2032 with increasing demand in the utilities.
The Synchronous Condenser Market is expected to grow at a CAGR of 5.20% during the forecast period. Increased renewable energy output, lengthy service life, and a growing requirement for power factor adjustment are all factors contributing to the rise.
Existing and planned renovations and expansions of the High-Voltage Direct Current (HVDC) network in various regions are likely to boost demand for power factor correction equipment such as synchronous condensers.
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The covid19 virus outbreak has a negative influence on the industry. The Synchronous Condenser Market has been impacted by the epidemic. The market share of synchronous condensers fell reduced, just like any other sector in the world. The industry was compelled to adopt new tactics to build the market and improve the sales rate when the demand for sales was disrupted and dropped.
COVID 19 has had a global impact on the Synchronous Condenser Market and its demand. The financial considerations of this industry have decreased as a result of the epidemic. To address this, government officials offered a variety of business initiatives to help the industry regain its prominence.
The government and key businesses in the synchronous condenser Market Share have adopted improved tactics to counteract the pandemic's losses. As result, the market's popularity and earnings are regaining ground.
Key Players:
Eaton (Ireland)
Siemens (Germany)
ABB (Switzerland)
Voith Group (Germany)
General Electric (US)
Sustainable Power Systems Inc. (the US)
Toshiba Corporation (Japan)
Electro Mechanical Engineering Associates Inc. (US)
WEG (Brazil)
Power Systems & Controls Inc. (the US)
Ideal Electric Company (US)
Andritz (Austria)
Ansaldo Energia (Italy)
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Market Segmentation
Synchronous Condenser Market Segmentation by cooling type is as follows: Hydrogen, Air, Water
Synchronous Condenser Market segmentation by reactive power rating is as follows: 100 MVAr, Between 100MVAr- 200 MVAr, Above 200 MVAr
Synchronous Condenser Market segmentation based on type is as follows: New type, Refurbished Type
Synchronous Condenser Market segmentation based on the starting method is as follows: The static frequency converter, The pony motor, Others
Synchronous Condenser Market segmentation based on end-user is as follows: The Electric Utilities, The Industries
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Regional Classification
During the forecast period, the Asia-Pacific region will account for the majority of the market share. Because of this location, the synchronous condenser market has grown in popularity.
The market is driven by rising T&D costs and increased grid complexity. China is predicted to have the second-largest share of the regional market after Asia Pacific countries over the forecast period.
Following that, India, Japan, and Australia dominate the market. Multiple firms, including Toshiba Corporation and Fuji Electric Co. Ltd, offer synchronous condensers in India, which is one of the factors driving the market in this country.
The synchronous condenser market outlook revenue of the Global Synchronous Condenser Market rises as a result of these causes.
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