Portland, OR, Aug. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global synchronous condenser market garnered $568.9 million in 2020, and is expected to reach $751.0 million by 2030, witnessing a CAGR of 2.8% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top investment pockets, key segments, regional scenarios, and competitive scenarios.
Increase in demand for power factor correction and reactive power compensation and rapid rise in renewable power integration drive the growth of the global synchronous condenser market. However, high cost and availability of alternatives hinder the market growth. On the other hand, growth of the HVDC network and transition of synchronous generator to synchronous condenser present new opportunities in the coming years.
Download Report Sample (285 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/10956
Covid-19 Scenario:
- Manufacturing activities of synchronous condensers have been halted due to lockdown measures taken by governments of many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in manufacturing with full capacity.
- The stoppage of building & construction activities of new electric utility infrastructure, grid network, renewable power plants, and other power plants due to unavailability of workers and required materials led to reduced demand for synchronous condensers.
- The import-export ban led to supply chain disruptions and created the supply-demand gap. As the restrictions will be lifted off, the supply chain will be restored.
The report offers detailed segmentation of the global synchronous condenser market based on type, cooling type, starting method, reactive power rating, end user, and region.
Based on cooling type, the air-cooled segment accounted for the highest share in 2020, holding more than half of the total market share, and is estimated to maintain its lead position during the forecast period. However, the hydrogen-cooled segment is estimated to manifest the largest CAGR of 3.7% from 2021 to 2030.
Get detailed COVID-19 impact analysis on the Synchronous Condenser Market Request Here
Based on end user, the electrical utilities segment contributed to the largest market share in 2020, accounting for more than four-fifths of the global synchronous condenser market, and is projected to maintain its leadership status during the forecast period. However, the industrial segment is estimated to grow at the largest CAGR of 3.8% from 2021 to 2030.
Based on starting method, the static frequency converter segment held the highest market share in terms of revenue in 2020, contributing to nearly half of the total market, and is estimated to continue its dominant share during the forecast period. However, the pony motors segment is expected to register the fastest CAGR of 3.6% from 2021 to 2030.
Based on region, Europe accounted for the largest share in 2020, contributing to more than one-third of the total share, and is estimated to maintain its dominance by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 3.9% during the forecast period.
Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/10956
Leading players of the global synchronous condenser market analyzed in the research include ABB, Ltd., Eaton Corporation Plc, Andritz, General Electric, Fuji Electric, Mitsubishi Electric Corporation, Ideal Electric Power Co., Voith GmbH & Co. KGaA, Siemens Energy, and WEG Group.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
Similar Reports:
(Pre-Book Now with 10% Discount)
Synchronous Motor Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Steam Condenser Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
World Frequency Converter Market - Opportunities and Forecasts, 2021-2028
Air Conditioning Equipment Market: Global Opportunity Analysis and Industry Forecast, 2019–2026
Heat Recovery Steam Generator Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Ceramic Capacitors Market: Global Opportunity Analysis and Industry Forecast 2020–2027
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141
International: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
Web: https://www.alliedmarketresearch.com
Follow us on | Facebook | Twitter | LinkedIn
