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Utility Scale Synchronous Condenser Market Trends

Report ID: GMI10017
Published Date: Jun 2024
Report Format: PDF

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Utility Scale Synchronous Condenser Market Trends

Modern synchronous condensers are being developed with improved efficiency and reliability, making them more effective in providing voltage stability and reactive power support. Innovations such as better cooling systems and advanced materials are extending their operational life and performance. The incorporation of digital technologies for monitoring and control is becoming more common. Smart grid technologies enable better integration and management of synchronous condensers, allowing for real-time data analysis and improved grid stability.

Renewable energy sources become more prevalent, significant investments are being made in upgrading grid infrastructure to handle the intermittency and variability of these sources. Synchronous condensers are crucial for maintaining grid stability, driving market growth. Emerging economies are increasingly investing in renewable energy projects and modernizing their grid infrastructure, leading to a rise in the adoption of synchronous condensers.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

Industry size for utility scale synchronous condenser was worth USD 1.1 billion in 2023 and is projected to expand at 4.2% CAGR from 2024 to 2032 due to increasing renewable energy integration and grid stability needs.

The utility scale synchronous condenser market share from the air-cooled cooling segment is projected to surpass USD 0.7 billion by 2032, owing to the cost-effectiveness, operational efficiency, ease of installation associated with air-cooled utility scale synchronous condensers.

The static drive starting method segment is projected to grow at over 3.7% CAGR between 2024 and 2032, as static drive utility scale synchronous condensers minimize energy losses during the startup process by providing precise control over the starting current and voltage.

Europe utility scale synchronous condenser industry is estimated to exceed USD 0.5 billion by 2032, led by the strong commitment to renewable energy and supportive regulatory framework across the region.