Synchronous Condenser Market Projected to Reach $574.0 Million by 2025

The global Synchronous
Condenser Market is expected to grow from an estimated USD 508.4 million in
2020 to USD 574.0 million by 2025, 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 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 synchronous condenser market for electric utilities will remain dominant
and grow at a faster rate.

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The hydrogen-cooling is expected to
be the fastest-growing segment 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 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.

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The key players profiled in this report
are Siemens (Germany), GE (US), Eaton (Ireland), ABB (Switzerland), and WEG
(Brazil) along with others.