Increase in demand for power factor correction and reactive power compensation and rapid rise in renewable power integration drive the growth of the global synchronous condenser market. However, high cost and availability of alternatives hinder the market growth. On the other hand, growth of the HVDC network and transition of synchronous generator to synchronous condenser present new opportunities in the coming years.
The global synchronous condenser market garnered $568.9 million in 2020, and is expected to reach $751.0 million by 2030, witnessing a CAGR of 2.8% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top investment pockets, key segments, regional scenarios, and competitive scenarios.
Synchronous Condenser Market Segment Review
The report offers detailed segmentation of the global synchronous condenser market based on type, cooling type, starting method, reactive power rating, end user, and region.
Based on end user, the electrical utilities segment contributed to the largest market share in 2020, accounting for more than four-fifths of the global synchronous condenser market, and is projected to maintain its leadership status during the forecast period. However, the industrial segment is estimated to grow at the largest CAGR of 3.8% from 2021 to 2030.
Based on cooling type, the air-cooled segment accounted for the highest share in 2020, holding more than half of the total market share, and is estimated to maintain its lead position during the forecast period. However, the hydrogen-cooled segment is estimated to manifest the largest CAGR of 3.7% from 2021 to 2030.
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Based on starting method, the static frequency converter segment held the highest market share in terms of revenue in 2020, contributing to nearly half of the total market, and is estimated to continue its dominant share during the forecast period. However, the pony motors segment is expected to register the fastest CAGR of 3.6% from 2021 to 2030.
On the basis of reactive power rating, up to 100 MVAR segment dominated in 2020, in terms of revenue, and is expected to grow at a CAGR of 2.5%. This is attributed to rise in demand for power factor correction and reactive power compensation due to multiple inductive loads present in the industrial applications. In addition, increased short circuit Mega volt ampere (MVA), high response excitation system, high overload capability, prolonged service life, and enhanced reliability are the key advantages of using synchronous condenser in utility applications which is expected to drive the growth of the market during the forecast period.
Based on region, Europe accounted for the largest share in 2020, contributing to more than one-third of the total share, and is estimated to maintain its dominance by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 3.9% during the forecast period.
Synchronous Condenser Market Key Players
Leading players of the global synchronous condenser market analyzed in the research include ABB, Ltd., Eaton Corporation Plc, Andritz, General Electric, Fuji Electric, Mitsubishi Electric Corporation, Ideal Electric Power Co., Voith GmbH & Co. KGaA, Siemens Energy, and WEG Group.
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The report analyzes these key players in the global market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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