The Latin America, Middle East and Africa Synchronous Condenser Market would witness market growth of 6.0% CAGR during the forecast period (2022-2028).
Synchronous condensers are commonly used in HVDC (which provides short-circuit strength and dynamic reactive power support), Wind / Solar (which increases short-circuit ratio), Grid Support (which enhances voltage support during faults and contingencies, weak AC grid performance, and limits ROCOF), and Regulation (can function as dynamic voltage regulation and inertia from retired units).
Research and investments in synchronous condensing technology were spurred by the rising proportion of renewable energy sources in the energy mix. In order to best utilize conventional synchronous condenser technology in their networks from a technical and financial aspect, utilities are rediscovering their advantages.
The HTS synchronous condenser benefits from the advancements made in HTS research and innovation from a technological perspective. Grid formation, converter synchronization, and virtual synchronous machines. The analysis of synchronous condensers' use in various grid locations, their function in frequency response markets, and potential applications for synchronous condensers in future system design are the current research priorities.
The industrial sector of regional countries is very robust. In addition, the UAE’s industrial sector is thriving significantly. According to the United Arab Emirates Ministry of Economy, the UAE provides a competitive package of incentives to encourage investments in industrial and technological firms operating in strategic industries.
The Brazil market dominated the LAMEA Synchronous Condenser Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.3 million by 2028. The Argentina market is experiencing a CAGR of 6.6% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 5.7% during (2022 - 2028).
Based on Reactive Power rating, the market is segmented into Above 200 MVAr, 101–200 MVAr, and Up to 100 MVAr. Based on Starting Method, the market is segmented into Static Frequency Converter, Pony Motor, and Others. Based on Cooling Technology, the market is segmented into Hydrogen-Cooled, Air-Cooled, and Water-Cooled. Based on Installation Type, the market is segmented into New and Refurbished. Based on End User, the market is segmented into Electrical Utilities and Industrial Sector. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Synchronous Condenser Market is Predict to reach $676.9 Million by 2028, at a CAGR of 2.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric (GE) Co., ANDRITZ Group, WEG Equipamentos Elétricos S.A., Fuji Electric Co., Ltd., Mitsubishi Heavy Industries Ltd., Siemens Energy AG, Eaton Corporation PLC, Bharat Heavy Electricals Ltd., and Ansaldo Energia S.p.A.
By Reactive Power rating
By Starting Method
By Cooling Technology
By Installation Type
By End User
By Country
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