Press release
Synchronous Condenser Market worth $811 Million by 2030
The global Synchronous Condenser Market [https://www.marketsandmarkets.com/Market-Reports/synchronous-condenser-market-189197147.html] size will grow to USD 811 million by 2030 from USD 661 million in 2022, at a CAGR of 2.6% during the forecast period. Synchronous condensers ensure a stable supply to the transmission grid. They can also supply and absorb reactive power and deliver voltage support and dynamic regulation. In addition, many renewable resources are remotely located and feed power into a single radial line. Synchronous condensers can be installed close to the connection point to strengthen the grid with additional short-circuit power. This improves the fault ride-through capability of the power installation itself and provides additional voltage stability.
With renewable power generation on the rise, the synchronous condenser market is expected to witness substantial growth in the coming years. This trend is expected to gain traction in North America and Europe, where renewable energy is gaining momentum, and the conventional power generation infrastructure is aging and converted to synchronous condensers. The growth of the synchronous condensers market can be attributed to the increasing investments in the power infrastructure to improve the grid reliability.
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Electrical utilities generate, transmit, and distribute electricity from various conventional and renewable sources. Thus, they are the major end users of synchronous condensers. Electrical utilities can install synchronous condensers as stand-alone packages, temporarily operate power plants as synchronous condensers, and convert and retrofit existing and decommissioned power plants to run synchronous condensing facilities. In conventional, combined, or open-cycle plants, a turbine-driven generator is decoupled from the turbine by a clutch and operated as a synchronous condenser to provide reactive power.
Europe is expected to be the second-largest region in the Synchronous Condenser Market
Europe is expected to be the second-largest in the Synchronous Condensers Market during the forecast period. EU is actively adding renewable energy capacities to meet its 32% target for Renewable Energy Sources (RES) in the total energy consumption by 2030. This would increase the share of the electricity supply fed to the grid from the RES. The expansion of decentralized and intermittent renewable generation capacities within Europe would make it imperative to adopt advanced technologies for power factor correction and voltage stabilization, thus ensuring the reliability and quality of power supply to end-users. Controlling the limits in voltage profiles in distributed generation and standardizing parameters for reactive power controllers are the major issues that need to be addressed in the region.
North America is expected to be the largest region for the synchronous condenser market
North America is expected to grow fastest in the global synchronous condenser market between 2022-2030, followed by Europe and the Asia Pacific. The market in North America is due to the developments in this region actively focusing on upgrading and replacing aging infrastructures to improve grid reliability and resilience and develop smart electricity networks. The North American power sector is currently facing challenges such as meeting energy-efficiency targets, compliance with federal carbon policies and integrating various distributed generation sources in the grid. Utilities in the region are undergoing a major digital operational transformation. Their operators focus on decentralization, digitization, and decarbonization of power systems. These developments in the power infrastructure are driving the market in North America.
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Some of the major players in the Synchronous Condenser Market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and ANDRITZ (Austria).
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