Global Synchronous Condensers Market to Grow at Over 5% CAGR through 2027

ALBANY, USA, 2018-May-09 — /EPR Network/ —A new research study titled, “Synchronous Condensers Market: Global Industry Analysis (2012 – 2016) & Opportunity Analysis (2017 – 2027)” has been added to the vast repository of Market Research Reports Search Engine (MRRSE). According to the business intelligence study, the global synchronous condensers market is likely to witness steady growth, and increase at a CAGR of over 5% through 2027. In terms of revenue, the global synchronous condensers market is likely to surpass US$ 1200 million by 2027.

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The research study on synchronous condensers market offers in-depth insights and analysis on the key factors that are likely to promote the growth of the market. The report discusses the key drivers, restraints, opportunities, and trends that are shaping the global demand for synchronous condensers market. An analysis on the competitive landscape with key product and business strategies on the market has also been included for the perusal of the readers.

The demand for synchronous condensers is receiving a fillip on account of increasing emphasis on developing renewable sources of energy. The shift from non-renewable sources of energy to renewable sources of energy has resulted into increased demand for synchronous conditioners. Another key factor promoting the growth of the market is the ability of synchronous condensers to mitigate power losses over long distances. The use of synchronous condensers is directly linked with power savings over long distance, and this factor is likely to promote the growth of the market during the forecast period.

In a bid to offer readers in-depth insights and analysis, the research study has segmented the market on the basis of product type, region, end use, cooling type, starting method, and reactive power rating. By product type, new synchronous condensers are likely to lead in terms of market value; however, reconditioned condensers are likely to grow at a higher CAGR during the assessment period.

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By cooling type, end-users are showing a marked preference for hydrogen cooled segment, and according to the study, this segment is likely to grow at a CAGR of nearly 6%. Demand for synchronous condensers is spread over a range of industries, however, electrical power utility segment is likely to remain one of the leading end-use segments over the forecast period. By starting method, demand for static frequency converters is likely to remain robust during the assessment period.

North America continues to be one of the largest markets for synchronous condensers globally, whereas demand is likely to witness steady increase in Asia Pacific. China and India are among the two main countries that are investing heavily in developing renewable sources of energy, and this is likely to provide an impetus to growth.

The research study also offers detailed analysis and insights on the competitive landscape in the synchronous condensers market. Some of the leading players in the market include Siemens AG, ABB Ltd., Toshiba Corporation, General Electric Company, WEG, Sustainable Power Systems Inc., Power Systems & Controls, Inc., Electromechanical Engineering Associates, Inc.

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