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North America Flywheel Synchronous Condenser Market Size
- Report ID: GMI9767
- Published Date: Jun 2024
- Report Format: PDF
North America Flywheel Synchronous Condenser Market Size
North America Flywheel Synchronous Condenser Market size was valued at USD 38.1 million in 2023 and is projected to grow at over 8.9% CAGR from 2024 to 2032. The integration of renewable energy sources, such as wind and solar, into the power grid is accelerating. Flywheel synchronous condensers play a critical role in stabilizing the grid by providing essential services like voltage regulation and reactive power support, which are necessary to manage the intermittency of renewable energy.
Innovations in flywheel technology, including improvements in energy density, efficiency, and durability, are enhancing the performance and reliability of synchronous condensers. Advanced materials and designs are reducing maintenance requirements and extending the operational lifespan of these systems. In March 2021, Siemens Energy provided a reactive power compensation plant to the Los Angeles Department of Water and Power (LADWP) for its Barren Ridge Switching Station located in Kern County, California, U.S. Government policies and regulatory frameworks are increasingly supportive of energy storage solutions. Incentives, subsidies, and favorable regulations are promoting the deployment of flywheel synchronous condensers to ensure grid reliability and support the transition to a cleaner energy mix.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Flywheel Synchronous Condenser Market Size in 2023: | USD 38.1 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 8.9% |
| 2032 Value Projection: | USD 84.6 Million |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 80 |
| Tables, Charts & Figures: | 50 |
| 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) :
North America Flywheel Synchronous Condenser Market Scope
