Synchronous Condenser Market Size, Share, Growth Analysis, By Type (New and Refurbished), By Cooling Type (Air-Cooled, Hydrogen-Cooled), By Starting Method (Static Frequency Converter, Pony Motor), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG20E2097 |
Region:
Global |
Published Date: November, 2024
Pages:
177
|Tables:
0
|Figures:
0
Synchronous Condenser Market Insights
Synchronous Condenser Market size was valued at USD 678.19 Million in 2023 and is poised to grow from USD 695.82 Million in 2024 to USD 854.43 Million by 2032, growing at a CAGR of 2.6% during the forecast period (2025-2032).
The aging power infrastructure in several regions needs rehabilitation to meet the contemporary energy demands and regulatory obligations. As a part of this update process, synchronous condensers are becoming more and more popular as they outperform and show greater reliability than the older machinery. This particular tendency is more pronounced in North America and Europe where huge amounts of money have been channeled towards enhancing the current electrical infrastructure. Another important tendency is the development of smart grids that help to control the flow of electricity for distribution and consumption through advanced communication and control techniques. Synchronous condensers are important in those grids as they provide dynamic reactive power support which enhances the stability and efficiency of the systems.
The increasing application of synchronous condensers in renewable energy developments has resulted in their acceptance on a global scale, which hints at the market dynamics for synchronous condensers is changing. The growth of the market can be explained by the synergy that exists between synchronous condensers and smart grid technology. The market for synchronous condensers is on rapid rise as a result of the increased demand for the stabilization of the grid system owing to the complexities of the grid system, increased renewable energy generation and need for power quality preservation. Further supporting the global synchronous condenser market trends hopeful trajectory are the growing uses of synchronous condensers in renewable energy projects and the projected investments in the electric utilities industry.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Synchronous Condenser Market Segmental Analysis
The global synchronous condenser market is segmented based on type, cooling type, starting method, and region. in terms of type, the market is bifurcated into new and refurbished. Based on cooling type, the market is trifurcated into air-cooled, water-cooled, and hydrogencooled. Based on the starting method, the market is grouped into static frequency converter, pony motor, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa.
Analysis by Type
As per categorization by type, the market is classified as new and refurbished. Among these, new earned the largest share and continue to hold the dominant global synchronous condenser market share. The new segment dominates the global synchronous condensers market due to the introduction of new designs, which combine advanced materials, smaller sizes, and improved efficiency. These designs address the increasing grid stability requirements in the face of renewable energy integration. This is probably the reason why New Type holds most of the market share owing to its increasing capabilities for its cost effective and efficient utilization for cities with variable energy demands. Moreover, its scalability and longer service life are other reasons that make it a suitable option for modern generations of power systems which are reliable and eco-friendly.
Refurbished are projected to be the fastest-growing segment in the global synchronous condenser market due to their cost-effectiveness and sustainability. These units offer a viable option to new constructions by incorporating renewed old facilities thereby cutting cost. Considering the increasing focus towards the circular economy and reducing the carbon footprint, refurbished units can be said to fit in the global sustainability agenda. What is more, progress in refurbishment technologies has improved the effectiveness and dependability of older systems to fulfill requirements of modern grids. Their rapid installation and their ability to respond to the growing needs of balancing the grid in the low-cost region encourage the speedy acceptance of the advanced systems.
Analysis by Cooling Type
Air-cooled synchronous condensers are at the forefront of innovation in the global synchronous condenser market, featuring cutting-edge cooling systems that eliminate the need for complex water-based infrastructure. The condensers are designed with improved energy performance, less upkeep and maintenance and are environmentally sustainable, thus making them suitable for integration of renewable energy sources and to be used in distant places. In the present market, air-cooled systems have a larger market share due to their small size, lower running costs and ability to operate in different climates. Their truncated installation function and modification to the contemporary grid systems are some of the other factors that have led to their widespread usage. With the pressing need for industries to promote and adopt green initiatives and efficient means of doing business, the air-cooled condensers secure a leading position in the market and experience a very high uplift growth rate.
Hydrogen-cooled are poised to be the fastest-growing segment in the global synchronous condenser market due to their unparalleled cooling efficiency and ability to manage high-capacity loads. The thermal conductivity and the light weight of hydrogen contribute to the ability of these condensers to work at higher power ratings and at lower energy loss and running costs. With increasing pressures on grids to be stable and more efficient, types cooled by hydrogen present themselves as a trustworthy option for such large installations. Furthermore, expansion in the technologies for modern hydrogen management systems and increased funding in hydrogen facilities coincides with the global convert to cleaner energy sources making these types propitious for quick growth in the market.
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Synchronous Condenser Market Regional Insights
North America leads the global synchronous condenser market due to its advanced power infrastructure and rising renewable energy integration. Amidst growing concern for the stability of the grid due to increasing use of renewables in the region, the region has witnessed a corresponding rise in the need for synchronous condensers. Complementing these trends are government policies aimed at promoting energy resilience and massive capital expenditure on the upgrade of old electric power networks. Moreover, the concentration on technological advancement and the high pressure in the use of high-capacity condensers are in sync with the rising demand for reactive power in the region of North America. With major players in the region and ample capital for energy projects, North America continues to be at the forefront.
Europe is the fastest-growing region in the global synchronous condenser market due to its aggressive renewable energy targets and rapid grid decarbonization efforts. The growing penetration of both wind and solar energy increases the need for solutions enabling the stabilization of the grid, which in turn propels the adoption of synchronous condensers. Policies of the European Union geared towards energy transition and funds spent on upgrading the grid infrastructure, which adds to the global synchronous condenser market growth. The same goes for the reduction of carbon emissions currently promoted in the region which favors the adoption of modern, energy efficient condenser systems. With major works in progress in countries such as Germany and the UK and France, this region is bound to observe unrivaled enlargement in this industry.
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Synchronous Condenser Market Dynamics
Drivers
Increasing Renewable Energy Integration
- The worldwide transition to green energy sources, for example, through the use of wind and solar energy, has improved the demand for grid stability solutions a great deal. Synchronous condensers are especially useful in power generation fluctuations management through reactive power support, thus making them crucial in renewable energy integration into equally big national electric grids.
Grid Modernization and Infrastructure Investment
- The increasing demand for synchronous condensers is driven by continuous grid modernization practices being carried out in various parts of the world. As existing electrical systems are enhanced to cater for a more dynamic power requirement, condensers provide a cheaper alternative enhancing the reliability and efficiency of the electrical grid. The growing investment in advanced and more reliable grids enhances the growth of the market further.
Restraints
Competition from Alternative Technologies
- Other grid stabilization technologies such as static VAR compensators (SVCs) and battery energy storage systems (BESS) also compete with synchronous condensers. These alternatives are often viewed as flexible, cheaper, and easier to implement, possibly reducing the need for synchronous condensers in certain locations or situations.
Environmental Concerns and Space Limitations
- Though the synchronous condenser is relatively efficient in general, the dimensions and the associated physical pollution tend to be problems. Deployment at a larger scale, for instance, may require and consume a lot of space which is a challenge to the level of its installation in a city or a crowded place. Further, the concern of making and using these systems may be an issue in such regions that are geared towards green living.
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Synchronous Condenser Market Competitive Landscape
The global synchronous condenser market is very competitive in nature due to geographical presence and investments in R & D for high technological grid solutions and service expansion by major players. Siemens, ABB, General Electric (GE), and Mitsubishi Elekktric are some of the frontrunners with a significant focus on the development and provision of synchronous condensers. These players are focused on innovation by developing performance-efficient and reliable systems which are not environmentally harmful as a result of the increased demand for stabilizing the grid networks owing to growing renewable energy integration and expansion of infrastructure worldwide.
Top Player’s Company Profiles
- Siemens Energy (Germany)
- ABB Ltd. (Switzerland)
- General Electric (GE) (USA)
- Mitsubishi Electric Corporation (Japan)
- Eaton Corporation (Ireland)
- Schneider Electric (France)
- Andritz AG (Austria)
- Hitachi Energy (Switzerland)
- Doosan Heavy Industries & Construction (South Korea)
- Wartsila Corporation (Finland)
- Hyundai Electric & Energy Systems (South Korea)
- Toshiba Corporation (Japan)
- Piller Group (Germany)
- CG Power and Industrial Solutions Ltd. (India)
- S&C Electric Company (USA)
Recent Developments
- In October 2024, Siemens Energy announced recently that it will be installing a new synchronous condenser at a major utility site located in Germany. The system' s primary objective is increasing the stability of the grid, and it incorporates advanced cooling mechanism which resulted to improved efficiency and reliability of the equipment. This growth is a key milestone in the continuous efforts of Siemens in the modernization of energy systems using green technologies.
- In August 2024, General Electric (GE) successfully commissioned a new hydrogen-cooled synchronous condenser for a renewable energy project in the United States. This innovative system enhances grid stability by addressing fluctuations caused by intermittent renewable generation, showcasing GE’s leadership in integrating hydrogen technology for efficient power systems.
- In July 2024, Mitsubishi Electric launched a next-generation air-cooled synchronous condenser, tailored for use in high-demand urban regions. The compact structure of the new machine, economical operation, and low pollution load make it possible to provide the highest system power quality and stability for the cities with heavy renewable energy integration. This device is an embodiment of the technological developments of Global Environmental Solutions of Mitsubishi Electric Corporation.
Synchronous Condenser Key Market Trends
- Increasing Adoption of Hydrogen-Cooled Synchronous Condensers: Hydrogen-cooled synchronous condensers are becoming more popular due to their enhanced efficacy and less environmental footprints. With the advances in hydrogen energy technology these systems are becoming the solution of choice for bulk power stabilization especially in regions rich in renewable energy resources hence their increasing acceptance around the world.
- Integration with Renewable Energy Systems: The incorporation of synchronous condensers together with renewable energies, namely wind and solar power, is on the rise. These condensers serve to stabilize an otherwise variable power generation, thus enhancing the grid safety as well as aiding in the clean energy transition. This trend is becoming a key factor in the market's expansion.
Synchronous Condenser Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, there has been a tremendous growth in the global synchronous condenser industry. This is due to a number of factors such as the rising adoption of renewable energy and the rehabilitation of the old power sensitive infrastructure. Additionally, the application of smart grid technologies and the need for grid stabilization solutions created an upward pull in the market.
The proportions of the market share and growth in the two continents have pointed to the investments made in energy resiliency over the years. There are also innovations with new types of synchronous condensers and their use in improving reliability of the grids, which shows that the potential of the industry is bright, especially with the focus on green high-end equipment.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 678.19 Million |
| Market size value in 2032 | USD 854.43 Million |
| Growth Rate | 2.6% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Synchronous Condenser Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Synchronous Condenser Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Synchronous Condenser Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Synchronous Condenser Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Synchronous Condenser Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Synchronous Condenser Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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