Synchronous Condenser Market

The demand for synchronous condenser is growing rapidly owing to factors such as the increasing demand from the utility industry and increasing applications in the renewable energy sector.

The global synchronous condenser market is projected to grow at 4.64% CAGR during the forecast period, 2019–2025. In 2018, the global synchronous condenser market was dominated by Asia-Pacific with a 32.8% share, followed by North America and Europe with shares of 26.6% and 25.3%, respectively.

The global synchronous condenser market has been segmented based on cooling type, reactive power rating, type, starting method, END–USEr, and region. On the basis of cooling type, the global synchronous condenser market has been segmented into hydrogen, air, and water cooled. The hydrogen segment is expected to grow at a fastest rate during the forecast period. In 2018, the hydrogen segment held a 45.22% share of the global synchronous condenser market.

On the basis of reactive power rating, the global synchronous condenser market has been segmented into less than 100MVAr, 100MVAr to 200MVAr, and above 200MVAr. The above 200MVAr segment is expected to grow at the faster rate during the forecast period. In 2018, The above 200 MVAr segment held a 39.14% share of the global synchronous condenser market.

On the basis of type, the global synchronous condenser market has been divided into new and refurbished. The new segment is expected to grow at the faster rate during the forecast period. In 2018, the new segment held a 59.79% share of the global synchronous condenser market.

On the basis of starting method, the global synchronous condenser market has been segmented into static frequency converter, pony motor, and others. The static frequency converter segment is expected to grow at the faster rate during the forecast period. In 2018, the static frequency converter segment held a 35.49% share of the global synchronous condenser market.

On the basis of END–USE, the global synchronous condenser market has been divided into electric utilities and industries. The electric utilities segment is expected to grow at a faster rate during the forecast period. In 2018, the electric utilities segment held 84.40% share of the global synchronous condenser market.

On the basis of region, the global synchronous condenser market has been segmented into the North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2018, Asia-Pacific held a 32.8% share of the global synchronous condenser market.