The global synchronous condenser market size was USD 617.8 million in 2020. The market is expected to grow from USD 629.3 million in 2021 to USD 753.1 million in 2028 at a growth rate of 2.6% during the forecast period. The global impact of COVID-19 has been unprecedented and staggering, with the power industry witnessing a negative impact across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -10.0% in 2020 than average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
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The power generation from nuclear or fossil fuels releases toxic gases and affects the environment and human life immensely. Phasing out coal and nuclear power plants has become a primary concern for governments across many countries. The need for power correction factors is also increasing in the power sector. The penetration of renewable power generation sources is also increasing globally. These condensers are highly used in renewable power generation. Renewable energy sources do not harm the environment or human life. These condensers are used to adjust the conditions on the electric power transmission grid. These condensers are highly suitable for renewable sources. The government has adopted various regulations to decrease power generation from coal and nuclear power plants and balance that with renewable sources. These factors will drive synchronous condenser market growth during the forecast period.
The Synchronous Condenser Market report has been tailored in such a way that it gives total data related with market perspectives which directly or indirectly influence the industry structure.
The report also opens up on a detailed investigation of various market factor such as growth path, trends, revenue, challenges and opportunity during the forecast timeline.
Therefore, this report includes a full-scale market assessment that will help to acquire a deeper understanding of competitive benchmarking, market forecasts, company market share and market dynamics.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the synchronous condenser market include ABB Ltd., BRUSH Group, Eaton Corporation PLC, Fuji Electric Co., Ltd., General Electric, Hyundai Idela Electric Co., Mitsubishi Electric Corporation, Siemens AG, Voith GmBH, WEG Electric Corp.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Synchronous Condenser Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/synchronous-condenser-market/download-sampleMarket DynamicsPower grid stability becoming a significant challenge in modern-day hybrid transmission lines and higher penetration of renewables are the main driving forces for this market’s growth.
The high demand for perfect energy solutions to increase AC grids’ reliability, improve power quality, and boost transmission efficiency, especially for small, decentralized renewable power grids like solar, wind, and biogas plants, will be a market booster.
