Global Synchronous Condenser Market
The GMI Research envisages a proliferating in the Synchronous Condenser Market over the forecast period. This is because of their potential to manage the power of system evenly and their remarkable features such 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 correction are 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 global Synchronous Condenser market forecast, growing ordination of solar panels 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 segment is anticipated to expand at a higher rate over the coming years. This is primarily 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 is projected to dominate the global Synchronous Condenser market with the highest share 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.
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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