Press release
Condensers Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | ABB Ltd., Siemens AG, General Electric Company, Eaton Corporation plc, Voith Group, Fuji Electric Co. Ltd., WEG S.A
Condensers Global Market Report 2024
As per the report, the condensers market size has grown strongly in recent years. It will grow from $99.78 billion in 2023 to $107.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The condensers market size is expected to see strong growth in the next few years. It will grow to $146.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
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Renewable Energy Demand Fuels Growth In The Condensers Market
The growing demand for renewable energy generation is a major factor contributing to the growth of the condensers market. Synchronous condensers (SCs) generate reactive power and are a helpful way to stabilize the energy provided by renewable resources. The network operators and developers of renewable energy are gradually turning to synchronous condensers to offer incremental short-circuit capacity to reinforce their grid. For instance, in September 2023, according to the Energy Information Administration, a US-based government agency, renewable energy sources accounted for about 13.1% of total US primary energy consumption and about 21.5% of total utility-scale electricity generation in 2022. . Therefore, the growing demand for renewable energy generation is expected to drive the growth of the condensers market over the forecast period.
AI-Enhanced Air Conditioning Systems Boosts Condenser Market
The integration of AI in the air conditioner is shaping the condensers market. Major companies operating in the air conditioning sector are implementing AI technology to increase their performance. For instance, in September 2023, LG has developed AI-based air conditioners that use sensors to deliver clear airflow to indoor environments while managing comfortable temperatures and humidity levels. The AI-based air conditioners have sensors that help deliver clear airflow to indoor environments, ensuring optimal air distribution and quality. r.
The condensers market covered in this report is segmented -
1) By Product Type: New, Refurbished
2) By Cooling Type: Air-Cooled, Evaporative, Water-Cooled
3) By Application: Industrial, Commercial, Transportation
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Major companies operating in the condensers market include ABB Ltd., Siemens AG, General Electric Company, Eaton Corporation plc, Voith Group, Fuji Electric Co. Ltd., WEG S.A., Brush Group, Mitsubishi Electric Corporation, Electro-Mechanical Engineering Associates Inc., Ideal Electric Company, Ansaldo Energia S.p.A., Hyundai Ideal Electric Co. Ltd., Sustainable Power Systems Inc., Toshiba Corporation, Power Systems & Controls Inc., Andritz AG, LG Electronics Inc., Midea Group Co. Ltd., Nippon Chemi-Con Corporation, Nortek Global HVAC LLC, QVF Manufacturer LLC, Rheem Manufacturing Company, Samsung Electronics Co. Ltd., Tokyo Electric Chemical Industry Co. Ltd., Trane Technologies plc, United Technologies Corporation, Vishay Intertechnology Inc., York International Corporation, Zhejiang Weixing Industrial Development Co. Ltd.
Contents of the report:
1. Executive Summary
2. Condensers Market Report Structure
3. Condensers Market Trends And Strategies
4. Condensers Market - Macro Economic Scenario
5. Condensers Market Size And Growth
…..
27. Condensers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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