The synchronous condenser market was valued at $57.64 million in 2019 and is expected to reach $588 million in 2027. It is expected to grow at an annual average of 2% from 2021 to 2027.
This growth is due to increased renewable generation, long service life and increased demand for power factor correction. Existing and planned upgrades and expansions of high voltage direct current (HVDC) networks worldwide in various regions are expected to increase the demand for power factor correction equipment such as synchronous capacitors.
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Synchronous Condenser Market Segments:
By Cooling Type
• Air-Cooled
• Hydrogen-Cooled
• Water-Cooled
By Reactive Power Rating
• Up to 100 MVAr
• 100–200 MVAr
• Above 200 MVAr
By Starting Method
• Pony Motor
• Static Frequency Converter
• Others
By Application
• Metal and Mining
• Electrical Utilities and Grid Operators
• Marine
• Oil and Gas
• Others
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