North America Oil Immersed Shunt Reactor Market Size - By Phase (Single Phase, Three Phase), By Product (Fixed Shunt Reactor, Variable Shunt Reactor), By End Use (Electric Utility, Renewable Energy) & Forecast, 2024 - 2032

North America Oil Immersed Shunt Reactor Market Size - By Phase (Single Phase, Three Phase), By Product (Fixed Shunt Reactor, Variable Shunt Reactor), By End Use (Electric Utility, Renewable Energy) & Forecast, 2024 - 2032

North America oil immersed shunt reactor market size is expected to record 6.2% CAGR between 2024 and 2032. The increase in electricity demand, especially in the industrial and commercial sectors, is necessitating the expansion and modernization of the electricity transmission and distribution infrastructure. For instance, in November 2023, FirstEnergy Corp. subsidiary Jersey Central Power and Light unveiled an infrastructure improvement program to enhance its local electric system and prepare for a smart electric grid, anticipating future needs and advancements.

Oil-immersed shunt reactors help in improving the efficiency and stability of power grids by compensating reactive power and voltage fluctuations, thus supporting a reliable power supply. They also help maintain voltage levels and improve power quality, supporting the integration of renewable energy into the grid. The shift towards renewable energy sources has also led to challenges in grid stability due to their intermittent nature, adding to the market growth.

The North America oil immersed shunt reactor industry is segmented into phase, product, end-use and country.

Based on end use, the market size from the renewable energy segment is expected to witness substantial growth through 2032, due to the rising focus on decarbonization efforts. As the demand for clean energy is continuing to grow, renewable energy generation technologies, such as wind and solar are increasingly being used. Oil-immersed shunt reactors help in improving voltage stability and ensuring grid resistance, facilitating the integration of renewable energy into the power grid.

North America oil immersed shunt reactor market from the variable shunt reactors product segment is slated to generate notable revenue between 2024 and 2032, backed by its capability to provide dynamic reactive power compensation in electrical grids. As the demand for electricity continues to increase, especially in cities and industrial sectors, it is important to maintain stability. Different shunt reactors can easily adjust the reactive power load based on different load conditions, voltage levels and grid problems, adding to the segment expansion.

Canada oil immersed shunt reactor industry will generate lucrative growth during the forecast period. The rising energy goals, along with increased investments in renewable energy projects like hydro, wind and solar power, have increased the demand for grid stabilization solutions. such as oil-immersed shunt reactors. Moreover, the geographic area and diverse landscapes of the country are presenting unique challenges in delivering and building an advanced grid infrastructure to secure electric power in remote and urban areas.