From GlobeNewswire: 2024-07-10 22:00:00

The Global Synchronous Condenser Market is set to grow from USD 556.30 billion in 2023 to USD 721.50 billion by 2033, with a CAGR of 2.63%. Synchronous condensers help improve grid arrangement for energy transfer and are in demand for power factor correction in power networks due to the rise of renewable energy sources. The hydrogen-cooled segment is expected to dominate the market, while static frequency converters are anticipated to hold the largest share due to their reliability and efficiency. The Asia-Pacific region is projected to lead the market, while North America is expected to grow rapidly due to the transition from older power plants. Major vendors in the market include Ansaldo Energia, ABB, General Electric, and Siemens Energy. In January 2023, Ansaldo Energia and Terna collaborated on a project using synchronous condensers to enhance power capacity and energy interchange. The market is segmented by cooling type, starting method, power rating, and application, with detailed regional analysis available. Spherical Insights & Consulting offers comprehensive market research and consulting services to assist businesses in achieving their objectives.



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