Synchronous Condenser Market Size By Cooling (Hydrogen Cooled, Air Cooled, Water Cooled), By Starting Method (Static Drive, Pony motors), By End User (Utility, Industrial), Reactive Power Rating & Forecast, 2023 – 2032

Synchronous Condenser Industry Analysis

Synchronous Condenser Market size exceeded USD 1.3 billion in 2022 and is likely to showcase 4.8% CAGR from 2023 to 2032. The increasing demand for a reliable and consistent power supply has led to the recognition of synchronous condensers as a preferred solution for enhancing grid resilience and mitigating power outages. In addition, the ongoing initiatives to modernize power grids and transition towards smart grid systems are key parameters accelerating the product adoption.
 

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Synchronous condenser industry is witnessed to gain significant appreciation owing to renewable energy integration, grid resilience along with growing demand across industrial application. The integration of synchronous condensers with advanced control and monitoring systems enables improved grid management and optimization. This integration facilitates real-time monitoring, control, and automation of the synchronous condenser operation, thereby leading to enhanced grid stability and efficient power flow management. Furthermore, government policies and regulations also have a substantial impact on promoting the deployment of synchronous condensers.
 

COVID-19 Impact

The COVID-19 pandemic has caused disruptions in global supply chains, including the manufacturing and delivery of synchronous condenser components. Restrictions on international trade, temporary closures of manufacturing facilities, and logistical challenges have led to delays in project timelines and hindered the availability of equipment, affecting the synchronous condenser market development. The pandemic has also resulted in delays in the planning, development, and construction of power infrastructure projects. Moreover, restrictions on movement, labor shortages, and economic uncertainties have led to project postponements or cancellations. These delays have impacted the demand for these condensers in the short term.
 

Synchronous Condenser Industry Trends

The use of synchronous condensers has been influenced by the introduction of grids supported by renewable energy sources coupled with the growing trend of implementing utility-scale projects. The deployment opportunities for this condensing technology have been significantly enhanced on account of growing concerns toward climate change, the decreasing costs of renewable technologies, and government policies and incentives promoting clean energy. Additionally, there is a positive outlook for renewable energy integration supported by regulatory measures aimed at establishing a sustainable energy mix will drive industry growth.
 

Synchronous Condenser Cooling Segmentation

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The air-cooled synchronous condenser market is anticipated to cross USD 1 billion valuation by 2032. These condensers are being designed with modular configurations, allowing for scalability and flexibility in installation. These condensers systems provide cost advantages over other cooling methods by eliminating the need for complex cooling systems including hydrogen cooling infrastructure. The continuous advancements in air cooling technology have significantly improved the efficiency and performance of synchronous condensers. Additionally, innovations in fan designs, heat exchange systems, and control mechanisms have played a crucial role in enhancing the effectiveness of air cooling and the overall product efficiency.
 

Synchronous Condenser Starting Method Segmentation

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The continuous advancements in power electronics technology including the development of more efficient and compact converters will drive the starting method of condensers with static drives. Growing integration of static drives strengthens the precise control over the output of the synchronous condenser along with it provides rapid and accurate adjustments in reactive power generation and voltage regulation will energize the adoption of this starting method in synchronous condenser market. In addition, static drive possesses the capability to swiftly adapt their reactive power output, enabling them to effectively respond to grid events such as voltage fluctuations or disturbances.
 

Synchronous Condenser End User Segmentation

The utility sector is expected to observe 4% growth rate during 2023 to 2032. The utility sector is witnessing a significant trend toward espousal of synchronous condensers led by increasing investments in grid stability in line with the ongoing integration of renewable energy. Utilities are recognizing the need to address the challenges posed by aging transmission infrastructure and the requirement for system upgrades.
 

In addition, growing investments in synchronous condensers to optimize power flow, enhance voltage regulation, and improve system stability, particularly during periods of high demand or transmission constraints will influence the deployment of these systems across the utility sector. The growing growing of these systems to improve grid stability, facilitate the integration of renewable energy sources, and ensures resilient and reliable delivery of power will positively sway the synchronous condenser market growth.
 

Synchronous Condenser Reactive Power Rating Segmentation

The ≤ 100 MVAr reactive power rating segment in the industry will cross a valuation of USD 340 million by 2032. The industry is poised for substantial growth on account of increased investments in grid stability, transmission system upgrades, and grid modernization initiatives. Ongoing technological advancements coupled with surging power demand, driven by urbanization and industrialization across emerging economies will augment positive business scenario. Continuous investments in synchronous condensers with larger power ratings are gaining traction as they offer improved capabilities for the transmission system, enabling optimized power flow and improved system stability.
 

Synchronous Condenser Regional Outlook

North America synchronous condenser market is estimated to amass USD 230 Million by 2032. The region will observe potential growth owing to the aging grid infrastructure and the need for grid modernization. This growing usage of synchronous condensers to enhance grid stability and provide essential ancillary services will drive the product penetration in the region. However, the strategic deployment of these systems at key interconnection points enables improved power flow control and facilitates power exchange between different systems will further support industry expansion.
 

Synchronous Condenser Industry Leaders

The key industry players operating in synchronous condenser market are Toshiba Energy Systems & Solutions Corporation, Doosan Škoda Power, Shanghai Electric, Nidec Corporation, Ansaldo Energia, Power Systems & Controls, Inc., Hitachi Energy Ltd., WEG, Eaton, Mitsubishi Electric Power Products, Inc., General Electric, Siemens Energy, and ABB.
 

Synchronous Condenser Industry News

• In March 2023, Toshiba Energy Systems & Solutions Corporation received an order from Tohoku Electric Power Network for the installation of a STATCOM. This STATCOM will play a crucial role in enhancing grid stability during the transmission of large-capacity power and ensuring a reliable power supply in the event of a transmission system fault. This initiative aligns with the increasing integration of renewable energy sources. This will be Toshiba ESS's first delivery of a STATCOM to a backbone grid, and the primary equipment will be manufactured at Toshiba Group's facilities in Japan, specifically Fuchu Operations and Hamakawasaki Operations. Under this contract, Toshiba has already supplied HVDC & other power electronics equipment, contributing significantly to power resilience.
   
• In January 2023, Ansaldo Energia, in collaboration with Terna, completed the transportation of a transformer and a synchronous condenser to the Codrongianos electrical station in the Sassari province. This transportation involved both sea & land routes. The synchronous condenser represents a specialized application of electric generators that, when connected to Terna's transmission grid, facilitate the exchange of reactive energy, and enhance short-circuit power. They contribute inertia to the grid, thereby enhancing its stability. The synchronous condensers provided to Terna are equipped with an innovative "flywheel system," developed & manufactured by Ansaldo Energia. This system increases the overall inertia of the rotating system and reduces technical losses, as it is housed in a vacuum chamber.
   

This synchronous condenser market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:

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Market, By Cooling

• Hydrogen Cooled
• Air Cooled
• Water Cooled

Market, By Starting Method

• Static Drive
• Pony motors
• Others

Market, By End User

• Utility
• Industrial

Market, By Reactive Power Rating

• ≤ 100 MVAr
• > 100 MVAr to ≤ 200 MVAr
• > 200 MVAr

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • Italy
  • France
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina