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How big is the condensers market today, and what are its future growth expectations?
The condensers market size has grown strongly in recent years. It will grow from $103.47 billion in 2024 to $112.85 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. 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 $152.46 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. 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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What have been the primary factors driving the condensers market’s 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.
What are the key segments within the condensers market?
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
Subsegments:
1) By New: Air-Cooled Condensers, Water-Cooled Condensers, Evaporative Condensers, Steam Condensers, Other New Condensers
2) By Refurbished: Refurbished Air-Cooled Condensers, Refurbished Water-Cooled Condensers, Refurbished Evaporative Condensers, Refurbished Steam Condensers, Other Refurbished Condensers
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Which key players are shaping the condensers market?
Major companies operating in the condensers market include 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.
How will emerging trends drive the condensers market throughout the forecast period?
Major companies operating in condenser market are developing innovative condensers such as air-cooled condensers to drive the revenues in the market. Air cooled condensers are designed to have a lower environmental impact by targeting a reduction in water use, energy consumption, and carbon emissions. For instance, in May 2023, Industrial Water Cooling, a South Africa-based company that manufactures condensers launched a new range of Air-Cooled Condensers (ACCs). These new range of condensers includes both induced draft and forced draft configurations, offering efficient cooling without the need for water or other cooling fluids.
How do regional factors impact the condensers market, and which region is the largest contributor?
Asia-Pacific was the largest region in the condensers market in 2023. North America 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
What Does The Condensers Market Report 2025 Offer?
The condensers market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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