A new market report has been released by Global Market Insights, Inc. on the Synchronous Condenser Market. The report provides an in-depth analysis of the market size, growth drivers, and challenges, as well as the impact of COVID-19 on the industry.
According to the report, the Synchronous Condenser Market size exceeded USD 1.3 billion in 2022 and is likely to showcase a 4.8% CAGR from 2023 to 2032. The market valuation is anticipated to reach USD 2.2 billion by 2032. The increasing demand for a reliable and consistent power supply has led to the recognition of synchronous condensers as a preferred solution for enhancing grid resilience and mitigating power outages.
As the energy sector transitions towards cleaner and more sustainable sources, the demand for reliable grid infrastructure has intensified. There is an escalating integration of renewable energy sources, particularly intermittent ones like wind and solar, into power grids. As these sources become more prominent, the need for consistent grid stability and reactive power compensation becomes imperative. Synchronous condensers, with their inherent ability to regulate voltage and reactive power, offer a reliable solution to this challenge.
The hydrogen-cooled synchronous condensers market is predicted to witness substantial growth from 2023 to 2032. This innovative cooling technology presents several advantages over traditional air-cooled systems. Hydrogen’s exceptional thermal conductivity and low density make it an ideal coolant, ensuring efficient heat dissipation from the equipment. This results in enhanced operational efficiency, reduced wear & tear, and prolonged equipment lifespan.
The synchronous condenser market share from industrial end-user segment is poised to record significant growth through 2032. Industries are among the largest consumers of electrical energy, and disruptions in power supply can lead to substantial financial losses. Synchronous condensers offer these industries a resilient solution to counteract voltage fluctuations and grid instability.
Europe synchronous condenser market size is estimated to grow at a robust pace through 2032 as the region is working on its commitment to sustainable energy transition. With an ambitious target to achieve carbon neutrality, European countries are revamping their power infrastructure to accommodate higher levels of renewable energy generation.
The leading players in the global synchronous condenser market include Mitsubishi Electric Power Products, Inc., Ansaldo Energia, Doosan Škoda Power, Toshiba Energy Systems & Solutions Corporation, Siemens Energy, Hitachi Energy Ltd., Shanghai Electric, Nidec Corporation, WEG, Power Systems & Controls, Inc., ABB, Eaton, and General Electric.
Source: Global Market Insights, Inc