What Is The Definition Of The Global Shunt Reactor Market?
A shunt reactor is an electrical device used in power systems to absorb excess reactive power and regulate voltage levels in high-voltage transmission lines. It helps maintain grid stability by preventing overvoltage, especially in long-distance power transmission. By consuming reactive power, shunt reactors enhance energy efficiency and reduce transmission losses.
Shunt Reactor Global Market Report 2024 provides data on the global shunt reactor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shunt reactor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Shunt Reactor Market Projected?
The shunt reactor market has grown from $2.80 billion in 2023 to $2.98 billion in 2024, at a CAGR of 6.5%. Growth factors include rising electricity demand, renewable energy projects, urbanization, aging infrastructure, and a need for voltage stability. The market is expected to reach $3.84 billion by 2028 at a CAGR of 6.6%, driven by renewable energy integration, electric vehicle infrastructure, energy storage systems, and decentralized power generation. Trends include a focus on sustainability, transformer-less technology, investment in energy storage, and advances in grid automation and digital solutions.
What Are The Primary Growth Drivers In The Shunt Reactor Market?
The expansion of power generation capacity is expected to stimulate the shunt reactor market. Rising electricity demand, renewable energy adoption, and government investments in modern infrastructure are driving this growth. Shunt reactors enhance voltage stability and reduce transmission losses, supporting high-voltage networks and renewable energy integration. According to Australia's Department of Climate Change, Energy, the Environment, and Water, electricity generation in Australia rose to 273,265 GWh in 2022, a 2% increase from 2021. This highlights the critical role of shunt reactors in meeting the growing power generation needs.
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What Is The Segmentation Of The Global Shunt Reactor Market?
The shunt reactor market 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
What Emerging Trends Are Shaping The Shunt Reactor Market Landscape?
In the shunt reactor market, companies are forming strategic partnerships to enhance grid stability and capacity. These collaborations aim to improve technology integration, market reach, and product development in power transmission. For instance, in September 2023, Hitachi Energy partnered with TenneT Holding BV, a Netherlands-based transmission system operator, to supply advanced power transformers and shunt reactors. This partnership focuses on modernizing grid infrastructure, boosting stability, and supporting renewable energy integration in Germany and the Netherlands.
Which Region Has The Fastest Expansion In The Shunt Reactor Market?
Asia-Pacific was the largest region in the shunt reactor market in 2023 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.
