Over the last few years, demand for synchronous condensers has risen at a significant rate due to their ability to minimize energy loss during transmission and provide stability for electrical power systems. In 2020, the synchronous condenser market formed around 17% of the global automotive condenser market.
Regionally, North America remains the most lucrative market for synchronous condensers, accounting for a major share of 24.8% in 2022. The growth of the North American synchronous condenser market is attributed to the heavy presence of leading market players, expansion of the renewable energy industry, and favorable government support.
However, with rapid technological advancements and a growing number of HVDC projects, the South Asia synchronous condenser market is anticipated to grow at a faster pace over the assessment period.
The swift growth of the synchronous condenser market is resulting from the rising want for electricity factor correction, expansion of the high-voltage direct current (HVDC) community, improvements in condenser generation, and a gradual shift towards renewable energy resources.
Synchronous condensers are synchronous automobiles or machines generally employed for power factor correction in electricity lines and grids. They’ve gained mammoth traction due to their ability to improve stability and voltages within favored limits. Implementation of these condensers effectively reduces the loss of energy at some stage in transmission.
Growing adoption of synchronous condensers in electric utilities for adjusting reactive energy is a primary aspect ensuing inside the growth of the synchronous condenser marketplace.
As the electricity demand maintains to surge, diverse international locations are launching new electricity-era projects. Billions of bucks are being spent on imparting get entry to strength to each and each citizen. This is expected to gasoline the demand for synchronous condensers.
Similarly, the speedy shift in the direction of electric-powered cars has created awesome possibilities for the boom. A large range of synchronous condensers is being hired in automobile charging stations to keep stability and enhance voltage.
Leading players are constantly specializing in growing progressive merchandise that could adjust technical situations in electric power systems. This can help them to boom in their sales.
Further to this, developing consciousness toward strength conservation coupled with the implementation of stringent authorities policies is expected to aid the boom of the synchronous condenser market for the duration of the assessment duration.
- ABB Ltd.
- General Electric
- Siemens AG
- Mitsubishi Electric Corporation
- Eaton Corp. PLC
- Voith GmbH
- Ansaldo Energia
- Toshiba Corporation
- Sustainable Power Systems Inc.\
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