Global Synchronous Condenser Market Insights Forecasts to 2033

• The Global Synchronous Condenser Market Size was Valued at USD 556.30 Billion in 2023
• The Market Size is Growing at a CAGR of 2.63% from 2023 to 2033
• The Worldwide Synchronous Condenser Market Size is Expected to Reach USD 721.50 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Synchronous Condenser Market Size is Anticipated to Exceed USD 721.50 Billion by 2033, Growing at a CAGR of 2.63% from 2023 to 2033.

Market Overview

The term "synchronous condenser" refers to a DC-excited synchronous motor whose shaft spins freely and without external connections. It helps to modify the optimal grid configuration for the transmission of electric power. A voltage regulator regulates the field of this condenser to either enhance power factor correction or absorb reactive power when necessary to modify the grid's voltage. Large generators and electric motors operate and are installed in the same way. Due to the growing need for reactive power support and grid stability and the growing integration of renewable energy sources like wind and solar, these condensers offer an alternative to capacitor banks for power-factor correction in power networks. Synchronous condensers help to maintain voltage and frequency stability as these renewable energy sources add unpredictability to the system. Further driving market development are the move to smart grids and the updating of outdated electricity infrastructure. Demand is being further stimulated by investments made by utilities and governments in cutting-edge power systems to increase dependability and efficiency. In electrical power systems, synchronous condensers are spinning machines that support reactive power, improve power factor, and regulate voltage.

Report Coverage

This research report categorizes the market for the global synchronous condenser market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global synchronous condenser market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global synchronous condenser market.

Driving Factors

Governments in many different nations are now primarily concerned with the phase-out of coal and nuclear power facilities. In the power industry, power correction factors are becoming more and more necessary. Globally, the use of renewable energy sources for power generation is also growing. The production of renewable energy makes extensive use of these condensers. The conditions on the grid used to transmit electricity are adjusted by these condensers. These condensers are ideal for use with renewable energy sources. The need for synchronous condensers is growing as renewable energy sources such as solar, wind, and others are being used regularly. These devices improve the sustainability of power supply to end-user businesses, which propels market expansion. Modernization and new technologies need to upgrade aging infrastructure, which is driving an increasing need for synchronous condensers. The attention of end users is drawn to these changes due to the increased performance and improved voltage management power correction. Adoption of the synchronous condenser is accelerating due to the growing need for high-voltage direct current for power transmission and grid maintenance across large distances.

Restraining Factors

Synchronous condenser components have a relatively high initial cost due to the costly raw materials like copper and aluminum used in their construction. For these condensers to run continually, a significant quantity of power is also needed. New condensers are highly expensive initially, and these pieces of equipment are very expensive to restore. These condensers are more costly than others since they are synchronous motors that are DC-excited. The primary method used by the synchronous condensers to regulate reactive power. There are also several drawbacks to the compensator, including noise generation, high maintenance costs, being less cost-effective for compensation below 500KVAR, and more.

Market Segmentation

The global synchronous condenser market share is classified into cooling type, starting method, power rating, and application.

• The hydrogen-cooled is expected to hold the largest share of the global synchronous condenser market during the forecast period.   

Based on the cooling type, the global synchronous condenser market is divided into air-cooled, water-cooled, and hydrogen-cooled. Among these, the hydrogen-cooled is expected to hold the largest share of the global synchronous condenser market during the forecast period. Its many qualities, including high thermal conductivity, low density, and high specific heat have made it highly sought-after. This puts further pressure on the market for condensers that use hydrogen cooling.  

• The static frequency converters segment is expected to hold the largest share of the global synchronous condenser market during the forecast period.   

Based on the starting method, the global synchronous condenser market is divided into static frequency converters, pony converters, and others. Among these, the static frequency converters segment is expected to hold the largest share of the global synchronous condenser market during the forecast period. The static frequency converter has a low installation cost and is unaffected by changes in load or supply voltage. The static frequency converter is very dependable and has low noise characteristics. The market's need for static frequency converters rises as a result.

• The above 200 MVAR segment is expected to hold the largest share of the global synchronous condenser market during the forecast period.   

Based on the power rating, the global synchronous condenser market is divided into up to 200 MVAR and above 200 MVAR. Among these, the above 200 MVAR segment is expected to hold the largest share of the global synchronous condenser market during the forecast period. Due to their excellent efficiency and compatibility with a variety of applications, condensers with a capacity greater than 200 MVAR are becoming more and more installed in the market.  

• The utility segment is expected to hold the largest share of the global synchronous condenser market during the forecast period.   

Based on the application, the global synchronous condenser market is divided into utility and industrial. Among these, the utility segment is expected to hold the largest share of the global synchronous condenser market during the forecast period. Utility companies utilize these condensers extensively as they contribute to grid stability, inertia, and dependability. Both the amount of money invested in and the number of these condensers installed in the utility sector are rising quickly. Synchronous condensers help in the utility segment's vital role in boosting grid stability and regulating voltage variations.

Regional Segment Analysis of the Global Synchronous Condenser Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global synchronous condenser market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global synchronous condenser market over the predicted timeframe. Due to rising utility investments and regional development, the Asia-Pacific region was a dominant position in the market during the projected period. India's synchronous condenser market is driven by the country's increasing economy, clean electricity supply, and growing grid modernization requirements. When there is a reliable, safe, and efficient source of large-scale electricity, end users are more likely to use synchronous condensers. The demand for electricity in commercial and industrial sectors is driven by government plans, initiatives, and legislation to support renewable energy. Updated grid stability is used by the power industry to promote sustainable electricity, increasing the Indian market.

North America is expected to grow at the fastest pace in the global synchronous condenser market during the forecast period. The conversion of extinct power plants to these condensers is driving up demand for them in this region. Condensers aid in enhancing the control of power line voltage in power-generating facilities. The U.S. market for synchronous condensers is growing rapidly as the nation's grid operations become more environmentally friendly. In order to fulfill customer demands, power transformers and generators are backed by ever-more complicated technology. Due to the growing trend of converting outdated power plants to these condensers, there is a significant demand for these condensers in this region. In power-producing plants, condensers contribute to improved power line voltage control.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global synchronous condenser market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Ansaldo Energia
• ABB
• Doosan
• Eaton
• Shanghai Electric
• Toshiba Energy Systems & Solutions Corporation
• WEG
• General Electric
• Hitachi Energy Ltd.
• Mitsubishi Electric Power Products, Inc.
• NIDEC Corporation
• Power Systems & Controls, Inc.
• Siemens Energy
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Tohoku Electric Power placed an order with Toshiba Energy Systems for the installation of a STATCOM. In order to provide a dependable power supply in the case of a transmission system malfunction and to improve grid stability during the transfer of high-capacity electricity, this STATCOM will be extremely important.

• In January 2023, Ansaldo Energia and Terna worked together to carry a synchronous condenser and transformer to the Codrongianos power plant in the province of Sassari via land and water. To improve short-circuit power and enable reactive energy exchange, Terna's transmission grid will be linked to a synchronous condenser, a specific kind of electric generator.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global synchronous condenser market based on the below-mentioned segments: 

Global Synchronous Condenser Market, By Cooling Type

• Air-Cooled
• Water-Cooled
• Hydrogen-Cooled

Global Synchronous Condenser Market, By Starting Method

• Static Frequency Converter
• Pony Motors
• Others

Global Synchronous Condenser Market, By Power Rating

• Up to 200 MVAR
• Above 200 MVAR

Global Synchronous Condenser Market, By Application

• Utility
• Industrial

Global Synchronous Condenser Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa