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 are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period
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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=189197147
Hydrogen cooling segment is expected to capture the major share of the Synchronous Condenser Market
Hydrogen-cooled synchronous condensers are the largest segment and are expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be the installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions.
North America is expected to dominate the global 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.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=189197147
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.
