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Air Core Shunt Reactor Market Size
- Report ID: GMI7254
- Published Date: Nov 2023
- Report Format: PDF
Air Core Shunt Reactor Market Size
Air Core Shunt Reactor Market was valued at USD 700 million in 2022 and is projected to witness around 8.5% CAGR between 2023 and 2032. The increasing demand for electricity, driven by industrialization, urbanization, and the expansion of renewable energy sources, has led to the need for enhanced power system stability and voltage regulation. As per Enerdata’s yearbook for 2022, the global electricity consumption in 2022 equalled over 25 thousand terawatt hours, which is a 90% increase from electricity consumption in 2000.
Growing emphasis on reducing energy losses in power transmission and distribution systems is pushing utilities to invest in more efficient solutions like air core reactors, which do not suffer from core losses associated with traditional iron core reactors. Furthermore, environmental concerns and regulations promoting eco-friendly technologies are boosting the adoption of air core reactors, which do not use environmentally harmful insulating oils or materials, making them an attractive choice for modern power systems. These factors collectively contribute to the market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Air Core Shunt Reactor Market Size in 2022: | USD 712.6 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8.7% |
| 2032 Value Projection: | USD 1.6 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 290 |
| Tables, Charts & Figures: | 339 |
| Segments covered: | Phase, Product, End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Air Core Shunt Reactor Market Scope
