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Synchronous Condenser Market

The Synchronous Condenser Market is estimated to reach USD 497 million by the end of 2027, expanding at a CAGR of 2.2% over the forecast period (2020-2027).

The factors driving the growth of Synchronous Condenser Market includes increasing investments in Power sector, growing emphasis on utilizing renewable sources of energy and rise in the installation of solar panels. According to the report published by Invest India, the Energy Sector in India attracted Foreign Direct Investment (FDI) inflows worth USD 15.84 billion during April 2000 and December 2021 and the electricity generation has increased by 10.7% in April 2022 as compared to previous year, which is expected to boost the Synchronous Condenser Market size in the approaching years. Moreover, the increasing application of synchronous condenser in HDVAC systems, technological developments in synchronous condensers and Government initiatives to reduce the dependence on coal and fossil fuels for power generation, are some of the additional factors augmenting the market growth. In addition, the increasing number of power generation projects, growing concerns related to climate change, rising use of synchronous condensers in the automotive charging stations and rapid urbanization, are further contributing to the market growth.

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However, the growth of Synchronous Condenser Market is hindered attributed to high maintenance cost.

The leading players operating in the market are Ideal Electric, Electromechanical Engineering Associates, Ansaldo Energia, Voith Group, Fuji Electric Co. Ltd., General Electric, ABB, Siemens AG, WEG and Eaton Corporation, among others.

Cooling Type: Segment Analysis

Based on Cooling Type, the hydrogen-cooled segment is anticipated to expand at a remarkable CAGR during the forecast period. The hydrogen-cooled synchronous condensers provide can be placed outdoors and are excellent cooling medium for high-speed rotating electrical machinery, are some of the factors augmenting the growth of the segment.

End-User: Segment Analysis

Based on End-User, the electrical utilities segment is anticipated to expand at a significant CAGR over the forecast period because these types of condensers are extensively used when power transmission is over a long distance.

Regional: Segment Analysis

Based on Region, the North American region predicted to capture the largest market share during the forecast period. The increasing Government expenditure on renewable energy projects, rise in the installations of automotive charging stations and solar panels, rapid growth in the power sector, high per capita incomes, and growing population growth rates, are some of the important factors propelling the market growth in the North American region.


Market Segmentation

Segmentation by Type

  • New Synchronous Condenser

  • Refurbished Synchronous Condenser

Segmentation by Cooling Type

  • Hydrogen-Cooled

  • Air-Cooled

  • Water-Cooled

Segmentation by Starting Method

  • Static Frequency Converter

  • Pony Motor

  • Others

Segmentation by Reactive Power Rating

  • Up to 100 MVAr Synchronous Condenser

  • 100–200 MVAr Synchronous Condenser

  • Above 200 MVAr Synchronous Condenser

Segmentation by End-User

  • Electrical Utilities

  • Industries

Segmentation by Region

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of APAC

  • North America

    • United States of America

    • Canada

  • Europe

    • United Kingdom

    • Germany

    • France

    • Spain

    • Rest of Europe

  • RoW

    • Brazil

    • South Africa

    • Saudi Arabia

    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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