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.