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Synchronous Condenser Market worth $572.9 Million by 2021

The synchronous condenser market is expected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021, at an estimated CAGR of 2.1%. The global market is witnessing significant growth due to increasing renewable power generation, long service life, and rising need for power factor correction.

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Synchronous Condenser Market worth $572.9 Million by 2021

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  1. Synchronous Condenser Market worth $572.9 Million by 2021 The synchronous condenser market is expected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021, at an estimated CAGR of 2.1%. The global market is witnessing significant growth due to increasing renewable power generation, long service life, and rising need for power factor correction. Hydrogen cooling segment is expected to capture the major share of the synchronous condensers market by cooling type Hydrogen-cooled synchronous condenser is the largest segment and is expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=189197147 Electric utilities are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high and the power transmission is over a long distance. Mining and metal processing industries have been the major user of synchronous condensers but their share is low compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period. North America is expected to dominate the global synchronous condensers market Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the U.S. would drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region. Request for Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=189197147 To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in synchronous condenser market such as Siemens AG (Germany), General Electric (U.S.), Eaton Corporation Plc. (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany) along with other prominent manufacturers of synchronous condensers. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

  2. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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