Synchronous Condenser Market Size

The demand for synchronous condensers is increasing because more and more utility companies are using them, and they are being used more in the renewable energy sector. This means that the market for synchronous condensers is expected to grow by about 4.74% every year from 2019 to 2024. In 2018, most of the synchronous condenser market was in the Asia-Pacific region, with 32.9% of the market there. The market in North America and Europe was also big, with 26.5% and 25.3% of the market, respectively.

Synchronous condensers can be divided into different types based on how they are cooled, how much power they can handle, whether they are new or refurbished, how they start, who uses them, and where they are used. For example, some synchronous condensers are cooled using hydrogen, air, or water. The hydrogen-cooled ones are expected to grow the fastest. There are also different power ratings for synchronous condensers, like less than 100MVAr, 100MVAr to 200MVAr, and above 200MVAr. The ones with a power rating above 200MVAr are expected to grow the fastest. When it comes to the type of synchronous condensers, there are new ones and refurbished ones. The new ones are expected to grow the fastest. There are also different starting methods for synchronous condensers, like using a static frequency converter or a pony motor. The ones that use a static frequency converter are expected to grow the fastest. Synchronous condensers are used by electric utilities and industries, and the demand from electric utilities is expected to grow faster. Finally, the market for synchronous condensers is divided into different regions, like North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2018, Asia-Pacific had the biggest share of the market.

The demand for synchronous condensers is being driven by several important factors. Firstly, there is an increasing need for synchronous condensers in the utility industry, where they are used to stabilize the power grid and maintain its reliability. Additionally, the growing applications of synchronous condensers in the renewable energy sector, such as wind and solar power plants, are contributing to the rising demand for this technology. As the world looks to transition to cleaner and more sustainable energy sources, the role of synchronous condensers in supporting the integration of renewable energy into the grid is becoming increasingly important.