Asia Pacific Synchronous Condenser Market Size - By Cooling (Hydrogen Cooled, Air Cooled, Water Cooled), By Starting Method (Static Drive, Pony Motors), By End User (Utility, Industrial), By Reactive Power Rating & Global Outlook & Forecast, 2024 – 2032

Asia Pacific Synchronous Condenser Market Size

Asia Pacific Synchronous Condenser Market was valued at USD 413.9 million in 2023 and is set to grow at a CAGR of 7.2% from 2024 to 2032, due to the increasing industrialization, urbanization, and the expansion of renewable energy sources are fuelling this demand, as synchronous condensers help manage voltage fluctuations and support grid stability in systems with high renewable integration. Government initiatives and investments in energy infrastructure and grid modernization are also contributing to market growth.
 

Countries like China and India, with their large-scale energy projects and commitments to enhancing grid reliability, are major contributors. Technological advancements and the need for efficient energy management in emerging economies are further boosting the market. As the region continues to invest in energy infrastructure and transition towards greener technologies, the adoption of synchronous condensers is expected to increase, driving market expansion.
 

Asia Pacific Synchronous Condenser Market Trends

As Asia Pacific advances in integrating renewable energy sources like wind and solar power, the demand for synchronous condensers has risen. These devices provide essential grid stability by managing voltage levels and correcting power factor issues, which are critical for maintaining reliable power systems with high renewable penetration. Countries like China and India are leading this trend, with substantial investments in renewable projects and grid enhancements. The region is undertaking extensive grid modernization efforts to improve efficiency and reliability.
 

Synchronous condensers play a crucial role in supporting these modernized grids by stabilizing voltage and enhancing reactive power support. This trend is evident in ongoing projects and government-led initiatives aimed at upgrading and expanding the grid infrastructure to accommodate growing energy demands and renewable energy sources. Technological innovations are shaping the synchronous condenser market. Modern condensers offer improved performance, efficiency, and control capabilities, including advanced automation and remote monitoring features. These advancements make synchronous condensers more attractive for grid operators looking to optimize performance and reduce operational costs. The development of high-efficiency and compact models also caters to the needs of urban and industrial applications.
 

Asia Pacific Synchronous Condenser Market Analysis

Based-on cooling, the air-cooled segment is anticipated to cross USD 414.5 million by 2032, since they have lower installation and maintenance costs compared to water-cooled systems. Their simpler design and absence of a cooling water infrastructure make them a more economical choice, particularly for regions where water resources are limited or costly. Air-cooled systems do not require water for cooling, which reduces their environmental footprint. This feature aligns with the increasing emphasis on sustainable and environmentally friendly technologies in the Asia Pacific region.
 

Based-on starting method, the static drive segment is likely to attain about 6.8% CAGR up to 2032, owing to its superior performance in terms of efficiency and precision. They provide smooth and reliable starting and control of synchronous condensers, which is crucial for maintaining grid stability and power quality. This performance advantage is contributing to their growing adoption. Continuous advancements in static drive technology are improving their reliability, efficiency, and ease of integration. Innovations such as digital controls, improved power electronics, and advanced software are enhancing the capabilities of static drives, making them more attractive for modern grid applications.
 

India synchronous condenser market is projected to surpass USD 298.5 million by 2032, since the India’s ambitious goals to increase the share of renewable energy in its power mix are driving the need for technologies that support grid stability and power quality. Synchronous condensers are crucial for managing voltage fluctuations and ensuring reliable integration of wind and solar power into the grid.
 

Similarly, countries including China, Japan and Australia are investing heavily in modernizing the national grid to enhance efficiency and reliability. Synchronous condensers are essential for supporting these upgrades by stabilizing voltage and providing reactive power support, which is vital for a more resilient and efficient grid. Their rapid industrialization and urban growth are increasing energy demands and placing additional strain on the power grid. Synchronous condensers help address these challenges by improving grid stability and supporting higher loads.
 

Asia Pacific Synchronous Condenser Market Share

Companies such as ABB, Siemens, and Hitachi command substantial market shares in the synchronous condenser sector due to their extensive experience, cutting-edge technology, and strong global presence. Their deep expertise in delivering reliable and efficient grid solutions, along with robust research and development capabilities, enables them to offer high-performance synchronous condensers. Additionally, these companies leverage their established relationships with utilities and industrial clients, positioning themselves advantageously in the market as trusted providers of crucial grid stability and power quality solutions.
 

Asia Pacific Synchronous Condenser Market Companies

Major key players operating in the Asia Pacific synchronous condenser industry is mentioned below:

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

Asia Pacific Synchronous Condenser Industry News

• In April 2022, the operator of the 133MW Finley Solar Farm in New South Wales disclosed that it had been awarded a contract by the Australian Energy Market Operator. The contract involves using a synchronous condenser—an extensive spinning machine installed at the site—to enhance grid stability. Finley Solar Farm is one of several large-scale solar projects that have invested tens of millions of dollars in these devices. Synchronous condensers provide essential "system strength" for the grid without requiring fuel combustion.
   

This Asia Pacific synchronous condenser market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Cooling

• Hydrogen Cooled
• Air Cooled
• Water Cooled

Market, By Starting Method

• Static Drive
• Pony motors
• Others

Market, By End User

• Utility
• Industrial

Market, By Reactive Power Rating

• ≤ 100 MVAr
• > 100 MVAr to ≤ 200 MVAr
• > 200 MVAr

The above information has been provided for the following countries across the Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific