The global synchronous condenser market was valued at USD 696.0 million in 2024 and is projected to reach USD 818.3 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 2.8% from 2025 to 2030. This expansion is primarily driven by the increasing complexity and variability in global power generation.
Synchronous condensers are vital for maintaining grid stability by providing essential inertia and voltage support. The aging infrastructure of many power grids worldwide necessitates upgrades to ensure reliability and stability, a role where synchronous condensers are crucial.
The growing prevalence of renewable energy sources like wind and solar further increases the demand for synchronous condensers, as they provide critical grid stability and inertia support to manage the intermittent nature of renewables. Additionally, supportive policies and incentives focused on enhancing grid reliability and integrating renewable energy often stimulate investments in this technology. Advances in control systems, materials, and design have also improved the efficiency and performance of synchronous condensers, making them more attractive to grid operators.
Key Market Trends & Insights:
- Regional Dominance: The North America synchronous condenser market led the global market in 2024, holding a 34.33% revenue share. This is attributed to significant growth in renewable energy generation across the region, where synchronous condensers help manage the variability of wind and solar power, ensuring grid stability and reliability.
- Product Segment Leadership: The refurbished synchronous condenser segment dominated this market, accounting for a 57.8% revenue share in 2024. These units are older models that have undergone overhauls, repairs, or upgrades to extend their operational life, offering a cost-effective alternative to purchasing new equipment.
- End-Use Leadership: The electrical utilities segment held the largest revenue share, at 77.7% in 2024. Synchronous condensers are crucial for maintaining grid stability in electrical utility applications by providing essential inertia and reactive power support.
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Market Size & Forecast
- 2024 Market Size: USD 696.0 Million
- 2030 Projected Market Size: USD 818.3 Million
- CAGR (2025 - 2030): 2.8%
- North America: Largest market in 2024
Key Companies & Market Share Insights
Some of the key players operating in the synchronous condenser market include ABB, Siemens Energy, IDEAL ELECTRIC POWER CO., and Ansaldo Energia S.p.A. These companies are at the forefront of providing solutions to enhance grid stability and reliability.
ABB, a Switzerland-based leader in automation and electrification technology, offers a comprehensive range of products spanning metallurgy, electric drivetrains, motors & generators, industrial software, robotics, and power conversion systems. Their offerings, designed for numerous industries including oil & gas, automotive, and power generation, include advanced synchronous condensers integrated with smart grid technologies for improved voltage regulation and stability. ABB is also committed to developing eco-friendly synchronous condensers, aligning with global sustainability objectives.
Siemens Energy, a leading energy technology provider, serves a wide range of industries such as oil & gas, power & heat generation, power transmission, and marine. Their product portfolio encompasses conventional and renewable energy technologies, including gas and steam turbines, power generators, and transformers. With approximately 99,000 employees operating in over 90 countries, Siemens Energy incorporates IoT-enabled synchronous condensers for real-time monitoring and predictive maintenance, and invests heavily in R&D for next-generation, higher-efficiency solutions.
IDEAL ELECTRIC POWER CO., established in 1903 and headquartered in the U.S., is a prominent manufacturer of specialty electric motors and condensers, including synchronous generators, power systems and controls, and switchgear. They are notable for being one of the few U.S. producers offering space-saving generator-mounted epicyclic gears. The company provides complete synchronous condenser packages, including starters, pony motors, and excitation equipment, emphasizing long operational life and plant voltage stabilization.
Ansaldo Energia S.p.A., an Italy-based manufacturer and service provider in the power generation industry, boasts expertise in both conventional and next-generation technologies, from gas to nuclear and renewable energy. With approximately 3,300 employees, the company offers products and services across various segments, including power plants, equipment, and solutions for energy transition and digital systems. Ansaldo Energia's synchronous condensers are designed to provide crucial reactive power, inertia, and short-circuit power, often integrating flywheel systems for enhanced grid stability, particularly in regions with high renewable energy penetration.
Key Players
- ABB
- Siemens Energy
- IDEAL ELECTRIC POWER CO.
- Ansaldo Energia S.p.A.
- GE Vernova Inc.
- Andritz AG
- Voith
- Fuji Electric
- WEG
- BRUSH
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Conclusion
The synchronous condenser market is expanding due to increasing grid complexity and variability, driven by global electricity demand and aging infrastructure. These crucial devices stabilize grids by providing inertia and voltage support, particularly as renewable energy integration rises. Policies promoting grid reliability further boost demand. North America leads the market, with refurbished units being a cost-effective choice and electrical utilities representing the largest end-use segment. Key players are innovating to enhance performance and meet evolving market needs.
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