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Utility Scale Synchronous Condenser Market Size
- Report ID: GMI10017
- Published Date: Jun 2024
- Report Format: PDF
Utility Scale Synchronous Condenser Market Size
Utility Scale Synchronous Condenser Market Size in 2023 was valued at USD 1.1 billion and is anticipated to grow at a CAGR of 4.2% between 2024 and 2032 due to increasing renewable energy integration and grid stability needs. As renewable energy sources like wind and solar become more prevalent, their intermittent nature poses challenges to grid stability and power quality. Synchronous condensers provide essential services such as reactive power support, voltage regulation, and inertia, which help stabilize the grid.
Governments and utility companies are investing in grid infrastructure to accommodate the rising share of renewables, driving demand for synchronous condensers. Technological advancements have improved their efficiency and reliability, making them more attractive. Additionally, the push for decarbonization and the retirement of conventional power plants further underscore the need for these devices. Regions with high renewable penetration, such as Europe and North America, are leading the market growth. This trend is expected to continue as global energy policies increasingly focus on sustainable and resilient power systems.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Utility Scale Synchronous Condenser Market Size in 2023: | USD 1.1 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 4.2% |
| 2032 Value Projection: | USD 1.6 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 15 |
| Segments covered: | Cooling, Starting Method, and Reactive Power Rating |
| Growth Drivers: |
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Frequently Asked Questions (FAQ) :
Utility Scale Synchronous Condenser Market Scope
