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Asia Pacific Synchronous Condenser Market Trends

Report ID: GMI10689
Published Date: Aug 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

Asia Pacific market for synchronous condenser was reached USD 413.9 million in 2023 and is expected to register 7.2% CAGR from 2024 to 2032, owing to the increasing industrialization, urbanization, and the expansion of renewable energy sources in the region.

Asia Pacific synchronous condenser industry from the air-cooled segment is expected to exceed USD 414.5 million by 2032, due to their simpler design and absence of a cooling water infrastructure making them a more economical choice.

India synchronous condenser industry is likely to cross over USD 298.5 million by 2032, due to India’s ambitious goals to increase the share of renewable energy in its power mix, driving the need for technologies that support grid stability and power quality.

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, and WEG, are some of the major synchronous condenser companies in Asia Pacific.