The global synchronous condenser market is expected to reach around US$ 1.01 billion in 2022, with a year-on-year growth rate of 7.9%. However, with increasing adoption of synchronous condensers across multiple end-use industries, the overall market is expected to grow at a robust CAGR of 8.2% between 2022 and 2029, totaling US$ 1.76 Bn by 2029.
Because of their ability to minimise energy loss during transmission and provide electrical power system stability, demand for synchronous condensers has increased significantly in recent years. By 2020, the synchronous condenser market would account for approximately 17% of the global automotive condenser market.
Regionally, North America continues to be the most profitable market for synchronous condensers, accounting for a significant share of 24.8% in 2022. The expansion of the renewable energy industry, as well as favourable government support, are driving growth in the North American synchronous condenser market.
However, due to rapid technological advancements and an increasing number of HVDC projects, the South Asia synchronous condenser market is expected to expand at a faster rate during the assessment period.
Future Market Insights predict a comparison and review analysis of the dynamics of the Synchronous Condenser Market, which is principally subjected to an array of industry factors along with a few definite influences concerning viewpoints that support industry innovation. The rapid technological advancement and the rising number of HVDC projects are fueling the growth of the synchronous condenser market.
The rapid growth of the synchronous condenser market can be attributed to the increasing demand for power factor correction, the expansion of high-voltage direct current (HVDC) networks, advances in condenser technology, and the gradual shift toward renewable energy resources.
Synchronous condensers are synchronous motors or machines used to correct power factor in power lines and grids. They’ve gained a lot of traction because of their ability to keep stability and voltages within acceptable limits. The use of these condensers effectively reduces power loss during transmission.
Demand for renewable energy has increased significantly in the United States in recent years as a result of rapid industrialization, depleting fossil fuels, and increasing penetration of electric vehicles. According to the International Renewable Energy Agency (IRENA), total renewable electricity generation in the United States in 2019 was approximately 63,194.0 GWh.
According to FMI, China will continue to dominate the South Asian synchronous condenser market due to rapid technological advancements, an increase in the number of HVDC projects, and favourable government support.
China has emerged as a global leader in high-voltage direct current transmission systems. The country is creating a favourable environment for key synchronous condenser manufacturers such as ABB.
The synchronous condenser market in India is posed to exhibit strong growth due to the rapid adoption of synchronous condensers in various end-use industries and increasing government investments in developing the country’s renewable energy infrastructure.
East Asia is expected to hold 18.2% of the global market in 2022 and India will register considerable contribution towards growth registered by the region.
- ABB Ltd.
- General Electric
- Siemens AG
- Mitsubishi Electric Corporation
- Eaton Corp. PLC
- Voith GmbH
- Ansaldo Energia
- Toshiba Corporation
- Sustainable Power Systems Inc.