Synchronous Condenser Market Size, Share, Trends and Growth Report – Global Opportunities and Forecast, 2023-2030
Analysts at GMI Research estimates that the Synchronous Condenser Market was worth USD 446 million in 2022, and forecast to touch USD 531 million in 2030, growing at a CAGR of 2.2% from 2023-2030.
Synchronous Condenser, also known as Synchronous Compensator, refers to a synchronous motor that runs without mechanical load. It absorbs reactive volt-ampere (VAr) by varying the excitation of its field winding. A synchronous condenser has capability to produce up to 150% additional vars and also acts as an alternative to capacitor banks in power grids for power factor correction. The condenser controls power factor of system smoothly without stepping as per requirement.
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Major Synchronous Condenser Market Drivers
The major factors which are driving the growth of the Global Synchronous Condenser include the increase demand for renewable power generation, long service life, and the rising requirement for power factor correction (PFC). Power plants are leveraging synchronous condensers as backups for renewables to manage voltage strength with weak electric grids due to the growing competence of hydro power and wind power generation. The increasing installation of solar panels in countries like US, China among others is also an important factor which is fuelling the growth of the market. Moreover, the shifting and conversion of synchronous generator to synchronous condenser and expansion of high-voltage direct current (HVDC) network will create lucrative opportunities in the growth of the market during the forecast period. However, high maintenance and device cost are restraining the growth of the market.
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Cooling Type – Segment Analysis
Based on the Cooling Type, the hydrogen-cooled segment is projected to grow at a higher CAGR in the market during the forecast period owing to the rising adoption of hydrogen-cooled synchronous condenser for medium to large synchronous condensers units between 100 and 300 MVAr across the globe.
Starting Method – Segment Analysis
Based on the Starting Method, the static frequency convertor segment is expected to grow at a higher CAGR during the forecast period due to its remarkable benefits such as low volume, high reliability, and low noise.
End-Use – Segment Analysis
Based on the end-user, the electrical utilities segment is projected to grow at a higher CAGR during the forecast period owing to the increasing adoption of these condensers by the electric utility industry. The industries utilize these condensers when power factor correction is high and the power transmission is over a long distance.
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Region – Segment Analysis
Based on the region, North America is anticipated to lead the global Synchronous Condenser market during the forecast period owing to the rising number of new installations and conversion of existing power plants to synchronous condensers in the US, and increasing demand for synchronous condenser in Canada.
Top Market Players
The major key players in the market include ABB, Siemens AG, WEG, Voith Group, Fuji Electric Co. Ltd., General Electric, Eaton Corporation, Ideal Electric, Electromechanical Engineering Associates, Ansaldo Energia, among others.
The Global Synchronous Condenser market has been segmented based on the Type, Cooling Type, Starting Method, Reactive Power Rating, End-User, and key region. Based on Type, the market is segmented into New Synchronous Condenser, and Refurbished Synchronous Condenser. Based on Cooling Type, the market is segmented into Hydrogen-Cooled, Air-Cooled, and Water-Cooled. Based on Starting Method, the market is segmented into Static Frequency Converter, Pony Motor, and Others. Based on Reactive Power Rating, the market is segmented into Up to 100 MVAr Synchronous Condenser, 100–200 MVAr Synchronous Condenser, and Above 200 MVAr Synchronous Condenser. Based on Starting Method, the market is segmented into Electrical Utilities, and Industries.
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Key questions answered in this research report:
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- At what pace is the global Synchronous Condenser market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in the global Synchronous Condenser market? What will be the impact of drivers and restraints in the future?
- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Synchronous Condenser market?
- Who are the various end-users of the global Synchronous Condenser market, and how are they poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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Report Coverage |
Details |
| Market Revenues (2022) |
USD Million |
| Market Base Year |
2022 |
| Market Forecast Year |
2023-2030 |
| Base Year & Forecast Units |
Revenue (USD Million) |
| Market Segment | By Type, By Cooling Type, By Starting Method, By Reactive Power Rating, By End-User, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | ABB, Siemens AG, WEG, Voith Group, Fuji Electric Co. Ltd., General Electric, Eaton Corporation, Ideal Electric, Electromechanical Engineering Associates, Ansaldo Energia, among others, a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation:
Global Synchronous Condenser Market by Type
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- New Synchronous Condenser
- Refurbished Synchronous Condenser
Global Synchronous Condenser Market by Cooling Type
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- Hydrogen-Cooled
- Air-Cooled
- Water-Cooled
Global Synchronous Condenser Market by Starting Method
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- Static Frequency Converter
- Pony Motor
- Others
Global Synchronous Condenser Market by Reactive Power Rating
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- Up to 100 MVAr Synchronous Condenser
- 100–200 MVAr Synchronous Condenser
- Above 200 MVAr Synchronous Condenser
Global Synchronous Condenser Market by End-User
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- Electrical Utilities
- Industries
Global Synchronous Condenser Market by Region
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North America Synchronous Condenser Market Option 1: As a part of the free 25% customization
- North America Synchronous Condenser Market By Type
- North America Synchronous Condenser Market By Cooling Type
- North America Synchronous Condenser Market By Starting Method
- North America Synchronous Condenser Market By Reactive Power rating
- North America Synchronous Condenser Market By End-User
- United States of America (US) Synchronous Condenser Market All-Up
- Canada Synchronous Condenser Market All-Up
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Europe Synchronous Condenser Market Option 2: As a part of the free 25% customization
- Europe Synchronous Condenser Market By Type
- Europe Synchronous Condenser Market By Cooling Type
- Europe Synchronous Condenser Market By Starting Method
- Europe Synchronous Condenser Market By Reactive Power rating
- Europe Synchronous Condenser Market By End-User
- United Kingdom (UK) Synchronous Condenser Market All-Up
- Germany All-Up Synchronous Condenser Market All-Up
- France Synchronous Condenser Market All-Up
- Spain Synchronous Condenser Market All-Up
- Rest of Europe Synchronous Condenser Market All-Up
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Asia-Pacific Synchronous Condenser Market Option 3: As a part of the free 25% customization
- Asia-Pacific Synchronous Condenser Market By Type
- Asia-Pacific Synchronous Condenser Market By Cooling Type
- Asia-Pacific Synchronous Condenser Market By Starting Method
- Asia-Pacific Synchronous Condenser Market By Reactive Power rating
- Asia-Pacific Synchronous Condenser Market By End-User
- China Synchronous Condenser Market All-Up
- India Synchronous Condenser Market All-Up
- Japan Synchronous Condenser Market All-Up
- Rest of APAC Synchronous Condenser Market All-Up
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ROW Synchronous Condenser Market Option 4: As a part of the free 25% customization
- RoW Synchronous Condenser Market By Type
- RoW Synchronous Condenser Market By Cooling Type
- RoW Synchronous Condenser Market By Starting Method
- RoW Synchronous Condenser Market By Reactive Power rating
- RoW Synchronous Condenser Market By End-User
- Brazil Synchronous Condenser Market All-Up
- South Africa Synchronous Condenser Market All-Up
- Saudi Arabia Synchronous Condenser Market All-Up
- UAE Synchronous Condenser Market All-Up
- Rest of world (remaining countries of the LAMEA region) Synchronous Condenser Market All-Up
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Synchronous Condenser Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)
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- ABB
- Siemens AG
- WEG
- Voith Group
- Fuji Electric Co., Ltd.
- General Electric
- Eaton Corporation
- Ideal Electric
- Electromechanical Engineering Associates
- Ansaldo Energia
Frequently Asked Question About This Report
Synchronous Condenser Market [UP901A-00-0620]
Synchronous Condenser Market is projected to grow at 2.2% CAGR during the forecast period.
The major factors driving the growth of the Synchronous Condenser Market include the increase demand for renewable power generation, long service life, and the rising requirement for power factor correction (PFC).
The various end-use industries in Synchronous Condenser Market are Electrical Utilities and Industries.
The major key players in this market include ABB, Siemens AG, WEG, Voith Group, Fuji Electric Co. Ltd., General Electric, Eaton Corporation, Ideal Electric, Electromechanical Engineering Associates, Ansaldo Energia, among others.
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