This report describes and explains the synchronous condenser market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global synchronous condenser market reached a value of nearly $1.07 billion in 2024, having grown at a compound annual growth rate (CAGR) of 3.59% since 2019. The market is expected to grow from $1.07 billion in 2024 to $1.37 billion in 2029 at a rate of 5.09%. The market is then expected to grow at a CAGR of 4.58% from 2029 and reach $1.72 billion in 2034.
Growth in the historic period resulted from the expansion of large-scale infrastructure projects, expansion of high-voltage transmission networks, government policies and regulatory support and rapid industrial growth and increasing electrification. Factors that negatively affected growth in the historic period were high initial capital investment and competition from alternative technologies.
Going forward, increasing integration of renewable energy sources, smart grid expansion and digitalization of electricity networks, replacement of aging grid infrastructure and rise in grid stability and voltage control requirements will drive the growth. Factors that could hinder the growth of the synchronous condenser market in the future include trade war and tariffs impacting equipment costs and supply chains, skilled workforce shortage and long lead times for manufacturing and commissioning.
The synchronous condenser market is segmented by type into new synchronous condenser and refurbished synchronous condenser. The new synchronous condenser market was the largest segment of the synchronous condenser market segmented by type, accounting for 69.70% or $749.27 million of the total in 2024. Going forward, the new synchronous condenser segment is expected to be the fastest growing segment in the synchronous condenser market segmented by type, at a CAGR of 5.41% during 2024-2029.
The synchronous condenser market is segmented by cooling type into hydrogen-cooled, air-cooled and water-cooled. The hydrogen-cooled market was the largest segment of the synchronous condenser market segmented by cooling type, accounting for 46.59% or $500.86 million of the total in 2024. Going forward, the air-cooled segment is expected to be the fastest growing segment in the synchronous condenser market segmented by cooling type, at a CAGR of 5.75% during 2024-2029.
The synchronous condenser market is segmented by starting method into static frequency converter (SFC), pony motor and other starting methods. The static frequency converter (SFC) market was the largest segment of the synchronous condenser market segmented by starting method, accounting for 61.49% or $661.06 million of the total in 2024. Going forward, the static frequency converter (SFC) segment is expected to be the fastest growing segment in the synchronous condenser market segmented by starting method, at a CAGR of 5.87% during 2024-2029.
The synchronous condenser market is segmented by reactive power rating into up to 100 mega volt-amperes reactive (MVAR), 100-200 mega volt-ampere reactive (MVAR) and above 200 mega volt-amperes reactive (MVAR). The up to 100 mega volt-amperes reactive (MVAR) market was the largest segment of the synchronous condenser market segmented by reactive power rating, accounting for 44.15% or $474.58 million of the total in 2024. Going forward, the above 200 mega volt-amperes reactive (MVAR) segment is expected to be the fastest growing segment in the synchronous condenser market segmented by reactive power rating, at a CAGR of 5.80% during 2024-2029.
The synchronous condenser market is segmented by end user into utilities, industrial, renewable energy and other end-users. The utilities market was the largest segment of the synchronous condenser market segmented by end user, accounting for 58.64% or $630.39 million of the total in 2024. Going forward, the renewable energy segment is expected to be the fastest growing segment in the synchronous condenser market segmented by end user, at a CAGR of 8.08% during 2024-2029.
Asia Pacific was the largest region in the synchronous condenser market, accounting for 39.17% or $421.05 million of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the synchronous condenser market will be Asia Pacific and Africa where growth will be at CAGRs of 5.69% and 5.29% respectively. These will be followed by North America and Middle East where the markets are expected to grow at CAGRs of 5.20% and 5.19% respectively.
The global synchronous condenser market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 21.41% of the total market in 2024. Siemens Energy was the largest competitor with 3.42% share of the market, followed by GE Vernova with 3.07%, ABB Ltd. with 2.69%, Eaton Corporation plc with 2.33%, Hitachi Energy Ltd. with 2.02%, WEG S.A. with 1.96%, Voith Group with 1.65%, ANDRITZ AG with 1.55%, Mitsubishi Electric Power Products Inc. with 1.37% and Toshiba International Corporation Pty Ltd. with 1.35%.
The top opportunities in the synchronous condenser market segmented by type will arise in the new synchronous condenser segment, which will gain $225.8 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by starting method will arise in the static frequency convertor segment, which will gain $218.07 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by cooling type will arise in the hydrogen-cooled segment, which will gain $135.21 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by reactive power rating will arise in the up to 100 mega volt-amperes reactive (MVAR) segment, which will gain $117.15 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by end user will arise in the utilities segment, which will gain $171.27 million of global annual sales by 2029. The synchronous condenser market size will gain the most in China at $66.26 million.
Market-trend-based strategies for the synchronous condenser market include focus on increasingly delivering higher-capacity, low-environmental-impact synchronous condenser systems to support grids transitioning to renewable energy, focus on increasingly offering turnkey synchronous condenser systems specifically to provide inertia and reactive-power support required by grids with high shares of inverter-based renewables, focus on advancing their systems with integrated digital control platforms, real-time monitoring and centralized automation solutions to enhance operational efficiency, reliability and grid responsiveness and increasingly launching turnkey synchronous condenser systems to provide the inertia and reactive-power support required by grids with high shares of inverter-based renewables.
Player-adopted strategies in the synchronous condenser market include focus on expanding business capabilities through strategic partnerships, focus on expanding business capabilities through securing new contracts, focus on strengthening business operations through strategic partnerships, focus on strategic partnerships to enhance business offerings and focus on expanding operational and business presence through securing new orders.
To take advantage of the opportunities, the analyst recommends the synchronous condenser market companies to focus on developing low-emission high-capacity systems, focus on delivering turnkey grid-stabilizing solutions, focus on advancing integrated control platforms, focus on turnkey synchronous condenser solutions, focus on new synchronous condenser solutions, focus on static frequency converter solutions, focus on air-cooled synchronous condenser solutions, focus on above 200 MVAR synchronous condenser solutions, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels for synchronous condenser solutions, focus on strategic pricing for synchronous condenser solutions, focus on targeted industry promotion, focus on value-driven marketing communication and focus on renewable energy end-users for synchronous condenser solutions.
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The global synchronous condenser market reached a value of nearly $1.07 billion in 2024, having grown at a compound annual growth rate (CAGR) of 3.59% since 2019. The market is expected to grow from $1.07 billion in 2024 to $1.37 billion in 2029 at a rate of 5.09%. The market is then expected to grow at a CAGR of 4.58% from 2029 and reach $1.72 billion in 2034.
Growth in the historic period resulted from the expansion of large-scale infrastructure projects, expansion of high-voltage transmission networks, government policies and regulatory support and rapid industrial growth and increasing electrification. Factors that negatively affected growth in the historic period were high initial capital investment and competition from alternative technologies.
Going forward, increasing integration of renewable energy sources, smart grid expansion and digitalization of electricity networks, replacement of aging grid infrastructure and rise in grid stability and voltage control requirements will drive the growth. Factors that could hinder the growth of the synchronous condenser market in the future include trade war and tariffs impacting equipment costs and supply chains, skilled workforce shortage and long lead times for manufacturing and commissioning.
The synchronous condenser market is segmented by type into new synchronous condenser and refurbished synchronous condenser. The new synchronous condenser market was the largest segment of the synchronous condenser market segmented by type, accounting for 69.70% or $749.27 million of the total in 2024. Going forward, the new synchronous condenser segment is expected to be the fastest growing segment in the synchronous condenser market segmented by type, at a CAGR of 5.41% during 2024-2029.
The synchronous condenser market is segmented by cooling type into hydrogen-cooled, air-cooled and water-cooled. The hydrogen-cooled market was the largest segment of the synchronous condenser market segmented by cooling type, accounting for 46.59% or $500.86 million of the total in 2024. Going forward, the air-cooled segment is expected to be the fastest growing segment in the synchronous condenser market segmented by cooling type, at a CAGR of 5.75% during 2024-2029.
The synchronous condenser market is segmented by starting method into static frequency converter (SFC), pony motor and other starting methods. The static frequency converter (SFC) market was the largest segment of the synchronous condenser market segmented by starting method, accounting for 61.49% or $661.06 million of the total in 2024. Going forward, the static frequency converter (SFC) segment is expected to be the fastest growing segment in the synchronous condenser market segmented by starting method, at a CAGR of 5.87% during 2024-2029.
The synchronous condenser market is segmented by reactive power rating into up to 100 mega volt-amperes reactive (MVAR), 100-200 mega volt-ampere reactive (MVAR) and above 200 mega volt-amperes reactive (MVAR). The up to 100 mega volt-amperes reactive (MVAR) market was the largest segment of the synchronous condenser market segmented by reactive power rating, accounting for 44.15% or $474.58 million of the total in 2024. Going forward, the above 200 mega volt-amperes reactive (MVAR) segment is expected to be the fastest growing segment in the synchronous condenser market segmented by reactive power rating, at a CAGR of 5.80% during 2024-2029.
The synchronous condenser market is segmented by end user into utilities, industrial, renewable energy and other end-users. The utilities market was the largest segment of the synchronous condenser market segmented by end user, accounting for 58.64% or $630.39 million of the total in 2024. Going forward, the renewable energy segment is expected to be the fastest growing segment in the synchronous condenser market segmented by end user, at a CAGR of 8.08% during 2024-2029.
Asia Pacific was the largest region in the synchronous condenser market, accounting for 39.17% or $421.05 million of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the synchronous condenser market will be Asia Pacific and Africa where growth will be at CAGRs of 5.69% and 5.29% respectively. These will be followed by North America and Middle East where the markets are expected to grow at CAGRs of 5.20% and 5.19% respectively.
The global synchronous condenser market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 21.41% of the total market in 2024. Siemens Energy was the largest competitor with 3.42% share of the market, followed by GE Vernova with 3.07%, ABB Ltd. with 2.69%, Eaton Corporation plc with 2.33%, Hitachi Energy Ltd. with 2.02%, WEG S.A. with 1.96%, Voith Group with 1.65%, ANDRITZ AG with 1.55%, Mitsubishi Electric Power Products Inc. with 1.37% and Toshiba International Corporation Pty Ltd. with 1.35%.
The top opportunities in the synchronous condenser market segmented by type will arise in the new synchronous condenser segment, which will gain $225.8 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by starting method will arise in the static frequency convertor segment, which will gain $218.07 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by cooling type will arise in the hydrogen-cooled segment, which will gain $135.21 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by reactive power rating will arise in the up to 100 mega volt-amperes reactive (MVAR) segment, which will gain $117.15 million of global annual sales by 2029. The top opportunities in the synchronous condenser market segmented by end user will arise in the utilities segment, which will gain $171.27 million of global annual sales by 2029. The synchronous condenser market size will gain the most in China at $66.26 million.
Market-trend-based strategies for the synchronous condenser market include focus on increasingly delivering higher-capacity, low-environmental-impact synchronous condenser systems to support grids transitioning to renewable energy, focus on increasingly offering turnkey synchronous condenser systems specifically to provide inertia and reactive-power support required by grids with high shares of inverter-based renewables, focus on advancing their systems with integrated digital control platforms, real-time monitoring and centralized automation solutions to enhance operational efficiency, reliability and grid responsiveness and increasingly launching turnkey synchronous condenser systems to provide the inertia and reactive-power support required by grids with high shares of inverter-based renewables.
Player-adopted strategies in the synchronous condenser market include focus on expanding business capabilities through strategic partnerships, focus on expanding business capabilities through securing new contracts, focus on strengthening business operations through strategic partnerships, focus on strategic partnerships to enhance business offerings and focus on expanding operational and business presence through securing new orders.
To take advantage of the opportunities, the analyst recommends the synchronous condenser market companies to focus on developing low-emission high-capacity systems, focus on delivering turnkey grid-stabilizing solutions, focus on advancing integrated control platforms, focus on turnkey synchronous condenser solutions, focus on new synchronous condenser solutions, focus on static frequency converter solutions, focus on air-cooled synchronous condenser solutions, focus on above 200 MVAR synchronous condenser solutions, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels for synchronous condenser solutions, focus on strategic pricing for synchronous condenser solutions, focus on targeted industry promotion, focus on value-driven marketing communication and focus on renewable energy end-users for synchronous condenser solutions.
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Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Synchronous Condenser Growth Analysis And Strategic Analysis Framework
9 Synchronous Condenser Market Segmentation
10 Synchronous Condenser Market, Regional and Country Analysis
11 Asia-Pacific Market
12 Western Europe Market
13 Eastern Europe Market
14 North America Market
15 South America Market
16 Middle East Market
17 Africa Market
18 Competitive Landscape And Company Profiles
19 Other Major And Innovative Companies
22 Key Mergers And Acquisitions
23 Recent Developments Synchronous Condenser
24 Opportunities And Strategies
25 Synchronous Condenser Market, Conclusions And Recommendations
26 Appendix
Executive Summary
Synchronous Condenser Global Market Opportunities And Strategies To 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global synchronous condenser market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
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Description
Where is the largest and fastest-growing market for synchronous condenser? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The synchronous condenser market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider synchronous condenser market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by starting method, by cooling type, by reactive power rating and by end user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework - Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by starting method, by cooling type, by reactive power rating and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations - This section includes recommendations for synchronous condenser providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: New Synchronous Condenser; Refurbished Synchronous Condenser2) By Starting Method: Static Frequency Converter (SFC); Pony Motor; Other Starting Methods
3) By Cooling Type: Hydrogen-Cooled; Air-Cooled; Water-Cooled
4) By Reactive Power Rating: Up To 100 Mega Volt-Amperes Reactive (MVAR); 100-200 Mega Volt-Amperes Reactive (MVAR); Above 200 Mega Volt-Amperes Reactive (MVAR)
5) By End-User: Utilities; Industrial; Renewable Energy; Other End-Users
Companies Mentioned:Siemens Energy; GE Vernova; ABB Ltd.; Eaton Corporation plc; Hitachi Energy Ltd.
Countries: Australia; China; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions:Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; synchronous condenser indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Siemens Energy
- GE Vernova
- ABB Ltd.
- Eaton Corporation plc
- Hitachi Energy Ltd.
- WEG S.A.
- Voith Group
- ANDRITZ AG
- Mitsubishi Electric Power Products Inc.
- Toshiba International Corporation Pty Ltd.
- Hitachi Energy Ltd
- General Electric Company (GE)
- Toshiba International Corporation
- Shanghai Electric Group
- Fuji Electric Global
- Bharat Heavy Electricals Limited (BHEL)
- Hyosung Heavy Industries Corporation
- NR Electric Co., Ltd.
- Doosan Corporation
- ZDDQ Electric
- Shanghai Rich M & E Manufacturing Co., Ltd.
- Dongfang Electric Corporation
- TBEA Co., Ltd.
- Elecnor
- Ansaldo Energia S.p.A.
- Hitachi Energy
- Ingeteam Technology, S.A.
- Ideal Electric Power Co.
- Baker Hughes (Brush)
- Ansaldo Energia
- Elsewedy Electric
- MAPNA Group
