Synchronous Condenser Market by Cooling Type,Type, Starting Method, End-user, Reactive Power Rating and Region – Global Forecast to 2025

Dublin, Jan. 14, 2021 (GLOBE NEWSWIRE) — The “Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power Rating, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global synchronous condenser market is projected to reach USD 574.0 million by 2025 from an estimated USD 508.4 million in 2020, at a CAGR of 2.5% during the forecast period.Synchronous condensers rated above 200 MVAr dominate the global market.The above 200 MVAr segment of synchronous condensers is expected to be the largest market, by reactive power rating, during the forecast period. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.Hydrogen cooled synchronous condensers are the fastest-growing segment during the forecast period in the global synchronous condenser market.The hydrogen cooled synchronous condenser is estimated to be the fastest-growing during the forecast period. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for a reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).By starting method, static frequency converters segment is expected to dominate the global synchronous condenser market.Static frequency converters accounted for the largest share of the synchronous condenser market, it is also estimated to be the fastest-growing segment during the forecast period. Low installation costs and low noise features of static frequency converters are expected to boost their demand in the synchronous condenser marketNorth America to lead the global synchronous condensers market in terms of growth rate.The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. The gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region.
Besides North America, Europe was one of the largest markets for synchronous condensers. The demand for synchronous condensers in Europe is mainly driven by rising HVDC network in the region.
Key Topics Covered:
1 Introduction2 Research Methodology3 Executive Summary4 Premium Insights
4.1 Attractive Opportunities in Synchronous Condenser Market
4.2 Synchronous Condenser Market, by Region
4.3 Synchronous Condenser Market, by Cooling Type
4.4 Synchronous Condenser Market, by Starting Method
4.5 Synchronous Condenser Market, by Reactive Power Rating (Mvar)
4.6 Synchronous Condenser Market, by End-user
4.7 Synchronous Condenser Market, by Type
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