The global synchronous condenser market size was estimated at USD 696.0 million in 2024 and is anticipated to reach USD 818.3 million by 2030, growing at a CAGR of 2.8% from 2025 to 2030. The market growth is largely driven by the increasing complexity and variability of power generation across the globe, which has created a growing demand for solutions that ensure grid stability and reliability.

Synchronous condensers play a vital role in maintaining the stability of electrical grids by providing inertia and voltage support. They are especially important for older power grids, which are facing challenges due to aging infrastructure. Upgrading these grids is essential to maintain reliable electricity supply, and synchronous condensers are often a key component in these modernization efforts.

The rising adoption of renewable energy sources, such as wind and solar power, is further increasing the demand for synchronous condensers. Renewable energy generation is often intermittent, leading to fluctuations in voltage and grid stability. Synchronous condensers help mitigate these issues by supplying necessary inertia and supporting voltage regulation. Additionally, government policies and incentives aimed at enhancing grid reliability and promoting the integration of renewable energy often drive investments in synchronous condenser technology, thereby boosting market growth.

Technological advancements in control systems, materials, and design have also contributed to the growth of the market by improving the efficiency and performance of synchronous condensers. These improvements make them more attractive and practical for grid operators looking to maintain stability in increasingly complex power networks.

However, the adoption of synchronous condensers comes with certain challenges. They require significant capital investment compared to alternative grid stabilization technologies, which can limit their deployment in some applications. Integrating synchronous condensers into existing grid infrastructure can be complex due to compatibility issues and the need for retrofitting. Furthermore, the operational costs associated with maintenance, fuel, and periodic refurbishment are relatively high, increasing the overall expenditure for grid operators. Despite these challenges, the essential role of synchronous condensers in maintaining stable and reliable power grids continues to drive their demand globally.

Key Market Trends & Insights:

• In 2024, the North America synchronous condenser market dominated the global landscape, accounting for a revenue share of 34.33%. The region’s leading position is driven by its well-established electrical infrastructure, ongoing investments in grid modernization, and increasing integration of renewable energy sources that require advanced grid stabilization solutions. Within North America, the U.S. market is projected to grow at a compound annual growth rate (CAGR) of 3.0% over the forecast period, supported by initiatives to enhance grid reliability, upgrade aging power networks, and adopt advanced synchronous condenser technologies.

• By product type, the refurbished synchronous condenser segment held a dominant position in the market, capturing a revenue share of 57.8% in 2024. The prominence of refurbished units is attributed to their cost-effectiveness compared to newly manufactured condensers, while still providing essential inertia and voltage support to power grids. This makes refurbished condensers an attractive solution for utilities looking to balance performance with investment costs, particularly in grids undergoing modernization.

• By end-use, the electrical utilities segment accounted for the largest revenue share of 77.7% in 2024. Electrical utilities are the primary adopters of synchronous condensers, as these devices are crucial for maintaining grid stability, managing fluctuations caused by renewable energy sources, and ensuring consistent voltage levels. The high adoption rate within this segment highlights the importance of synchronous condensers in supporting the operational efficiency, reliability, and resilience of electrical power systems across North America.

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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 global synchronous condenser market include ABB and Siemens Energy, both of which have established strong positions through a wide range of advanced products and technologies.

ABB, headquartered in Switzerland, is a global leader in automation and electrification technologies. The company provides an extensive portfolio of products, including metallurgy products, electric drivetrains, motors and generators, industrial software, robotics, PLC automation systems, power converters and inverters, drives, control tool solutions, and low voltage products and systems. ABB’s offerings cater to a diverse array of industries, such as oil and gas, automotive, cement, chemicals, mining, power generation, and pulp and paper. By delivering solutions across such varied sectors, ABB is able to address complex energy and automation challenges while supporting industrial modernization and efficiency.

Siemens Energy is a leading provider of energy technology solutions, serving multiple industries including oil and gas, power and heat generation, power transmission, marine, data centers, and pulp and paper. Its product portfolio includes hybrid power plants that operate with hydrogen, conventional and renewable energy technologies such as gas and steam turbines, as well as power generators and transformers. Siemens Energy employs approximately 99,000 people working across more than 90 countries, demonstrating its extensive global presence and ability to deliver energy solutions at scale.

In addition to these established players, several emerging participants are shaping the market, including IDEAL ELECTRIC POWER CO. and Ansaldo Energia S.p.A.

IDEAL ELECTRIC POWER CO., founded in 1903 and headquartered in the U.S., is a leading manufacturer of specialty electric motors and condensers, including synchronous generators, power systems and controls, and switchgear. The company is notable for being one of the few U.S.-based producers to offer space-saving generator-mounted epicyclic gears, giving it a competitive edge in compact and efficient power solutions.

Ansaldo Energia S.p.A., based in Italy, operates as a manufacturer and service provider within the power generation industry. The company has expertise in both conventional and next-generation energy technologies, covering gas, nuclear, and renewable energy systems. Ansaldo Energia provides products and services across multiple segments, including power plants, energy transition solutions, digital systems, nuclear technology, and maintenance services. The company employs approximately 3,300 people, positioning it as a significant emerging player in the global energy and synchronous condenser market.

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 global synchronous condenser market is projected to grow steadily driven by the increasing complexity of power generation systems and the need to enhance grid stability and reliability. As renewable energy sources like wind and solar become more widespread, demand for synchronous condensers is rising due to their ability to provide inertia, voltage support, and reactive power essential for modern grids. Continued technological improvements, supportive energy policies, and investments in grid infrastructure modernization are expected to further boost market expansion, although high capital and operational costs remain a key challenge.