Synchronous Condenser Market – Global Opportunities and Forecast, 2020-2027

 

Global SynchronousCondenser Market 

The GMI Research envisages a proliferating in the SynchronousCondenser Market over the forecast period. This is because of theirpotential to manage the power of system evenly and their remarkable featuressuch as lower noise and higher dependability. 

Synchronous Condenser Market Dynamics 

The augmenting demand for sustainable energy production,enlarged service life, and the surging need for PFC or power factor correctionare the crucial forces which are projected to stimulate the growth of the global Synchronous Condenser market. Power plants have authorised synchronous condensers as support for inexhaustible to control voltage power with weaker electronic grids because of the aggravating competitiveness of hydro as well as wind power. 

Additionally, as per the globalSynchronous Condenser market forecast, growing ordination of solarpanels in several countries such as China and US has fuelled the market size.Additionally, the switch and modification of synchronous generator to condenser and enlargement of high-voltage direct current (HVDC) network will strengthen the market size. However, on the other hand, inflated maintenance and appliance cost will restrain the Synchronous Condenser market size. 

End-User Segment Drivers 

On the basis of end-user, the electrical utilities segmentis anticipated to expand at a higher rate over the coming years. This isprimarily attributed to the surging adoption of synchronous condensers majorly by the electric utility sector. The industries make use of these condensers when power factor correction is higher and the power transfer is more than a long distance. 

Regional Drivers 

Based on the regional analysis, the North American region isprojected to dominate the global Synchronous Condenser market with the highestshare during the forecast period. This is because of the accelerating number of new inductions and modification of existent power plants to synchronous condensers in the United States. 

About GMIResearch 

GMI Research is a market research and consulting firm whichprovides market insights and intelligence across 12 major sectors helping ourclients in making effective investment and business decisions.  

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