The global synchronous condenser market size is expected to reach USD 819.3 million by 2030, according to a new study by Polaris Market Research. The report “Synchronous Condenser Market Share, Size, Trends, Industry Analysis Report, By End-Use; By Cooling Technology, By Type; By Reactive Power Rating; By Starting Method; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The demand for the systems is increasing as it is an excellent source of short circuit power and inertia in electrical utilities and the industrial sector. The growing integration of renewable energy sources into mainstream power generation is expected to drive demand as the systems are being used to stabilize the variability of energy generated through renewables.
The growing renewable energy installations across North America and Europe are expected to have a positive impact on the demand for the systems. The renewable energy generation in the two regions combined grew by 6.7% in 2021 from 2020, with Europe accounting for 57%. This is likely to complement the demand for the systems as it is increasingly used as a stabilizer in the two regions.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/synchronous-condenser-market/request-for-sample
COVID-19 had a negative impact on the market owing to the worldwide lockdowns and trade restrictions. In addition, the global economic slowdown also affected the energy & power sector, owing to which the demand for the systems saw a considerable decline. However, the resumption of industrial activities in 2021 aided in the market’s slow but steady recovery.
The growing need for reactive power generator systems to avoid production and operational losses in the industrial sector is expected to drive the growth of the systems. In addition, the growing demand for alternative power sources during failure and power outages is also likely to have a positive impact on the industry growth.
Synchronous Condenser Market Report Highlights
- New systems segment accounted for the largest share in 2021 owing to the growing demand for the systems to stabilize the variable power generated through renewable sources
- Hydrogen-cooled technology is expected to witness significant growth owing to the increasing demand for systems with reactive power rating with over 200 MVAr in electrical utilities
- Electrical utilities accounted for the largest revenue share in 2021, owing to the increasing integration of renewable energy sources with mainstream power generation driving the demand for the systems
- North America is expected to grow at a CAGR of 3.8% over the forecast period owing to the increasing renewable energy generation capacity in the U.S., positively impacting the demand for the system
- In May 2022, world largest flywheel arrived at Moneypoint power station in southwest Ireland and completed the synchronous condenser for grid stabilization built for Irish utility ESB
Polaris Market Research has segmented the synchronous condenser market report based on type, cooling technology, starting method, reactive power rating, end-use, and region:
Synchronous Condenser, Type Outlook (Revenue – USD Million, 2018 – 2030)
Synchronous Condenser, Cooling Technology Outlook (Revenue – USD Million, 2018 – 2030)
Synchronous Condenser, Starting Method Outlook (Revenue – USD Million, 2018 – 2030)
- Static Frequency Converter
- Pony Motor
Synchronous Condenser, Reactive Power Rating Outlook (Revenue – USD Million, 2018 – 2030)
- Up to 100 MVAr
- 101 – 200 MVAr
- Above 200 MVAr
Synchronous Condenser, End-Use Outlook (Revenue – USD Million, 2018 – 2030)
- Electrical Utilities
Synchronous Condenser, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa