Synchronous Condenser Market Investigate Supply-Demand Industry Dynamics Identifying Opportunities 2023-2030 menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
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According to this report the global synchronous condenser market was valued at US$ 507.64 million in 2019 and is projected to reach US$ 580.28 million by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027.
The demand for traditional power generating sources is declining with aging power generation plants, decommissioning, environmental regulations, increasing competition from gas-fired turbines, and renewable energy sources. Several aged coal-fired power plants across North America and Europe are being shut down owing to these factors. For instance, in 2019, 8.3 GW worth of capacity retirements took place, of which 53% were coal. Withdrawing a power generation unit decreases a plant s capacity for reactive power. There is a growing trend of turning aging power plants into synchronous condensers to stabilize the grid systems. These synchronous condensers provide the reactive power needed for ar