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Synchronous Condenser Market Size
- Report ID: GMI5945
- Published Date: Jun 2023
- Report Format: PDF
Synchronous Condenser Market Size
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.
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Synchronous Condenser Market Size in 2022: | USD 1.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.8% |
| 2032 Value Projection: | USD 2.2 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 438 |
| Segments covered: | Cooling, Starting Method, End User, Reactive Power Rating, and Region |
| Growth Drivers: |
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Frequently Asked Questions (FAQ) :
Synchronous Condenser Market Scope
