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Flywheel Synchronous Condenser Market Size
- Report ID: GMI9658
- Published Date: May 2024
- Report Format: PDF
Flywheel Synchronous Condenser Market Size
Flywheel Synchronous Condenser Market size was assessed at USD 93.1 million in 2023 and is envisioned to grow at a CAGR of 18.5% from 2024 and 2032. With the growing adoption of renewable energy sources, synchronous condensers are gaining attention for their capacity to support the grid, enhance stability, and provide reactive power compensation, especially in regions with a significant proportion of intermittent renewable generation.
Many power grids globally, including those in developed countries, are contending with aging infrastructure. Synchronous condensers are viewed as a viable solution to bolster grid stability and supply reactive power support, particularly in areas with older power systems. The electrical grid forms a comprehensive ecosystem that includes manufacturers, asset owners, federal, state, and local government entities, as well as service providers. The U.S. Department of Energy, particularly through the Office of Electricity Delivery & Energy Reliability (OE), has been actively working with both private and public partners to strengthen, enhance, and transform the energy infrastructure.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Flywheel Synchronous Condenser Market Size in 2023: | USD 93.1 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 18.5% |
| 2032 Value Projection: | USD 416.3 Million |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 80 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Cooling, Starting Method, End User, Reactive Power Rating |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Flywheel Synchronous Condenser Market Scope
