The global shunt reactor market size reached US$ 2.8 Billion in 2023. Looking forward, the market is projected to reach US$ 3.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.15% during 2023-2032.
Shunt reactor is an equipment that is used to absorb reactive power in a power supply system. It is a compact device that compensates power in long high-voltage transmission lines and cable systems by transmitting energy directly to the power line. Its key function is to consume excess reactive energy generated by overhead lines under low load conditions and stabilize the system voltage.
Shunt reactors are also employed to improve the stability and efficiency of energy transmission through variable rating in cases of slow load variation. They can be connected to the tertiary winding of three winding transformers or directly to the power line. They find extensive application across various industries due to their low maintenance requirement and operational costs and minimal fire hazard probabilities.
The growing energy demand is one of the key factors driving the market growth. There is an increasing need for efficient power systems to ensure uninterrupted supply of power. The demand for shunt reactor is also driven by the need for reduced losses in power transmissions, modern transmission and distribution (T&D) networks and their extensive utilization in different renewable energy systems. Additionally, growing investments in smart grid technologies are further contributing to the growth of the market.
The application of shunt reactor is also associated with reduced carbon footprint and voltage jumps, thus contributing to their demand. Factors such as favorable government policies promoting the development of high voltage transmission systems and increasing focus on research and development (R&D) activities are further catalyzing the growth of the market.
Shunt reactor is an equipment that is used to absorb reactive power in a power supply system. It is a compact device that compensates power in long high-voltage transmission lines and cable systems by transmitting energy directly to the power line. Its key function is to consume excess reactive energy generated by overhead lines under low load conditions and stabilize the system voltage.
Shunt reactors are also employed to improve the stability and efficiency of energy transmission through variable rating in cases of slow load variation. They can be connected to the tertiary winding of three winding transformers or directly to the power line. They find extensive application across various industries due to their low maintenance requirement and operational costs and minimal fire hazard probabilities.
The growing energy demand is one of the key factors driving the market growth. There is an increasing need for efficient power systems to ensure uninterrupted supply of power. The demand for shunt reactor is also driven by the need for reduced losses in power transmissions, modern transmission and distribution (T&D) networks and their extensive utilization in different renewable energy systems. Additionally, growing investments in smart grid technologies are further contributing to the growth of the market.
The application of shunt reactor is also associated with reduced carbon footprint and voltage jumps, thus contributing to their demand. Factors such as favorable government policies promoting the development of high voltage transmission systems and increasing focus on research and development (R&D) activities are further catalyzing the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global shunt reactor market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on type, end-user, and application.Breakup by Type:
- Oil-Immersed
- Air-Core
Breakup by End-User:
- Electric Utilities
- Industrial Verticals
Breakup by Application:
- Variable Reactor
- Fixed Reactor
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also analysed the competitive landscape of the market with some of the key players being ABB Ltd., General Electric (GE) Company, Siemens AG, Nissin Electric Co. Ltd., PrJSC Zaporozhtransformator, CG Power and Industrial Solutions Limited, Alstom SA, Hyundai Heavy Industries Co., Ltd., Mitsubishi Electric Corporation, Hitachi, Ltd., Toshiba Corporation, Hilkar Electric Limited, Fuji Electric Co., Ltd., TBEA Co., Ltd., and Trench Group.Key Questions Answered in This Report
- How has the global shunt reactor market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global shunt reactor industry?
- What are the key regional markets in the global shunt reactor industry?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the end-user?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the global shunt reactor industry?
- What are the key driving factors and challenges in the global shunt reactor industry?
- What is the structure of the global shunt reactor industry and who are the key players?
- What is the degree of competition in the global shunt reactor industry?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Shunt Reactor Market
6 Market Breakup by Type
7 Market Breakup by End-User
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porter’s Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- ABB Ltd.
- General Electric (GE) Company
- Siemens AG
- Nissin Electric Co. Ltd.
- PrJSC Zaporozhtransformator
- CG Power and Industrial Solutions Limited
- Alstom SA
- Hyundai Heavy Industries Co. Ltd.
- Mitsubishi Electric Corporation
- Hitachi Ltd.
- Toshiba Corporation
- Hilkar Electric Limited
- Fuji Electric Co. Ltd.
- TBEA Co. Ltd.
- Trench Group
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 135 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 2.8 Billion |
| Forecasted Market Value ( USD | $ 3.7 Billion |
| Compound Annual Growth Rate | 3.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
