Synchronous Condenser Market Competitive Growth Strategies Based on Type, Applications, End User and Region

Future Market Insights has recently published its latest report on the synchronous condenser market, which includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report explores the synchronous condenser market and highlights important insights during the forecast period of 2019-2029. As per the key findings, the global synchronous condenser market is anticipated to experience prominent growth over the forecast period, due to multiple driving factors such as increasing number of HVDC projects in developing economies such as India, Indonesia, China, and conversion of conventional generators & cooling plants to synchronous condensers.

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The global synchronous condenser market was valued at ~US$ 760 Mn in 2018, and is estimated to increase at a CAGR of ~8% during the forecast period of 2019-2029. This growth is majorly driven by the integration of renewable energy through solar and wind power plants and increasing installation of synchronous condensers to carry robust functioning of the power plants.

Newer Opportunities Identified in Middle East & Africa

Regions such as North America and Europe, are likely to hold prominent market shares in terms of value. However, the South Asiam market is estimated to project lucrative growth in the global synchronous condenser market over the forecast period of 2019-2029. This growth in the region is propelled by the rapid technological advancements and growing number of HVDC projects in prominent countries such as India and Indonesia, among others.

Furthermore, the market of synchronous condensers is expected to grow predominantly in prominent countries of Middle East and Africa including Saudi Arabia, Kuwait, Qatar, Abu Dhabi, Nigeria, and U.A.E., owing to various macroeconomic factors such as growing urbanization, stable political & social backdrop, and rapid industrialization. Increasing number of market players in the region have gained the confidence of foreign investors and grid operators to invest in the market.

Moreover, refurbishment of synchronous condensers from old conventional plants and generators to new machines have added expressively positive momentum over the few past years. Also, rapidly growing number of HVDC projects in MEA and installment of sustainable energy plants have boosted the demand for synchronous condensers to provide stability and robust functioning of power plants. These factors have resulted in significant growth of the synchronous condenser market in the region.

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By segmentation:

By Product

New synchronous condenser, Refurbished synchronous condenser,

By Cooling Type 

Air cooled, Hydrogen cooled, Water cooled,

By Power Rating

Less than 50 MVAR, 50 to 80 MVAR, 80 to 100 MVAR, 100 to 150 MVAR, 150 to 200 MVAR, Above 200 MVAR,

By Starting Method

Static frequency converter, Pony motors, Others ,

By End Use

Electrical power utilities, Electric grids, Solar farms, Mining, Commercial, Others.

By Region 

North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East, Africa.

For any queries linked with the report, ask an analyst

The U.S., China, and Australia to Present Lucrative Opportunities

Rising dependence on renewable sources of energy for electricity production is set to encourage synchronous condenser manufacturers to cash in on economies such as the US, China, and Australia. The US Department of Energy estimates a 10% increase in solar energy, while a 12% increase in wind energy in 2019. Further, the country is aiming to install about 4 million solar panels in the near future, thereby potentially raising the demand for synchronous condensers.

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