Northrook, IL -- (SBWIRE) -- 01/31/2020 -- 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. The increasing electrical power consumption and rising need to maximize transmission capacity are becoming increasingly important. Along with this, growing renewable-based power generation in the energy mix, retiring conventional power plants, and growing network of High-Voltage Direct Current (HVDC) has had a considerable effect on transmission grid stability. Synchronous condensers play a vital role by generating lagging and leading reactive power, helping to stabilize the transmission grid. It also offers several advantages over other substitutes such as no harmonics, short-circuits power capability, and inertia to the transmission grid among others.

Synchronous condensers rated above 200 MVAr dominate the global market
The above 200 MVAr segment of synchronous condensers is expected to be the largest market, by reactive power rating, during the forecast period. This growth is evident owing to rising installations of synchronous condensers rated above 200 MVAr, especially in North America and Europe.

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Hydrogen-cooled synchronous condensers dominate the global market
The hydrogen-cooled synchronous condenser is estimated to be the fastest-growing during the forecast period. This growth is attributed to the adoption and efficiency of large-sized synchronous condensers for a reactive power rating of above 200 Mega Volt Amps (reactive) (MVAr).

North America to lead the global synchronous condensers market in terms of growth rate
The synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. The gradual phasing out of thermal power plants and increasing renewable power generation are driving the synchronous condensers market in the region. North America is expected to see high demand for synchronous condensers. Canada has seen a rising demand for synchronous condensers, especially in new installations, whereas in the U.S., the more prevalent trend is to convert the old power plants to synchronous condensers. This is also likely to create a huge demand for synchronous condensers in the region.

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Key Market Players
The major players in the synchronous condenser market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and Mitsubishi Electric (Japan).

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