Selbyville, Delaware,, Aug. 20, 2023 (GLOBE NEWSWIRE) -- The synchronous condenser market valuation is anticipated to reach USD 2.2 billion by 2032, as reported in a research study by Global Market Insights Inc. Driven by the increasing need for advanced grid stability solutions.
As the energy sector transitions towards cleaner and more sustainable sources, the demand for reliable grid infrastructure has intensified. There is an escalating integration of renewable energy sources, particularly intermittent ones like wind and solar, into power grids. As these sources become more prominent, the need for consistent grid stability and reactive power compensation becomes imperative. Synchronous condensers, with their inherent ability to regulate voltage and reactive power, offer a reliable solution to this challenge. Additionally, aging power infrastructure in various regions necessitates upgrades to prevent grid instability, further propelling the demand for modern grid stabilization technologies and supporting synchronous condenser market growth.
The hydrogen-cooled synchronous condensers market is predicted to witness substantial growth from 2023 to 2032. This innovative cooling technology presents several advantages over traditional air-cooled systems. Hydrogen's exceptional thermal conductivity and low density make it an ideal coolant, ensuring efficient heat dissipation from the equipment. This results in enhanced operational efficiency, reduced wear & tear, and prolonged equipment lifespan. However, hydrogen-cooled systems are environment friendly, emitting no harmful greenhouse gases during operation. As sustainability takes center stage, hydrogen-cooled synchronous condensers are swiftly gaining traction among utilities aiming to align their operations with cleaner energy practices.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/5945
The synchronous condenser market share from industrial end-user segment is poised to record significant growth through 2032. Industries are among the largest consumers of electrical energy, and disruptions in power supply can lead to substantial financial losses. Synchronous condensers offer these industries a resilient solution to counteract voltage fluctuations and grid instability. By providing reactive power support and improving grid power factor, the product ensures uninterrupted operations, safeguarding industrial processes and minimizing downtime. As industrial sector prioritizes reliability and efficiency, the demand for synchronous condensers is expected to rise.
Europe synchronous condenser market size is estimated to grow at a robust pace through 2032 as the region is working on its commitment to sustainable energy transition. With an ambitious target to achieve carbon neutrality, European countries are revamping their power infrastructure to accommodate higher levels of renewable energy generation. Synchronous condensers enable the integration of renewable sources by maintaining grid stability and ensuring a smooth power supply. Moreover, the robust industrial landscape and stringent energy regulations further bolster the demand for advanced grid stabilization technologies.
The leading players in the global synchronous condenser market include Mitsubishi Electric Power Products, Inc., Ansaldo Energia, Doosan Škoda Power, Toshiba Energy Systems & Solutions Corporation, Siemens Energy, Hitachi Energy Ltd., Shanghai Electric, Nidec Corporation, WEG, Power Systems & Controls, Inc., ABB, Eaton, and General Electric. These companies are expanding their profit margins through new product launches, partnerships, and mergers.
Request for customization of this research report at https://www.gminsights.com/roc/5945
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Synchronous condenser industry 3600 synopsis, 2019 - 2032
2.2 Business trends
2.3 Cooling trends
2.4 Starting method trends
2.5 End user trends
2.6 Reactive power rating trends
2.7 Regional trends
Chapter 3 Synchronous Condenser Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Ongoing deployment of sustainable energy sources
3.3.1.2 Increasing investments toward development & expansion of T&D network
3.3.2 Industry Pitfalls and challenges
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
Browse our Reports Store - GMIPulse @ https://www.gminsights.com/gmipulse
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
