Synchronous Condenser Market is receiving high momentum across the world. Rise in conversion of existing synchronous generators into synchronous condensers is fuelling the growth of the market. The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America and Europe are being shut down owing to these factors. For instance, in 2019, 8.3 GW worth of capacity retirements took place, of which 53% were coal. Withdrawing a power generation unit decreases a plant's capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for areas previously reliant on large thermal power plants. A more affordable and efficient approach is to turn the current synchronous generators into synchronous condensers. Thus, the above-mentioned factors are expected to offer new opportunities for the synchronous condenser market globally.

According to the new research report, titled “Synchronous Condenser Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Cooling Type (Air-Cooled, Hydrogen-Cooled, and Water-Cooled), Reactive Power Rating (Up to 100 MVAr, 100–200 MVAr, and Above 200 MVAr), Starting Method (Pony Motor, Static Frequency Converter, and Others), and Application (Metal and Mining, Electrical Utilities and Grid Operators, Marine, Oil and Gas, and Others)” published by The Insight Partners, the market is expected to reach US$ 580.28 million by 2027, registering a CAGR of 2.6% from 2020 to 2027.

The global synchronous condenser market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. North America holds the dominant share in the synchronous condenser market, whereas APAC is expected to be the fastest-growing region in the global market. The technological advancements across North America have resulted in a highly competitive market for all sectors. At present, in the US and Canada, the adoption of synchronous condenser has increased across the industries such as electrical utilities and grid operators, metal and mining, marine, and oil and gas. Additionally, rising investments by government bodies and private enterprises to adopt renewable energy across their process is fueling the growth of the market in the region. For instance, in 2019, the investment in clean energy by the US accounted for US$ 301.7 billion. Thus, the rising investment is encouraging enterprises to offer advanced solutions across local and global energy generation sector.

The top five companies in the synchronous condenser market include ABB Ltd., Eaton Corporation PLC, General Electric, Siemens AG, Voith GmBH. The above listing of key players is derived by considering multiple factors such as overall revenue, current synchronous condenser portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global synchronous condenser market ecosystem such as BRUSH Group, Fuji Electric Co., Ltd., Hyundai Idela Electric Co., Mitsubishi Electric Corporation, and WEG Electric Corp amongst others.

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