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Asia Pacific Oil Immersed Shunt Reactor Market Size

Report ID: GMI6955
Published Date: Oct 2023
Report Format: PDF

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Asia Pacific Oil Immersed Shunt Reactor Market Size

Asia Pacific Oil Immersed Shunt Reactor Market was valued at USD 608.7 million in 2023 and is projected to grow at a CAGR of over 5.9% between 2024 and 2032. Driven by rapid industrialization and urbanization along with the substantial increase in electricity demand which necessitates the enhancement of power transmission and distribution system. As per International Renewable Energy Agency (IRENA), over 549 thousand GWh electricity has been generated by solar energy till 2021, which is over 3700% more than the electricity generated by solar energy till 2012 across Asian region.

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Additionally, the ongoing development of smart grids and the need for grid modernization projects are spurring investments in shunt reactors to optimize power quality and transmission efficiency. Moreover, stringent environmental regulations have prompted the adoption of eco-friendly and energy-efficient shunt reactors.

Asia Pacific Oil Immersed Shunt Reactor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Oil Immersed Shunt Reactor Market Size in 2023:	USD 608.7 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.9%
2032 Value Projection:	USD 1.02 Billion
Historical Data for:	2019 to 2023
No. of Pages:	125
Tables, Charts & Figures:	108
Segments covered:	Phase, Product, End Use
Growth Drivers:	Augmentation & modernization of transmission & distribution networks Rising demand for electricity Upgradation of aging technology in developed nations High voltage transmission lines addition
Pitfalls & Challenges:	Development of alternate technologies Low quality products

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

Asia Pacific market for oil immersed shunt reactor was exceeded USD 608.7 million in 2023 and is projected to witness over 5.9% CAGR from 2024 to 2032, due to the increasing demand for electricity in the region driven by rapid industrialization and urbanization.

Demand for oil immersed fixed shunt reactors reached over USD 360 million in 2022 and will record over 5% CAGR up to 2032, owing to advantages, such as simplicity, reliability, minimal maintenance and prolonged service life.

China oil immersed shunt industry size is poised to witness over 5.5% CAGR through 2032, due to the rapid urbanization and industrialization along with the substantial increase in electricity demand across the nation.

Some of the prominent oil immersed shunt reactor market players include GE, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, CG Power & Industrial Solutions Ltd., Hitachi Energy Ltd., HYOSUNG HEAVY INDUSTRIES, and TMC TRANSFORMERS MANUFACTURING COMPANY.