Synchronous Condenser Market Size 2023, Segments Overview, Share Analysis, Top Player Trends, Regions, and Industry Forecast 2030
Research Reports
Feb 09, 2023
Synchronous Condenser Market Analysis 2023 by Cooling Type, Reactive Power Rating, Type, Starting Method, End Use, Size, Share, Trends and Region – Forecast till 2030
Synchronous Condenser Market Overview
Synchronous Condenser Market is to grow at a CAGR of 5.2% during the forecast period 2022-2030 with increasing demand in the utilities.
The Synchronous Condenser Market is expected to grow at a CAGR of 5.2% during the forecast period. Increased renewable energy output, lengthy service life, and a growing requirement for power factor adjustment are all factors contributing to the rise. Existing and planned renovations and expansions of the High-Voltage Direct Current (HVDC) network in various regions are likely to boost demand for power factor correction equipment such as synchronous condensers.
Key Market Growth Drivers
- Increase in use of synchronous condenser in HVDC systems
- Increasing demand in the utilities
- Applications in renewable energy
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The covid19 virus outbreak has a negative influence on the industry. The Synchronous Condenser Market has been impacted by the epidemic. The market share of synchronous condensers fell reduced, just like any other sector in the world. The industry was compelled to adopt new tactics to build the market and improve the sales rate when the demand for sales was disrupted and dropped. COVID 19 has had a global impact on the Synchronous Condenser Market and its demand. The financial considerations of this industry have decreased as a result of the epidemic. To address this, government officials offered a variety of business initiatives to help the industry regain its prominence. The government and key businesses in the synchronous condenser Market Share have adopted improved tactics to counteract the pandemic’s losses. As result, the market’s popularity and earnings are regaining ground.
Industry News
The major key players of the Global Synchronous Condenser Market include Eaton (Ireland), Siemens (Germany), ABB (Switzerland), Voith Group (Germany), General Electric (US), Sustainable Power Systems, Inc. (the US), Electro Mechanical Engineering Associates, Inc. (US), Toshiba Corporation (Japan), WEG (Brazil), Power Systems & Controls, Inc. (the US), Andritz (Austria), Ideal Electric Company (US), and Ansaldo Energia (Italy). These players are in charge of ensuring that the users’ critical needs are met. They take into account all user suggestions to increase the business’s value. These many players are collaborating on several strategic initiatives aimed at promoting the industry’s growth and income generation.
Synchronous Condenser Market Segmentation
Synchronous Condenser Market Segmentation by cooling type is as follows:
- Hydrogen
- Air
- Water
Synchronous Condenser Market segmentation by reactive power rating is as follows:
- 100 MVAr
- Between 100MVAr- 200 MVAr
- Above 200 MVAr
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Synchronous Condenser Market segmentation based on type is as follows:
- New type
- Refurbished Type
Synchronous Condenser Market segmentation based on the starting method is as follows:
- The static frequency converter
- The pony motor
- Others
Synchronous Condenser Market segmentation based on end-user is as follows:
- The Electric Utilities
- The Industries
Synchronous Condenser Market Regional Classification
During the forecast period, the Asia-Pacific region will account for the majority of the market share. Because of this location, the synchronous condenser market has grown in popularity. The market is driven by rising T&D costs and increased grid complexity. China is predicted to have the second-largest share of the regional market after Asia Pacific countries over the forecast period. Following that, India, Japan, and Australia dominate the market. Multiple firms, including Toshiba Corporation and Fuji Electric Co. Ltd, offer synchronous condensers in India, which is one of the factors driving the market in this country. The synchronous condenser market outlook revenue of the Global Synchronous Condenser Market rises as a result of these causes.
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