Shunt Reactor Market Research Report Information by Type (Oil-Immersed and Air-Core), By Application (Variable and Fixed), By End Use (Electric utilities and online), and By Region - Industry Forecast to 2032

Shunt Reactor Market Research Report Information by Type (Oil-Immersed and Air-Core), By Application (Variable and Fixed), By End Use (Electric utilities and online), and By Region - Industry Forecast to 2032

Market Synopsis With a predicted CAGR of 7.04%, the Shunt Reactor market is expected to expand significantly during the research period. The market is anticipated to grow from its estimated USD 2688.18 million in 2024 to USD 4631.7 million at the end of the forecast period (2024–2032). Numerous variables impact the worldwide market for shunt reactors. First, the demand for energy is rising, especially in growing nations, which makes voltage regulation and grid upgrade necessary. The need for shunt reactors is predicted to increase as nations modernize their electrical infrastructure to meet rising electricity consumption. Additionally, grid stabilization technology investments are required due to the expanding use of renewable energy sources like solar and wind power. In order to facilitate the integration of renewable energy sources into the grid, shunt reactors are essential for controlling voltage variations brought on by the intermittent nature of renewable energy supply. To preserve power quality and guarantee adherence to voltage stability regulations, strict regulatory guidelines and grid codes also demand the implementation of reactive power compensation technologies, such as shunt reactors. Shunt reactors are an investment that utilities must make to comply with regulations and maintain grid reliability standards. In emerging nations, the need for energy is further increased by the fast industrialization and urbanization of these areas, which calls for expenditures in power infrastructure. Shunt reactors boost efforts for urban expansion and industrial growth by stabilizing grid voltage and improving power quality. The desire to combat climate change, reduce greenhouse gas emissions, and improve energy security has led to a paradigm shift in the global energy landscape toward renewable energy sources like wind and solar power. Although there are many environmental advantages to renewable energy, the intermittent nature of solar and wind power creates special difficulties for integrating it into the current electrical infrastructure. In contrast to conventional fossil fuel-based power plants, which consistently and reliably produce electricity, renewable energy sources are vulnerable to changes in meteorological factors, such as wind direction and solar radiation intensity, which can cause oscillations in power output and instability in the grid. Insights On Market Segments Oil-immersed and Air-Core shunt reactors are the two types into which the market has been divided. The shunt reactor market has been divided into variable and fixed segments based on application. The shunt reactor market has been divided into Electric Utilities and Online segments based on End Use. Regional Perspectives The world market is divided into the following regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. With a market value of USD 1533.2 million in 2022, the Asia-Pacific sector held the biggest market share of 63.5%; over the course of the forecast period, it is anticipated to grow at a CAGR of 6.6%. With a market value of USD 415.4 million in 2022, the North American segment held the second-largest share and is expected to grow at a 4.9% CAGR. Principal Players Nissin Electric Co Ltd, Abb India Pvt Ltd, Mitsubishi Corporation, Fuji Electric, Hd Hyundai Heavy Industries Co., Ltd., Tbea, Hilkar, Toshiba Corporation, Siemens Ag, and Ge Grid Solution are some of the major players in the shunt reactor market.