The global Synchronous Condenser Market is poised for substantial growth in the forecast period, driven by several key factors. The increasing deployment of High-Voltage Direct Current (HVDC) projects in developing countries such as China, India, and Indonesia is set to fuel the demand for synchronous condensers. Additionally, the market is anticipated to receive a boost from the ongoing trend of substituting conventional generators and cooling facilities with more efficient and versatile synchronous condensers.
Recent publication of Future Market Insights’ most recent report on the Synchronous Condenser Market includes opportunity assessment for the years 2022 to 2029 as well as a global industry analysis for the years 2014 to 2021. During the forecast period of 2022 to 2029, the report highlights significant insights and examines the synchronous condenser market.
According to the key findings, a number of factors, including the rise in HVDC projects in developing nations like China, India, and Indonesia, as well as the substitution of conventional generators and cooling facilities with synchronous condensers, are expected to propel the global synchronous condenser market to significant growth over the forecast period.
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The global synchronous condenser market value at US$ 1.01 Billion in 2022, and is estimated to increase at a CAGR of 8.2% during the forecast period of 2022-2029. This growth is majorly driven by the integration of renewable energy through solar and wind power plants and increasing installation of synchronous condensers to carry robust functioning of the power plants.
Rapid inclination towards wind and solar energy, in an attempt to reduce the dependency on fossil fuels has been generating significant demand for synchronous condensers in recent years. According to FMI analysis, manufacturers are setting their sights on countries, such as China which is making great strides to increase energy production from non-fossil fuel sources.
Newer Opportunities Identified in Middle East & Africa
Regions such as North America and Europe, are likely to hold prominent market shares in terms of value. However, the South Asiam market is estimated to project lucrative growth in the global synchronous condenser market over the forecast period of 2022-2029. This growth in the region is propelled by the rapid technological advancements and growing number of HVDC projects in prominent countries such as India and Indonesia, among others.
Furthermore, the market of synchronous condensers is expected to grow predominantly in prominent countries of Middle East and Africa including Saudi Arabia, Kuwait, Qatar, Abu Dhabi, Nigeria, and U.A.E., owing to various macroeconomic factors such as growing urbanization, stable political & social backdrop, and rapid industrialization.
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Increasing number of market players in the region have gained the confidence of foreign investors and grid operators to invest in the market. Moreover, refurbishment of synchronous condensers from old conventional plants and generators to new machines have added expressively positive momentum over the few past years.
Also, rapidly growing number of HVDC projects in MEA and installment of sustainable energy plants have boosted the demand for synchronous condensers to provide stability and robust functioning of power plants. These factors have resulted in significant growth of the synchronous condenser market in the region.
Rising Number of HVDC and Related Substation Projects Creating New Opportunities for Synchronous Condenser Manufacturers
The global market of synchronous condensers has been segmented on the basis of different types of synchronous condensers, their multiple applications, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa.
- By product, newly built synchronous condenser is likely to hold prominent value shares of the global synchronous condenser market. This has majorly resulted from the increasing adoption of synchronous condensers over conventional cooling gas plants and increasing installation of solar and wind farms in several countries.
- On the basis of cooling, the water cooled segment is expected to consume majority share of the global synchronous condenser market value. This is driven by the increasing demand for water cooled synchronous condensers across several regions. Furthermore, it is expected that the application of synchronous condensers in power plants and other similar machines will grow prominently throughout the forecast period.
- On the basis of power rating, synchronous condensers ranging from less than 50 MVAR and from 50 to 80 MVAR are expected to consume majority share of the global synchronous condenser market value. This is driven by the increasing construction of synchronous condensers under specified power ratings by key market players across several regions.
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Synchronous Condenser Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global synchronous condenser market. Some of the examples of key players in the global synchronous condenser market are ABB Ltd., General Electric, Siemens AG, Mitsubishi Electric Corporation, WEG, Eaton Corp. PLC, Voith GmbH, Ansaldo Energia, Toshiba Corporation, and Sustainable Power Systems Inc., among others.
The global synchronous condenser market is significantly consolidated with some players holding prominent shares of the market. These players are offering synchronous condensers under their business segments such as F.A.CT.S., and motors & generators, among others.
Synchronous Condenser Market by Category
Product:
- New synchronous condenser
- Refurbished synchronous condenser
Cooling Type:
- Air cooled
- Hydrogen cooled
- Water cooled
Power Rating:
- Less than 50 MVAR
- 50 to 80 MVAR
- 80 to 100 MVAR
- 100 to 150 MVAR
- 150 to 200 MVAR
- Above 200 MVAR
Starting Method:
- Static frequency converter
- Pony motors
- Others
End Use:
- Electrical power utilities
- Electric grids
- Solar farms
- Mining
- Commercial
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East
- Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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