PUBLISHER: Market Research Future | PRODUCT CODE: 1517291
PUBLISHER: Market Research Future | PRODUCT CODE: 1517291
The Shunt Reactor market is anticipated to experience substantial growth during the review period, with a compound annual growth rate (CAGR) of 7.04%. It is anticipated that the market will attain a value of USD 4631.7 million by the conclusion of the forecast period (2024-2032), with an estimated value of USD 2688.18 million in 2024. There are numerous variables that impact the global market for shunt reactors. Initially, the necessity for grid modernization and voltage control solutions is fueled by the growing demand for energy, particularly in emerging economies. The demand for shunt reactors is anticipated to increase as countries enhance their power infrastructure to meet the increasing demand for electricity. Furthermore, the increasing utilization of renewable energy sources, such as solar and wind power, requires investments in grid stabilization technologies. Shunt reactors are essential for the integration of renewable energy into the grid, as they play a critical role in moderating voltage fluctuations that are caused by the intermittent nature of renewable energy generation.
The deployment of reactive power compensation solutions, such as shunt reactors, is also required to ensure compliance with voltage stability requirements and maintain power quality, as stringent regulatory standards and grid codes mandate. In order to comply with regulatory mandates and maintain grid reliability standards, utilities are required to invest in shunt reactors. Additionally, the demand for electricity is driven by the rapid industrialization and urbanization of developing regions, which necessitate investments in power infrastructure. Industrial growth and urban development initiatives are supported by shunt reactors, which stabilize grid voltage and improve power quality.
The energy landscape is undergoing a paradigm shift as a result of the global transition to renewable energy sources, including solar and wind power. This transition is being driven by the necessity to reduce greenhouse gas emissions, mitigate climate change, and improve energy security. The intermittent nature of wind and solar generation presents unique challenges to the integration of renewable energy into the existing power grid, despite the numerous environmental benefits it offers. In contrast to conventional fossil fuel-based power plants, which generate consistent and manageable electricity output, renewable energy sources are susceptible to fluctuations in weather conditions, including sunlight intensity and wind speed, which result in grid instability and power output fluctuations.
Market Segment Insights
Oil-immersed and air-core are the two categories into which the shunt reactor market has been divided.
Variable and fixed are the two categories into which the shunt reactor market has been divided based on application.
The shunt reactor Market has been segmented into Electric Utilities and Online based on End Use.
Regional Perspectives
The global market is divided into the following regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia-Pacific segment, which had a market value of USD 1533.2 million in 2022, accounted for the largest market share at 63.5%. It is anticipated to experience a compound annual growth rate (CAGR) of 6.6% during the forecast period. In 2022, the North America segment, with a value of USD 415.4 million, accounted for the second largest market share. It is anticipated to grow at a compound annual growth rate (CAGR) of 4.9%.
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 among the key companies in the shunt reactor market.