Report Description Table of Contents The air-cooled synchronous condenser market was worth USD 1.2 billion in 2023 and will be worth USD 2.23 billion by 2030, growing at a CAGR of 7% during the forecast period. The Air-Cooled Synchronous Condenser market is fueled by the need to support grid stability and provide reactive power by integrating renewable energy into the power grid system. The capacity of wind and solar power is expected to increase to 3,000 GW by 2030, making synchronous condensers important because they offer inertia and voltage control in renewable energy-intensive networks. Others include air-cooled synchronous condensers, which have emerged as better substitutes to water-cooled condensers as they are healthier for the environment as well as cheaper to use. For instance, in Australia and several states of the U.S., where wind and solar power dominate, air-cooled synchronous condensers are being applied for grid stability without utilizing a lot of water. The factors expected to propel this market include integrating renewable energy into the existing generation and transmission infrastructure and exploring the need for reliable grid infrastructure. The Air-Cooled Synchronous Condenser market presents great potential as energy distribution networks become liberalized and more central to using renewable resources. As the share of renewable energy is expected to reach almost 50 % of electricity generation by 2050, the requirement for ensuring grid stability and reactive power compensation increases the need for air-cooled synchronous condensers. These systems are more efficient in regions with limited water resources, offering a sustainable solution for grid operators. Recent developments include the adoption of air-cooled synchronous condensers in renewable-heavy grids, such as in Australia, where they are being deployed to stabilize voltage and provide inertia as coal plants retire. This trend has potential in areas with the integration of renewables and where water scarcity concerns are felt, with air-cooled systems as efficient, less environmental impact, and effective grid support systems. Market Segmentation By Cooling Type: Forced Air Cooling Natural Air Cooling By Power Rating: Below 100 MVAR 100-200 MVAR Above 200 MVAR By Application: Renewable Energy Integration Grid Stability Voltage Regulation Power Factor Correction By End-User: Utilities Industrial Commercial By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA North America is expected to lead the Air-Cooled Synchronous Condenser market due to the increasing adoption of renewable energy and the imperatives of renewable energy integration. Leading the region again is the U.S.A., where wind and solar energy form part of its electricity generation, touching on the 20% mark in 2023. In addition, as mining and traditional coal power stations are closed and new renewables are installed in the electricity network, the need for ancillary services, including synchronous condensers, has increased sharply. Recent trends include air-cooled synchronous condensers in states like California and Texas where renewable energy has a significant share. These condensers aid the provision of inertia and reactive power in the grid and are more sustainable because they do not require water cooling as machine condensers do because of water stringency, especially in the developing world. To support a more future-proof and cleaner grid in North America, the latter consolidates its position in the air-cooled synchronous condenser market. Key Players Siemens Energy ABB Ltd. General Electric (GE) WEG Group Eaton Corporation Voith Group Andritz AG Toshiba Corporation Hyundai Electric & Energy Systems Co., Ltd. Ansaldo Energia Air-Cooled Synchronous Condenser Market Report Coverage Report Attribute Details Forecast Period 2023 – 2030 Market Size Value in 2023 USD 1.2 billion Revenue Forecast in 2030 USD 2.23 billion Overall Growth Rate CAGR of 7% Base Year for Estimation 2022 Historical Data 2017 – 2021 Unit USD Billion, CAGR (2023 - 2030) Segmentation By Cooling Type, By Power Rating, By Application, By End-User, By Region By Cooling Type Forced Air Cooling, Natural Air Cooling By Power Rating Below 100 MVAR, 100-200 MVAR, Above 200 MVAR By Application Renewable Energy Integration, Grid Stability, Voltage Regulation, Power Factor Correction By End-User Utilities, Industrial, Commercial By Region North America, Europe, Asia Pacific, LAMEA Country Scope US, Mexico, Canada, Germany, UK, France, China, Japan, India, etc. Pricing and Purchase Options Avail customized purchase options to meet your exact research needs. Frequently Asked Question About This Report Which application had the largest Air-Cooled Synchronous Condenser Market share? The renewable energy integration segment dominates the market, owing to the increasing deployment of wind and solar power projects requiring grid stability solutions. How big is the Air-Cooled Synchronous Condenser Market? The Air-Cooled Synchronous Condenser Market was valued at USD 1.2 billion in 2023 and is projected to reach USD 2.23 billion by 2030, growing at a CAGR of 7% during the forecast period. What are the key factors driving the growth of the Air-Cooled Synchronous Condenser Market? The market growth is fueled by the need to support grid stability and provide reactive power by integrating renewable energy into the power grid system. Who are the Major Players in the Air-Cooled Synchronous Condenser Market? Key players include ABB Ltd., Siemens AG, and Eaton Corporation. Which region held the largest Air-Cooled Synchronous Condenser Market share? North America is expected to lead the market due to the increasing adoption of renewable energy and the imperatives of renewable energy integration. . Table of Contents 1. AIR-COOLED SYNCHRONOUS CONDENSER MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. AIR-COOLED SYNCHRONOUS CONDENSER MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – AIR-COOLED SYNCHRONOUS CONDENSER MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Cooling Type of Air-Cooled Synchronous Condenser and End Use Outlook Analysis 4. HISTORIC TRENDS IN AIR-COOLED SYNCHRONOUS CONDENSER MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA AIR-COOLED SYNCHRONOUS CONDENSER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America Air-Cooled Synchronous Condenser Historical Market ($MILLION), (2017 – 2023) 6.2. North America Air-Cooled Synchronous Condenser Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Cooling Type 6.3.1. Forced Air Cooling 6.3.2. Natural Air Cooling 6.4. North America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Power Rating 6.4.1. Below 100 MVAR 6.4.2. 100-200 MVAR 6.4.3. Above 200 MVAR 6.5. North America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By End-User 6.5.1. Utilities 6.5.2. Industrial 6.5.3. Commercial 6.6. North America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.6.1. Renewable Energy Integration 6.6.2. Grid Stability 6.6.3. Voltage Regulation 6.6.4. Power Factor Correction 6.7. North America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA AIR-COOLED SYNCHRONOUS CONDENSER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE AIR-COOLED SYNCHRONOUS CONDENSER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe Air-Cooled Synchronous Condenser Historical Market ($MILLION), (2017 – 2023) 8.2. Europe Air-Cooled Synchronous Condenser Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Cooling Type 8.4. Europe Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Power Rating 8.5. Europe Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By End-User 8.6. Europe Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.7. Europe Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC AIR-COOLED SYNCHRONOUS CONDENSER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC Air-Cooled Synchronous Condenser Historical Market ($MILLION), (2017 – 2023) 9.2. APAC Air-Cooled Synchronous Condenser Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Cooling Type 9.4. APAC Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Power Rating 9.5. APAC Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By End-User 9.6. APAC Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.7. APAC Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA AIR-COOLED SYNCHRONOUS CONDENSER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America Air-Cooled Synchronous Condenser Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America Air-Cooled Synchronous Condenser Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Cooling Type 10.4. Latin America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Power Rating 10.5. Latin America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By End-User 10.6. Latin America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.7. Latin America Air-Cooled Synchronous Condenser Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. SIEMENS ENERGY 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. ABB Ltd. 11.3. General Electric (GE) 11.4. WEG Group 11.5. Eaton Corporation 11.6. Voith Group 11.7. Andritz AG 11.8. OTHER MARKET PLAYERS