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, 2024 - 2032

The market size of synchronous condenser was reached USD 1.4 billion in 2023 and is anticipated to grow at 4.8% CAGR through 2032, due to the rising demand for grid stability and reactive power support.

The air-cooled segment in the synchronous condenser market is anticipated to exceed USD 1 billion by 2032, due to the cost-effectiveness, ease of maintenance, and environmental benefits of air-cooled synchronous condensers.

Europe synchronous condenser is anticipated to surpass USD 800 million by 2032 owing to the integration of advanced technologies such as AI, ML, and the Internet of Things (IoT) across various industries.

Ansaldo Energia, ABB, Doosan, Eaton, General Electric, Hitachi Energy Ltd., Mitsubishi Electric Power Products, Inc., NIDEC Corporation, Power Systems & Controls, Inc., Siemens Energy, Shanghai Electric, Toshiba Energy Systems & Solutions Corporation, and WEG