Synchronous Condenser Market worth $606 Million by 2024

1. Synchronous Condenser Market worth $606 Million by 2024 According to the new market research report "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End-User, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Synchronous Condenser Market is projected to reach USD 606 million by 2024 from an estimated USD 549 million in 2019, at a CAGR of 2.0% during the forecast period. Long service life, growth of the renewable energy sector, and an increasing need for power factor correction are driving the growth of the global industry. Static frequency converter segment is expected to lead the synchronous condensers market by starting method Static frequency converters provide superior control for starting synchronous condensers compared with pony motors. Pony motors are preferred for small-sized condensers. Static frequency converters offer better precision and capability to start multiple condensers. Owing to these factors, static frequency converters are expected to lead the market segment and grow at the fastest rate within all the segments. Hydrogen cooling segment is expected to capture the major share of the Synchronous Condensers Market by cooling type Hydrogen-cooled synchronous condensers are the largest segment and are 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 the 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 Synchronous condensers rated above 200 MVAr are expected to capture the major share of the synchronous condensers market by reactive power rating With the rising need for power factor correction, demand for synchronous condensers is expected to grow, especially for condensers rated above 200 MVAr. This is evident from the contracts that have been executed from 2014 to 2018. This may be attributed to the rising demand for reactive power to stabilize the grid and maintain voltage regulation. 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 largest users of synchronous condensers, but their share is low as 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 US is anticipated to 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

2. renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region. Request 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, 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. 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 newsletter@marketsandmarkets.com