Synchronous Condenser Market Technological Trends and Opportunities By 2030| Key Players Eaton, Andritz, GE, Fuji Electric, WEG Group

According to the report published by Allied Market Research, 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.

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.

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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 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.

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.

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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.

Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant share in 2020, and anticipated to maintain this synchronous condenser market trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base, rapid expansion of the renewable energy sector, high-voltage direct current (HVDC) systems, and the existence of key players in the region. Moreover, presence of the countries such as Germany, the UK, France and Spain is anticipated to contribute toward the growth of the synchronous condenser market in Europe.

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.

Get detailed COVID-19 impact analysis on the Synchronous Condenser Market:

Covid-19 Scenario:

  • Manufacturing activities of synchronous condensers have been halted due to lockdown measures taken by governments of many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in manufacturing with full capacity.
  • The stoppage of building & construction activities of new electric utility infrastructure, grid network, renewable power plants, and other power plants due to unavailability of workers and required materials led to reduced demand for synchronous condensers.
  • The import-export ban led to supply chain disruptions and created the supply-demand gap. As the restrictions will be lifted off, the supply chain will be restored.

Key Findings Of The Study

  • In 2020, the new segment accounted for about 78.6% of the share in the global synchronous condenser market, and is expected to maintain its dominance till the end of the synchronous condenser market forecast period.
  • In 2020, the air-cooled synchronous condenser segment is accounted for 55.7% market share, and is anticipated to grow at a rate of 2.5% in terms of revenue.
  • In 2020, the electrical utilities segment accounted for 85.7% market share, and is anticipated to grow at a rate of 2.6% in terms of revenue.
  • Hydrogen-cooled is the rapidly growing segment in the global synchronous condenser market, and is expected to grow at a CAGR of 3.7% during 2021–2030.
  • Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 3.9%, throughout the forecast period.
  • In 2020, Europe dominated the global synchronous condenser market with more than 35.8% of the share, in terms of revenue. 

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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