Synchronous Condenser Market to Hit US$769.4 Mn by 2030, CAGR 2.4% (2023-2030) Driven by Grid Stability Requirements | Market Players: Eaton Corporation plc, Voith GmbH & Co. KGaA, ABB LTD, GENERAL ELECTRIC

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.

The global Synchronous Condenser market has witnessed significant growth over the past few years, driven by increasing demand across multiple industries and advancements in technology. The market is characterized by rising adoption of innovative solutions, growing consumer awareness, and supportive government regulations in major economies. As industries continue to prioritize efficiency, sustainability, and cost optimization, Synchronous Condenser is becoming a critical enabler of business transformation.

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The synchronous condenser market is driven by the rising need for grid stability, renewable energy integration, and reactive power compensation. Investments in modern power transmission infrastructure are boosting demand.

Key Highlights from the Report

➤ The Synchronous Condenser market is projected to grow at a CAGR of 2.4% between 2023-2030.
➤ The new synchronous condenser installations segment dominates, while the retrofitting of old generators segment grows fastest with grid modernization.
➤ North America leads the synchronous condenser market, while Asia Pacific is the fastest growing region due to grid reliability initiatives.
➤ Strategic collaborations and M&A activities are shaping the competitive landscape.
➤ Sustainability and digital transformation are creating new opportunities in the market.

Market Segmentation

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)

Company Insights

Key players operating in 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.

United States: Recent Industry Developments

✅ In July 2025, Siemens Energy commissioned a 300 MVAR synchronous condenser project in Texas. The installation enhances grid stability and supports renewable energy integration. It is among the largest projects of its kind in North America.

✅ In June 2025, GE Vernova invested $120 million to upgrade synchronous condenser manufacturing at its Pennsylvania facility. The expansion is aimed at meeting rising demand from U.S. utilities. Production capacity will double by early 2026.

✅ In May 2025, ABB partnered with Dominion Energy to deploy synchronous condensers in Virginia. The project improves voltage regulation and reduces transmission bottlenecks. It is a critical step in supporting offshore wind integration.

Japan: Recent Industry Developments

✅ In July 2025, Mitsubishi Electric introduced a compact synchronous condenser system for urban substations. The unit is designed to stabilize power flows in densely populated regions. It supports Japan's transition toward renewable-heavy grids.

✅ In June 2025, Toshiba Energy Systems invested in R&D to develop hybrid synchronous condensers with flywheel storage. The technology provides both inertia and short-term backup power. Pilot projects are underway with regional utilities.

✅ In May 2025, Hitachi Energy deployed synchronous condensers in Hokkaido to support wind power integration. The project enhances frequency stability and reduces reliance on fossil-fuel backup. It contributes to Japan's long-term decarbonization goals.

Recent Developments

✅ On May 15, 2023, The synchronous compensator, which is required to detach the energy grid from the Russian network and connect it to the continental European grid, has been launched by Elering. This synchronous condenser (SynCon) is the first of three that will be constructed in Estonia.
Wind Blade

✅ On May 2, 2023, Suzlon Group the second order of the 3 MW product series was obtained, India's largest provider of renewable energy solutions, for Juniper Green Energy Private Limited's development of a 69.3 MW wind power plant. 22 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower of Suzlon's new product, each with a 3.15 MW rating, will be constructed.

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Regional Insights

The global Synchronous Condenser market demonstrates strong performance across multiple regions:
• North America leads the market due to high adoption rates, strong R&D activities, and the presence of key market players.
• Europe benefits from stringent regulations, increasing focus on sustainability, and government-backed innovation programs.
• Asia-Pacific is expected to witness the fastest growth during the forecast period, fueled by rapid industrialization, growing consumer base, and rising investment in infrastructure.
• Latin America and Middle East & Africa are also showing promising growth, supported by economic reforms and foreign direct investments.

Market Dynamics

Driver: Increasing renewable integration into grids drives demand for reactive power compensation.
Restraint: High capital and operational costs deter adoption in developing regions.
Opportunity: Modernization of aging grid infrastructure creates deployment opportunities.
Challenge: Availability of advanced alternatives like STATCOMs poses competition.

The Report Includes:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Go-to-market Strategy.
➡ Neutral perspective on the market performance.
➡ Customized regional/country reports as per request and country level analysis.
➡ Potential & niche segments and regions exhibiting promising growth covered.

Reasons to Buy the Report
✔ Comprehensive market insights with accurate growth projections through 2032.
✔ In-depth segmentation analysis to identify high-growth areas.
✔ Regional breakdown highlighting key opportunities across global markets.
✔ Competitive landscape profiling leading players and recent strategic moves.
✔ Actionable insights for investors, policymakers, and industry stakeholders.

Frequently Asked Questions (FAQs)
◆ How Big is the Global Synchronous Condenser Market?
◆ Who are the Key Players in the Synchronous Condenser Industry?
◆ What is the Projected Growth Rate (CAGR) of the Market from 2025 to 2032?
◆ What is the Forecast Value of the Market by 2032?
◆ Which Region is Expected to Dominate the Market During the Forecast Period?

Conclusion

The global Synchronous Condenser market is positioned for significant growth, driven by strong demand across industries, technological innovation, and supportive regulatory environments. While challenges such as high costs and regulatory hurdles exist, emerging opportunities in digital transformation, sustainability, and new applications are expected to create profitable pathways for market players. Companies that invest in innovation and strategic collaborations will remain at the forefront of this evolving landscape.

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