Overview and Scope
Condensers refer to an apparatus used to condense gaseous substances into a liquid state through cooling to improve stability and to maintain voltages within desired limits under changing load conditions and contingency situations.
Sizing and Forecast
The condensers market size has grown strongly in recent years. It will grow from <b>$99.78 billion in 2023 to $107.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. </b> The growth in the historic period can be attributed to industrial growth, environmental regulations, replacement demand, environmental concerns.
The condensers market size is expected to see strong growth in the next few years. It will grow to <b>$146.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. </b> The growth in the forecast period can be attributed to hvac and refrigeration growth, power generation expansion, industrialization in emerging markets. Major trends in the forecast period include technological advancements, innovations in materials, smart technologies, miniaturization and compact designs, customization and modular solutions, research and development.
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Segmentation & Regional Insights
The condensers market covered in this report is segmented –
1) By Product Type: New, Refurbished
2) By Cooling Type: Air-Cooled, Evaporative, Water-Cooled
3) By Application: Industrial, Commercial, Transportation
The <b>Asia-Pacific</b> was the largest region in the condensers market in 2023. <b>North America</b> was the second largest region in the condensers market. The regions covered in the condensers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for renewable energy generation is a major factor contributing to the growth of the condensers market. Synchronous condensers (SCs) generate reactive power and are a helpful way to stabilize the energy provided by renewable resources. The network operators and developers of renewable energy are gradually turning to synchronous condensers to offer incremental short-circuit capacity to reinforce their grid. For instance, in September 2023, according to the Energy Information Administration, a US-based government agency, renewable energy sources accounted for about 13.1% of total US primary energy consumption and about 21.5% of total utility-scale electricity generation in 2022. . Therefore, the growing demand for renewable energy generation is expected to drive the growth of the condensers market over the forecast period.
Key Industry Players
Major companies operating in the condensers market include <b>ABB Ltd., Siemens AG, General Electric Company, Eaton Corporation plc, Voith Group, Fuji Electric Co. Ltd., WEG S.A., Brush Group, Mitsubishi Electric Corporation, Electro-Mechanical Engineering Associates Inc., Ideal Electric Company, Ansaldo Energia S.p.A., Hyundai Ideal Electric Co. Ltd., Sustainable Power Systems Inc., Toshiba Corporation, Power Systems & Controls Inc., Andritz AG, LG Electronics Inc., Midea Group Co. Ltd., Nippon Chemi-Con Corporation, Nortek Global HVAC LLC, QVF Manufacturer LLC, Rheem Manufacturing Company, Samsung Electronics Co. Ltd., Tokyo Electric Chemical Industry Co. Ltd., Trane Technologies plc, United Technologies Corporation, Vishay Intertechnology Inc., York International Corporation, Zhejiang Weixing Industrial Development Co. Ltd.</b>
The condensers market report table of contents includes:
1. Executive Summary
2.Condensers Market Characteristics
3.Condensers Market Trends And Strategies
4.Condensers market analysis
5.Condensers Market Size And Growth
6.Condensers Segmentation
7. Condensers Regional And Country Analysis
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27.Condensers Competitive Landscape And Company Profiles
28.Condensers Key Mergers And Acquisitions
29. Condensers Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- ABB Ltd.
- Siemens AG
- General Electric Company
- Eaton Corporation plc
- Voith Group
- Fuji Electric Co. Ltd.
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