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Europe Synchronous Condenser Market Trends

Report ID: GMI10649
Published Date: Aug 2024
Report Format: PDF

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Europe Synchronous Condenser Market Trends

Synchronous condensers play a crucial role in providing reactive power support and stabilizing the grid, making them essential for maintaining reliable and efficient power systems. Their ability to support voltage regulation and improve power quality makes them increasingly valuable as the share of renewables in the energy mix rises. Recent advancements in synchronous condenser technology are enhancing their performance and efficiency. Innovations include improvements in control systems, advanced materials, and integration with digital monitoring tools. These advancements help synchronous condensers operate more effectively and respond more quickly to changes in grid conditions.

Enhanced control systems also allow for better coordination with other grid assets, optimizing overall grid performance. The market for synchronous condensers is expanding as utilities and industrial operators recognize their benefits. Investment in new installations and retrofits of existing systems is on the rise. Governments and regulatory bodies are offering incentives and subsidies to encourage the deployment of synchronous condensers, further driving market growth. The increasing focus on grid stability and power quality is also attracting investment from both public and private sectors.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of Europe synchronous condenser was worth over USD 620.6 million in 2023 and is expected to register 3.5% CAGR from 2024 to 2032, owing to the increasing demand for grid stability and enhanced power quality worldwide.

Europe synchronous condenser industry from the air-cooled segment is expected to reach USD 405.5 million by 2032, due to their lower installation and maintenance costs compared to water-cooled systems.

Germany synchronous condenser industry is expected to exceed USD 205 million by 2032, due to ambitious goals for increasing renewable energy integration, necessitating robust grid stability solutions in the country.

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 Europe.