Global Synchronous Condenser Market

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: 88 | Figures: 71

Synchronous Condenser Market News

  • 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.
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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 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. '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)'

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.

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.

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.

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Global Synchronous Condenser Market

Report ID: SQMIG20E2097

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