Shunt Reactor Market Size - By Phase (Single Phase, Three Phase), By Insulation (Oil Immersed, Air Core), By Product (Fixed Shunt Reactor, Variable Shunt Reactor), By End Use (Electric Utility, Renewable Energy) & Forecast, 2023 - 2032

Shunt Reactor Market Size - By Phase (Single Phase, Three Phase), By Insulation (Oil Immersed, Air Core), By Product (Fixed Shunt Reactor, Variable Shunt Reactor), By End Use (Electric Utility, Renewable Energy) & Forecast, 2023 - 2032

Global Shunt Reactor Market will witness over 7.2% CAGR between 2023 and 2032. The increasing number of grid projects and installations worldwide supports market growth. For instance, the initial phase of National Grid ESO's voltage management initiatives was initiated in June 2022, marking the activation of the Mersey Reactive Power project in Frodsham, Cheshire. This project features a shunt reactor designed to absorb reactive power, ultimately enhancing network efficiency and effectively controlling elevated voltage levels. PeakGen secured the contract for this solution, successfully installing a 200MVAr reactor at a local substation, where it will continue to supply reactive power for the next ten years.

As countries modernize their power infrastructure and expand renewable energy sources, shunt reactors play a crucial role in stabilizing voltage levels and enhancing grid reliability. The escalating global focus on energy efficiency and grid expansion is a key driver in the growing shunt reactor market demand.

The overall Shunt Reactor Market is classified based on insulation, end-use, and region.

Air core segment will undergo significant development from 2023 to 2032. These reactors, devoid of iron cores, offer benefits such as reduced losses, lower maintenance requirements, and increased reliability. As power grids worldwide seek solutions that enhance efficiency and stability, the air-core shunt reactor has gained prominence. Its unique characteristics make it a sought-after component in modern electrical systems, shaping its contribution to the shunt reactor market outlook.

Renewable energy segment will register a notable CAGR from 2023 to 2032. With the expansion of renewable power sources like wind and solar, there is an increasing need for grid stability and voltage regulation. Shunt reactors are essential in mitigating voltage fluctuations and optimizing the transmission of clean energy. As the world transitions to more sustainable energy solutions, the shunt reactor market share in the renewable energy industry continues to rise.

Europe shunt reactor market will showcase an appreciable CAGR from 2023 to 2032. As the region increasingly embraces renewable energy sources and upgrades its power infrastructure, shunt reactors play a vital role in stabilizing voltage levels and ensuring grid reliability. For instance, in June 2022, the initial voltage management project by National Grid ESO became operational, featuring the Mersey Reactive Power solution located in Frodsham, Cheshire, Europe. This solution incorporates a shunt reactor designed to absorb reactive power, enhancing network efficiency and regulating high voltage levels. With a focus on sustainability and energy efficiency, Europe's demand for shunt reactors will record an upward trend, making them an essential component in the evolving energy landscape.