Global Synchronous Condenser Market To Increase At A CAGR Of ~8% During The Forecast Period Of 2019-2029

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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  1. The global synchronous condensers market size in 2018 was ~US$ 760 Mn.
  2. The synchronous condensers market is expected to grow at a CAGR of ~8% during the forecast period of 2019-2029.
  3. Besides increasing the adoption of sustainable energy solutions and solar and wind plants, HVDC projects are also driving the sales of synchronous condensers.
  4. Collectively, North America, Europe, Middle East and Africa, are likely to account for half of the revenue shares in the synchronous condensers industry by the end of 2029.
    • North America, attributing to the strong presence of the renewable energy industry, will continue to be a prominent regional market for synchronous condensers manufacturers.
  5. The power generation industry, along with nuclear power plants and mining industry, is expected to remain prominent application area for synchronous condensers market players to invest in.
    • Power generation industries such as solar, wind, and thermal plants, have witnessed significant growth over the recent past, and revival of this sector has been particularly noteworthy owing to the increasing environmental concerns.
    • Noteworthy application potential of synchronous condensers has been identified in the water cooled synchronous condensers segment.

Regional Analysis:

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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Key Segment

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

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Market Structure Analysis

  • The global synchronous condensers market represents a fairly consolidated competitive landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
  • The synchronous condensers market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
  • Prominent manufacturers of synchronous condensers are currently prioritizing R&D and new product launches to resonate with the booming consumption of eco-friendly coatings in North America, Europe, Middle East and Africa.
  • Portfolio extension is also identified to remain one of the key developmental strategies adopted by manufacturers of synchronous condensers.
  • For a stronger foothold in target markets, synchronous condenser manufacturers will continue to rely on inorganic strategies, such as mergers and acquisitions.
  • Deeper understanding of market trends and preferential shifts of end-use segments across various regions are likely to create a bottleneck for prominent players, looking forward to untapped opportunities in the synchronous condensers market.
Über future Market Insights global consulting Pvt Ltd

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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