Global Synchronous Condenser Market Size study, by Cooling Type (Hydrogen-cooled, Air-cooled, Water-cooled) by Starting Method (Static Frequency Converter, Pony motors) by Power Rating (Up to 200 MVAR, above 200 MVAR) by Application (Utility, Industrial)

Global Synchronous Condenser Market Size study, by Cooling Type (Hydrogen-cooled, Air-cooled, Water-cooled) by Starting Method (Static Frequency Converter, Pony motors) by Power Rating (Up to 200 MVAR, above 200 MVAR) by Application (Utility, Industrial) and Regional Forecasts 2022-2028

Global Synchronous Condenser Market is valued approximately USD 629.3 million in 2021 and is anticipated to grow with a healthy growth rate of more than 2.6 % over the forecast period 2022-2028. Synchronous condenser is a synchronous device that generates reactive power, which leads real power by 90 degrees in phase. Synchronous condenser can operate similar to synchronous motor, and its shaft rotates freely. Global Synchronous Condenser Market is expected to undergo significant growth in the following years owing to the government’s development initiatives in developing nations. Rising industrialization in the emerging nation is expected to bolster market growth globally. In December 2020 Siemens Energy won a contract from Elering AS which helped them build three synchronous condenser plants in Estonia. These plants are supposed to be the first Flexible Alternating Current Transmission System that will be installed in the Baltic States.
Furthermore, in May 2020: GE won a contract from Trena for providing two synchronous condensers and flywheel units for the Brindisi substation in southern Italy.
Also, rising rate of depletion of fossil fuels is pushing government world-wide to look for alternative energy for minimizing environmental pollution. However, high manufacturing costs along with availability of a number of alternatives impedes the growth of the market over the forecast period of 2022-2028.

The key regions considered for the Global Synchronous Condenser Market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific holds the prominent global Synchronous condenser market share owing to the rising industrialization in developing countries. The product demand is likely to boost in this region due to the increasing installation of new condensers at existing plants.

North America holds the second-largest global market share due to the rising product demand for converting old power plants into efficient power plants. Technological advancements and development in the industry are expected to drive the market.

Major market player included in this report are:
ABB, LTD.
Andritz
Eaton Corporation plc
Fuji Electric
Ideal Electric Power Co.
Mitsubishi Electric Corporation
Siemens Energy
Voith GmbH & Co. KgaA
WEG Group
GENERAL ELECTRIC

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:
Cooling Type:
Hydrogen-cooled
Air-cooled
Water-cooled
Starting Method
Static Frequency Converter
Pony Motors
Power Rating
Up to 200 MVAR
Above 200 MVAR
Application
Utility
Industrial
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Synchronous Condenser Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Companies Mentioned

ABB, LTD.
Andritz
Eaton Corporation plc
Fuji Electric
Ideal Electric Power Co.
Mitsubishi Electric Corporation
Siemens Energy
Voith GmbH & Co. KgaA
WEG Group
GENERAL ELECTRIC

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