Shunt Reactor Market

Shunt Reactor Market

Growth Factors of Shunt Reactor Market

The shunt reactor market size was valued at USD 2.68 billion in 2023, and the market is now projected to grow from USD 2.82 billion in 2024 to USD 4.85 billion by 2032, exhibiting a CAGR of 7.0% during the forecast period of 2024-2032.

The COVID-19 pandemic hindered the market development due to dropped investments in the worldwide power sector. The commercial and Industrial sector is the chief consumer of electricity, and workshop/office terminations during the lockdown impacted the electricity demand.

The mounting number of transmission line expansion and upgrading projects across the world is projected to encourage the demand for transmission and distribution equipment, comprising shunt reactors. These reactors compensate for the reactive power created when a quick drop in load happens due to system disasters. As the power demand and generation upsurges, transmission & distribution infrastructure desires to be updated and progressed. Growing the electricity transmission system is acute to allowing the transition to clean energy on the timeframe, measure and cost essential to accomplish our national emissions aims. Such transmission progression and innovation projects and rising investments to furnish to growing energy demand are likely to motivate the shunt reactor market growth in the forthcoming years.

Rising demand for constant and secure power supply universally united with government initiatives to decrease carbon footprint is likely to support the renewable sector growth significantly. The promptly increasing renewable energy sector will probable to create beneficial prospects for the market. As the rising demand for these reactors from the renewable energy sector, businesses are spending expressively to furnish to the growing demand.

Comprehensive Analysis of Shunt Reactor Market

The market can be segmented in various ways, depending on the focus of analysis such as by phase, by type, by product and by end user. Based on phase, the market is segmented into single phase and three phase. Based on type, the market is segmented into oil immersed and air core. Based on product, the market is segmented into fixed and variable. Based on end-user, the market is segmented into electric utility and renewable energy.

North America region is dominating the shunt reactor market share due to rising power consumption across industrial, commercial, and residential segments. The region also emphases on growing power generation from renewable sources such as solar and wind. Similarly, the existence of leading producers makes the region a prominent destination.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include GE (U.S.), Siemens (Germany), Toshiba Corporation (Japan), CG Power and Industrial Solutions Limited (India), Hitachi Energy (Switzerland), Hyosung Corporation (Korea), ABB (Switzerland), Nissin Electric Co Ltd (Japan), Fuji Electric Co., Ltd. (Japan), GBE SpA (Italy) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In September 2022, ABB declared that it contracted an agreement with Hitachi Ltd. to deprive its remaining 19.9% stakes in the joint venture Hitachi ABB Power Grids made in 2020.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.0% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Phase

- Single Phase

- Three Phase

By Type

- Oil Immersed

- Air Core

By Product

- Fixed

- Variable

By End-user

- Electric Utility

- Renewable Energy

By Region

- North America (By Phase, By Type, By Product, By End-user, and By Country)

• U.S.
• Canada

- Europe (By Phase, By Type, By Product, By End-user, and By Country)

• United Kingdom
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

- Asia Pacific (By Phase, By Type, By Product, By End-user, and By Country)

• China
• India
• Japan
• Australia
• Southeast Asia
• Rest of Asia Pacific

- Latin America (By Phase, By Type, By Product, By End-user, and By Country)

• Brazil
• Mexico
• Rest of Latin America

- Middle East & Africa (By Phase, By Type, By Product, By End-user, and By Country)

• GCC
• South Africa
• Rest of Middle East & Africa


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