The global synchronous condenser market is projected to grow from USD 661 million in 2022 to USD 811 million by 2030, registering a CAGR of 2.6% during the review period. The developments in the power transmission and distribution networks to maintain grid operations and the increasing investments in expanding the renewable energy capacities are the key factors driving the growth of the synchronous condenser market.
The North America region is estimated to be the largest market for synchronous condensers, followed by Europe. It is one of the most attractive markets owing to the rising share of renewable energy in the energy mix and substantial decline in thermal power generation capacity due to aging and retiring power plants in the US. As per the EIA forecast, the renewable energy generation share is expected to grow from 20% in 2015 to 25% by 2025. Increasing renewable resources lead to grid complexity and poor energy efficiency as there is a fluctuating flow of current transmitted to the T&D lines.
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The synchronous condensers market is served by a mix of large international and local players commanding a strong supply network in the domestic market. The leading players in the Synchronous condensers market include ABB (Switzerland), GE (US), Siemens Energy (Germany), Eaton (Ireland), and WEG (Brazil).
ABB is a leading company in automation and power technologies, offering a wide range of products, solutions, services, and systems to customers from the utility, industrial, and infrastructure & transportation verticals.
The company operates through four business segments: Electrification, Robotics & Discrete Automation, Industrial Automation, and Motion. It offers synchronous condensers through its Motion segment to utilities and various industries. The Motion division provides products, services, and solutions that increase industrial productivity and energy efficiency, as well as motors, generators, and drives for various industrial applications. It accounted for a 23% share of the company’s total revenue in 2021. ABB has its corporate research centers in seven countries: China, Germany, India, Poland, Sweden, Switzerland, and the US. It operates its business in more than 100 countries and has more than 300 manufacturing plants located in these countries. The company has a global presence in Europe, the Americas, Asia Pacific, and the Middle East & Africa.
General Electric (GE) is a multinational conglomerate that provides electricity generation, transmission, distribution, control, and utilization solutions. The company offers products and services ranging from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing, and industrial products. It operates through five major business segments: Power, Aviation, Healthcare, Renewable Energy, and Capital. It offers synchronous condensers through the Power business segment. The Power business segment serves industrial, government, power generation, and other customers worldwide by providing products and services related to energy production and water reuse. Under this segment, GE offers its product to end users such as utilities and various industries. GE operates in 170 countries in the US, Europe, Asia, the Middle East & Africa, and the Americas. It has 94 manufacturing plants located in 30 states in the US and Puerto Rico and another 190 manufacturing plants located in 37 other countries
Synchronous Condenser Market by Cooling Type (Hydrogen-Cooles, Air-Cooled, Water-Cooled), Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End-User, Reactive Power Rating and Region - Global Forecast to 2030
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