Synchronous Condenser Market Size Worth USD 753.1 Million, Globally, by 2028 at 2.6% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global synchronous condenser market size is projected to grow from USD 629.3 million in 2021 to USD 753.1 million in 2028, at CAGR of 2.6% during forecast period;
Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The global Synchronous Condenser Market was USD 617.8 million in 2020. The global market size is expected to be USD 629.3 million in 2021 and is projected to reach USD 753.1 million by 2028, exhibiting a CAGR of 2.6% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Synchronous condenser Market, 2021-2028.”
According to our analyst, the rising government initiatives to adopt fossil fuel power generation to boost the market. The synchronous condensers are known as DC-excited synchronous motors, which have an independent shaft that spins freely. These condensers are used to adjust conditions on the ideal electric power transmission grid. It also helps in adjusting the grid’s voltage and improves power factor correction. The rising government initiatives for environmental safety are likely to boost the market in the coming years.
List of Key Players Profiled in Global Market for Synchronous Condenser:
Andritz AG (Austria)
General Electric (U.S.)
Siemens (Germany)
Voith GmbH & Co. Kgaa (Germany)
AnsaldoEnergia (Italy)
Fuji Electric (Japan)
WEG (Brazil)
Eaton (Ireland)
BRUSH (U.K.)
BHEL (India)
Sustainable Power System (U.S.)
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2021-2028
Forecast Period 2021 TO 2028 CAGR
2.6%
2028 Value Projection
USD 753.1 million
Base Year
2020
Market Size in 2020
USD 617.8 million
Historical Data for
2017-2019
No. of Pages
210
Segments covered
Cooling Type, Starting Method, Power Rating, Applications, and Region
Growth Drivers
Rising Government Initiatives to Eradicate Nuclear and Fossil Fuel Power Generation to Propel Market Growth
Increasing demand from Utility and Rising Upgrades Augmented Market Growth
COVID-19 Impact:
Project Delays Due to Limited Workforce Hampers Market Growth
The outbreak of COVID-19 virus has caused a global pandemic that affected various industries operating in the global market. Stringent restrictions were imposed by the government to control the virus spread. Also, import/export policies were revised which affected the supply of raw materials and hampered supply chain management of the companies. Furthermore, a halt on manufacturing and production activities has caused project delays due to a short workforce and restricted working activities.
The report for synchronous condenser market provides complete information along with factual data regarding market developments trends and advancements in the industry.
Key developments adopted by the companies such as partnerships, mergers, acquisitions, and strategic alliances are highlighted in the report.
Key trends such as innovation and technological advancements in the market are evaluated to understand market development scope in the coming years.
Drivers and restraints affecting market growth and geographical expansion are discussed further in this report.
The direct and indirect impact caused by covid-19 pandemic is highlighted in the report.
Market Drivers:
Rising Industrialization to Propel Market Growth
The market is expected to witness significant growth in the coming years owing to the development initiatives proposed by the government in developing regions. The government from different countries is planning to replace the aging plants which are expected to boost product demand and increase productivity and profitability for the key players. Rising industrialization in emerging nations is anticipated to bolster market growth and maintain market value for the product globally. These factors are likely to ensure synchronous condenser market growth during the projected period.
Asia Pacific Dominates Market Due to Rising Industrialization
Asia Pacific holds the prominent global synchronous condenser market share owing to the rising industrialization in developing countries. The product demand is likely to boost in this region due to the increasing installation of new condensers at existing plants.
North America holds the second-largest global market share due to the rising product demand for converting old power plants into efficient power plants. Technological advancements and development in the industry are expected to drive the market.
Competitive Landscape:
Key Players Form Strategic Alliances to Dominate Global Market
Prominent players in the industry focus on adopting strategic plans for business expansion to ensure high profitability and productivity. The strategies allow business expansion using various methods such as partnerships, mergers, strategic alliances, and innovation strategies for product differentiation and development. Furthermore, adopting technological advancements support key players to increase their production and sales rate in the global market.
December 2020: Siemens Energy won a contract from Elering AS which helped them build three synchronous condenser plants in Estonia. These plants are supposed to be the first Flexible Alternating Current Transmission System that will be installed in the Baltic States.
May 2020: GE won a contract from Trena for providing two synchronous condensers and flywheel units for the Brindisi substation in southern Italy.
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