Global Synchronous Condenser Market is predicted to grow at US$ 1.76 Bn by 2029 : FMI Report

Registering a year-on-year gain rate of 7.9%, the global synchronous condenser market reached around US$ 1.01 Bn in 2022. However, with the rising adoption of the synchronous condenser from diverse end-use industries, the overall market is predicted to grow at a robust CAGR of 8.2% between 2022 and 2029, totalling a valuation of US$ 1.76 Bn by 2029.

Future Market Insights has recently published its latest report on the synchronous condenser market, which includes a global industry analysis 2014–2021 and an opportunity assessment 2022–2029. The report explores the synchronous condenser market and highlights important insights during the forecast period of 2022-2029.

As per the key findings, the global synchronous condenser market is anticipated to experience prominent growth over the forecast period, due to multiple driving factors such as the increasing number of HVDC projects in developing economies such as India, Indonesia, China, and the conversion of conventional generators & cooling plants to synchronous condensers.

The global synchronous condenser market value at US$ 1.01 Bn 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.

The rapid inclination toward 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 Asian 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 a 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 the Middle East and Africa including Saudi Arabia, Kuwait, Qatar, Abu Dhabi, Nigeria, and the U.A.E., owing to various macroeconomic factors such as growing urbanization, stable political & social backdrop, and rapid industrialization.

An 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 has added expressively positive momentum over the past years.

Also, the rapidly growing number of HVDC projects in MEA and the instalment 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 based on different types of synchronous condensers, their multiple applications, and regions such as North America, Latin America, Europe, South Asia, East Asia, and Oceanand ia, Middle East and Africa.

  • By product, the newly built synchronous condenser is likely to hold prominent value shares in the global synchronous condenser market. This has majorly resulted from the increasing adoption of synchronous condensers over conventional cooling gas plants and the increasing installation of solar and wind farms in several countries.
  • Based on cooling, the water-cooled segment is expected to consume the 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.
  • Based on power rating, synchronous condensers ranging from less than 50 MVAR and from 50 to 80 MVAR are expected to consume a 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, and 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.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

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