The global synchronous condenser market was valued at ~US$ 760 Mn in 2018, and is estimated to increase at a CAGR of ~8% during the forecast period of 2019-2029. 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.
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The global synchronous condenser market was valued at ~US$ 760 Mn in 2018, and is estimated to increase at a CAGR of ~8% during the forecast period of 2019-2029. 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.
Key Takeaway:
- The global synchronous condensers market size in 2018 was ~US$ 760 Mn.
- The synchronous condensers market is expected to grow at a CAGR of ~8% during the forecast period of 2019-2029.
- Besides increasing the adoption of sustainable energy solutions and solar and wind plants, HVDC projects are also driving the sales of synchronous condensers.
- Collectively, North America, Europe, Middle East and Africa, are likely to account for half of the revenue shares in the synchronous condensers industry by the end of 2029.
- North America, attributing to the strong presence of the renewable energy industry, will continue to be a prominent regional market for synchronous condensers manufacturers.
- The power generation industry, along with nuclear power plants and mining industry, is expected to remain prominent application area for synchronous condensers market players to invest in.
- Power generation industries such as solar, wind, and thermal plants, have witnessed significant growth over the recent past, and revival of this sector has been particularly noteworthy owing to the increasing environmental concerns.
- Noteworthy application potential of synchronous condensers has been identified in the water cooled synchronous condensers segment.
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.
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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 2019-2029. 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.
By Segmentation:
By Product
- New synchronous condenser
- Refurbished synchronous condenser
By Cooling Type
- Air cooled
- Hydrogen cooled
- Water cooled
By 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
By Starting Method
- Static frequency converter
- Pony motors
- Others
By End Use
- Electrical power utilities
- Electric grids
- Solar farms
- Mining
- Commercial
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East
- Africa
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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. 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.