Shunt Reactor Market
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What Will the Shunt Reactor Industry Market Size Be by 2025?
There has been a robust expansion in the size of the shunt reactor market in the past few years. The market worth is projected to increase from $2.98 billion in 2024 to $3.18 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.8%. The historical growth trend of the market is driven by factors like surging electricity demand, expansion of renewable energy projects, urbanization and industrial development, obsolete power infrastructure, and a growing requirement for voltage stability.
What’s the Long-Term Growth Forecast for the Shunt Reactor Market Size Through 2029?
Over the coming years, the shunt reactor market is projected to experience robust growth, with potential to reach $4.09 billion in 2029 by growing at a compound annual growth rate (CAGR) of 6.5%. This predicted growth over the forecast period can be linked to factors such as the rise in renewable energy migration, the expansion of the electric vehicle infrastructure, increased emphasis on energy storage systems, government’s investment in infrastructure, and a growing requirement for decentralized power generation. The future trends include a heightened focus on sustainability and emission reduction, advances in transformer-less technology, an increase in energy storage investments, an expanded use of sophisticated monitoring and diagnostic systems, and an uptick in grid automation and digital solutions.
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What Are the Key Growth Drivers Fueling the Shunt Reactor Market Expansion?
The anticipated increase in power generation capacity is projected to spur the expansion of the shunt reactor market in the future. The term power generation capacity refers to the highest level of electric power that a power plant or generating unit can yield under certain circumstances. This upsurge in power generation capacity is propelled by the escalating global demand for electricity, the swift progress of renewable energy resources, substantial governmental investments in contemporary energy infrastructure, and advancements in power generation technology. Shunt reactors play a pivotal role in accommodating the burgeoning power generation capacity by enhancing voltage stability, reducing transmission losses, and refining grid performance, particularly in high-voltage networks. They are instrumental in regulating the inconsistent power flow emanating from the rapidly expanding renewable energy resources, boosting energy efficiency, and assuring dependable power transmission over lengthy distances. For example, the Department of Climate Change, Energy, the Environment, and Water, a government department based in Australia, reported in June 2023 that Australia’s total power generation in 2022 amounted to an estimated 273,265 gigawatt hours (GWh). This was a 2% increase relative to 2021. Consequently, the surging power generation capacity is triggering the expansion of the shunt reactor market.
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What Are the Key Trends Driving Shunt Reactor Market Growth?
Firms that dominate the shunt reactor market are engaging in strategic partnerships to upgrade and augment grid stability and ability. These partnerships encourage cooperation between companies to improve product innovation, broaden market penetration, and enhance technological integration in power delivery and grid stability solutions. For example, in September 2023, Hitachi Energy Ltd., a tech firm from Switzerland, allied with TenneT Holding BV, a transmission system operator firm from the Netherlands, seeking to supply superior power transformers and shunt reactors to upgrade and augment the grid’s stability and capacity. The goal of this partnership is to back the assimilation of renewable power sources, enhance grid toughness, and guarantee a sustainable power provision for Germany and the Netherlands.
How Is the Shunt Reactor Market Segmented?
The shunt reactormarket covered in this report is segmented –
1) By Type Of Product: Oil-Immersed Reactor, Air Core Dry Reactor
2) By Phase: Single Phase, Three Phase
3) By Rated Voltage: Less Than 200kV, 200kV-400kV, Above 400kV
4) By Application: Fixed Reactor, Variable Reactor
5) By End-User: Electric Utilities, Renewable Energy, Other End Users
Subsegments:
1) By Oil-Immersed Reactor: Single-Phase Oil-Immersed Reactor, Three-Phase Oil-Immersed Reactor, Fixed Oil-Immersed Reactor, Variable Oil-Immersed Reactor
2) By Air Core Dry Reactor: Fixed Air Core Dry Reactor, Variable Air Core Dry Reactor, Single-Phase Air Core Dry Reactor, Three-Phase Air Core Dry Reactor
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Which Companies Are Leading the Charge in Shunt Reactor Market Innovation?
Major companies operating in the shunt reactor market are Hitachi Energy Ltd., General Electric Company, Mitsubishi Electric Corporation, Siemens Energy AG, Toshiba Corporation, CHINT Group, Alstom Grid, Hyosung Heavy Industries, Meidensha Co.Ltd., Nissin Electric Co. Ltd., SGB-SMIT Group, CG Power and Industrial Solutions Limited, Voltamp Energy SAOG, Prolec Energy, Shreem Electric Limited, GBE SpA, Clariant Power System Ltd., Yash Capacitors Private Limited, Edit Elektronik, GETRA S.p.A., Hilkar, NR Electric Co. Ltd., Jyoti Transformers
Which Regions Are Leading the Global Shunt Reactor Market in Revenue?
Asia-Pacific was the largest region in the shunt reactor market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the shunt reactor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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