Press release
Synchronous Condensers Market to Reach USD 769.4 Million by 2030 | Electrical Utilities Segment Leads with Largest Market Share | DataM Intelligence
Synchronous Condensers Market
According to DataM Intelligence, the global synchronous condensers 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. This steady growth is propelled by increasing demand for grid stability solutions, growing renewable energy integration, rising need for reactive power support, aging power infrastructure upgrades, and expanding industrial electricity requirements.
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65 - Figures
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Recent Developments (November 2025)
✅ General Electric Company (US) launched a new hydrogen-cooled synchronous condenser with advanced reactive power control capabilities, specifically designed for large-scale renewable energy integration projects.
✅ Siemens Energy AG (Germany) expanded their refurbished synchronous condenser portfolio, introducing upgraded units with digital monitoring systems for electrical utilities.
✅ ABB Ltd. (Switzerland) developed innovative air-cooled synchronous condensers for industrial applications, featuring compact design and high efficiency for manufacturing facilities.
✅ Eaton Corporation plc (Ireland) introduced water-cooled synchronous condenser systems with above 200 MVAr capacity, targeting major utility-scale grid stabilization projects.
✅ Voith GmbH & Co. KGaA (Germany) launched specialized synchronous condenser solutions for hydropower plants, enhancing grid stability in renewable energy networks.
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Competitive Landscape
The market features strong competition between global power equipment manufacturers, energy technology companies, and specialized electrical system providers.
1. General Electric Company maintained market leadership with 28% global market share, expanding their hydrogen-cooled condenser portfolio and reporting 24% revenue growth in 2024-2025 through utility contracts.
2. Siemens Energy AG captured 25% market share in refurbished systems, securing long-term service agreements with electrical utilities and achieving 22% growth through modernization projects.
3. ABB Ltd. dominated the industrial sector with 22% market share, reporting 26% growth through customized solutions for manufacturing and processing plants.
4. Eaton Corporation plc led high-capacity applications with 18% market share, achieving 21% growth through major grid infrastructure projects.
5. Voith GmbH & Co. KGaA expanded their renewable energy solutions with 15% market share, focusing on hydropower integration with 19% revenue growth.
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Segmentation Analysis
By Insulation
• New Synchronous Condenser dominates the market with 65% revenue share in 2024, projected to grow at 2.6% CAGR, valued for advanced technology integration, higher efficiency, longer operational life, and compliance with modern grid code requirements for renewable energy integration.
• Refurbished Synchronous Condenser shows steady growth with 35% revenue share in 2024, expected to grow at 2.1% CAGR, preferred for cost-effective grid support solutions and extending the life of existing power infrastructure.
By Cooling Technology
• Hydrogen-Cooled leads the market with 45% revenue share in 2024, growing at 2.7% CAGR, driven by superior cooling efficiency, compact design, and high power density requirements in large utility applications.
• Air-Cooled shows strong presence with 35% revenue share in 2024, expanding at 2.3% CAGR, valued for simplicity, lower maintenance, and reliability in various environmental conditions.
• Water-Cooled demonstrates specialized applications with 20% revenue share in 2024 for high-capacity installations.
By Reactive Power Rating
• Above 200 MVAr represents the largest segment with 40% revenue share in 2024, projected to grow at 2.8% CAGR, driven by utility-scale grid stabilization projects, large renewable energy farms, and major transmission system enhancements.
• 101 to 200 MVAr shows robust growth with 35% revenue share in 2024, expected to grow at 2.4% CAGR, preferred for regional grid support and industrial applications.
• Up to 100 MVAr demonstrates consistent demand with 25% revenue share in 2024 for smaller utility and industrial uses.
By End-User
• Electrical Utilities grew to have the biggest market share in 2022 with 68% revenue share in 2024, growing at 2.5% CAGR, driven by the increase in demand for grid infrastructure-supporting items like electricity, renewable integration requirements, voltage stability needs, and aging grid modernization projects across global power systems.
• Industrial Sector shows steady growth with 32% revenue share in 2024, expanding at 2.2% CAGR, valued for power quality improvement, voltage regulation, and process stability in manufacturing and heavy industries.
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Regional Analysis:
North America commands the largest market share with 38% revenue share in 2024, driven by the United States' growing demand for power due to population expansion, urbanization and industrial operations, coupled with significant grid modernization investments, renewable energy integration projects, and aging power infrastructure upgrades across the region.
Asia-Pacific emerges as a key growth market, projected to expand at 3.2% CAGR through 2030, fueled by rapid urbanization, industrial growth, increasing electricity demand, and major investments in power grid infrastructure across China, India, and Southeast Asian countries.
Market Trends & Drivers
The Synchronous Condensers Market is experiencing steady growth driven by grid modernization initiatives, renewable energy expansion, power quality requirements, and electrical infrastructure upgrades. Key trends include the development of digitally enhanced condensers, growth in hybrid system applications, innovation in cooling technologies, expansion of reactive power support services, and increasing focus on grid resilience. The energy transition, infrastructure investment, and power quality demands are significantly contributing to market expansion.
Related Reports:
1. Renewable Energy Market - https://www.datamintelligence.com/research-report/renewable-energy-market?jd
2. Synchronous Motors Market - https://www.datamintelligence.com/research-report/synchronous-motors-market?jd
3. Condensing Unit Market - https://www.datamintelligence.com/research-report/condensing-unit-market?jd
Contact Us:
Sai Kiran
DataM Intelligence 4market Research LLP
Phone: +1 877-441-4866
Email: Sai.k@datamintelligence.com
About DataM Intelligence
DataM Intelligence is a renowned provider of market research, delivering deep insights through pricing analysis, market share breakdowns, and competitive intelligence. The company specialises in strategic reports that guide businesses in high-growth sectors such as nutraceuticals and AI-driven health innovations.
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