Allied Market Research published a new report, titled, 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 proliferating market demand of uninterrupted power supply (UPS) system as a reliable power supply is expected to drive the market growth. Furthermore, increase in number of data centers and decrease in battery prices are anticipated to potentially contribute toward the overall market growth. In addition, increase in population and surge in demand for power backup solutions are the other factors influencing the market growth in residential end-user segment.
The research offers a detailed segmentation of the global Synchronous Condenser market. Key segments analyzed in the research include Type, Cooling Type, Starting Method, Reactive Power Rating, and End User. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
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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.
The market player positioning segment provides an understanding of the current position of the market players active in the Synchronous Condenser industry.
The research offers an extensive analysis of key players active in the global Synchronous Condenser industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed in the report include ABB, Ltd., Andritz, Eaton Corporation Plc, Fuji Electric, General Electric, Ideal Electric Power Co., Mitsubishi Electric Corporation, Siemens Energy, Voith GmbH & Co. KGaA, and WEG Group. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Get detailed COVID-19 impact analysis on the Synchronous Condenser Market Request Here
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 offerings of the report:
- Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
- Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
- Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
- Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
- Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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