Synchronous Condenser Market to Reach $574.0 Million by 2025

The global Synchronous Condenser Market is projected to reach USD 574.0 million by 2025 from an estimated USD 508.4 million in 2020, at a CAGR of 2.5% during the forecast period. Long service life, growth of the renewable energy sector, and an increasing need for power factor correction are driving the growth of the global industry. Existing and planned upgrades and expansion of High-Voltage Direct Current (HVDC) network across the globe in various regions is expected to increase demand for power factor correction equipment such as synchronous condensers.

Electric utilities segment is expected to lead the synchronous condenser market

Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high, and the power transmission is over a long distance. Mining and metal processing industries have been the largest users of synchronous condensers, but their share is low as compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.

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The static frequency converter segment is expected to be the fastest-growing market for the synchronous condenser

Synchronous condenser market has been categorized, based on the starting method, into static frequency converter, pony motor, and others (damper windings and direct online synchronous condensers). A static frequency converter is independent of supply voltage and load variations with the low installation cost. It has a low volume, high reliability, and low noise characteristics. Therefore, its features are likely to foster its demand in the market.

North America is expected to be the largest synchronous condenser market

Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the US is anticipated to drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.

Some of the leading players in the Synchronous Condenser Market such as Siemens (Germany), GE (US), Eaton (Ireland), ABB (Switzerland), and WEG (Brazil) along with other prominent manufacturers of synchronous condensers.

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