The global synchronous condenser market is expected to reach roughly US$ 1.01 billion in 2022, with a year-on-year growth rate of 7.9%. However, with the increasing usage of the synchronous condenser across a wide range of end-use sectors, the entire market is expected to increase at an 8.2% CAGR between 2022 and 2029, totaling US$ 1.76 billion by 2029.
Future Market Insights’ recent report on the synchronous condenser market includes a global industry analysis from 2014 to 2021 as well as an assessment of the opportunity from 2022 to 2029. The study investigates the synchronous condenser market and gives important data for the forecast years of 2022 to 2029.
The key findings indicate that the global synchronous condenser market is expected to grow significantly over the forecast period due to a variety of factors, including an increase in the number of HVDC projects in developing countries such as China, India, and Indonesia, as well as the replacement of conventional generators and cooling facilities with synchronous condensers.
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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.
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.
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.
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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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