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Utility Scale Air Cooled Synchronous Condenser Market Size

Report ID: GMI10941
Published Date: Aug 2024
Report Format: PDF

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Utility Scale Air Cooled Synchronous Condenser Market Size

Utility Scale Air Cooled Synchronous Condenser Market was valued at USD 570.4 million in 2023 and is anticipated to grow at a CAGR of over 3.7% from 2024 to 2032, due to the increasing investments in grid modernization, digitalization, and smart city initiatives. Governments and utility companies are embracing smart meters to enhance energy efficiency, optimize power distribution, and reduce energy theft. The integration of advanced metering infrastructure (AMI) with smart grids allows real-time monitoring and data-driven decision-making, improving operational efficiency. Additionally, rising awareness of energy conservation and sustainability is accelerating the adoption of smart meters to support renewable energy integration.

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Regulatory mandates aimed at reducing carbon emissions further propel market expansion. Technological advancements such as IoT, data analytics, and two-way communication systems are enhancing the functionality of smart meters, leading to higher demand. Key regions driving this growth include North America and Europe, with Asia Pacific emerging as a significant player due to rapid urbanization and infrastructure development initiatives.

Utility Scale Air Cooled Synchronous Condenser Market Report Attributes
Report Attribute	Details
Base Year:	2023
Utility Scale Air Cooled Synchronous Condenser Market Size in 2023:	USD 570.4 Million
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	3.7%
2024 – 2032 Value Projection:	USD 812.9 Million
Historical Data for:	2021 – 2023
No. of Pages:	100
Tables, Charts & Figures:	9
Segments covered:	Starting Method, Reactive Power Rating
Growth Drivers:	Rising electricity demand Growing deployment of renewable energy
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of utility scale air cooled synchronous condenser was worth over USD 570.4 million in 2023 and is expected to register 3.7% CAGR from 2024 to 2032, owing to increasing investments in grid modernization, digitalization, and smart city initiatives worldwide.

Utility scale air cooled synchronous condenser industry from the static drive segment is expected to reach USD 594.3 million by 2032, due to its advantages in improving operational flexibility, efficiency, and control.

Europe utility scale air cooled synchronous condenser industry is expected to reach USD 321.5 million by 2032, due to aggressive shift toward renewable energy and the resulting need for grid stability in the region.

ABB, Eaton, Mitsubishi Electric Power Products, Inc., Nidec Corporation, Power Systems & Controls, Inc., Shanghai Electric, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, and WEG are some of the major utility scale air cooled synchronous condenser companies worldwide.