Global Shunt Reactor Market to Reach US$ 3.3 Billion by 2028, Stimulated by Escalating Demand for Electricity

As per the latest report by IMARC Group, titled “Shunt Reactor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global shunt reactor market reached a value of US$ 2.7 Billion in 2022. A shunt reactor is an electronic device that absorbs excess reactive power that is generated by overhead lines under low-load conditions. This assists in stabilizing the voltage and increasing the overall efficiency of the power supply system. A shunt reactor can be directly connected to the power line or a tertiary winding of a three-winding transformer. It is often switched in and out on an everyday basis, keeping into consideration the load situation in the system. As it requires low maintenance and operating costs, it is widely utilized in different sectors.

Global Shunt Reactor Market Trends:

The market is currently experiencing stable growth on account of the continually escalating demand for energy across the globe. This can be accredited to rapid urbanization, the growing global population and boosting sales of consumer electronics. Besides this, the increasing need for efficient power systems to ensure an uninterrupted supply of power is strengthening the shunt reactor market growth. Moreover, as the utilization of shunt reactors is associated with reduced carbon footprint and voltage jumps, their demand is rising worldwide. Furthermore, governing agencies in numerous countries are financing the upgradation, as well as setting up of new transmission and distribution networks. They are also investing in smart grid technologies, which is further contributing to the growth of the market. Apart from this, leading players operating in the industry are increasing their investments in research and development (R&D) activities to develop high voltage transmission systems, which is anticipated to fuel the market growth in the upcoming years. Looking forward, the market value is projected to reach US$ 3.3 Billion by 2028, expanding at a CAGR of 3.5% during the forecast period (2023-2028).

Market Summary:

• Based on the type, the market has been bifurcated into oil-immersed and air-core.
• On the basis of the end-user, the market has been segmented into electric utilities and industrial verticals.
• The market has been analyzed on the basis of the application into variable and fixed reactors.
• Region-wise, the market has been classified into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
• The competitive landscape of the market has been examined, 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.

Report Scope:

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