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Asia Pacific Three Phase Shunt Reactor Market
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Asia Pacific Three Phase Shunt Reactor Market Size
Asia Pacific Three Phase Shunt Reactor Market was valued at USD 595.7 in 2023 million and is estimated to exhibit a CAGR of 8.2% until 2032. Rising demand for electricity, driven by industrialization and urbanization, fuels the need for enhanced power transmission infrastructure.
To get key market trends
Moreover, rising investments in grid modernization projects and renewable energy integration initiatives further stimulate market expansion. According to the International Renewable Energy Agency (IRENA), solar energy generation in the Asian region surpassed 549,000 GWh by 2021, marking a 3700% increase compared to the generation up to 2012. Furthermore, supportive government policies and regulations aimed at improving grid stability and reliability drive the adoption of three-phase shunt reactors across the region.
Asia Pacific Three Phase Shunt Reactor Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 595.7 Million |
| Forecast Period 2024 - 2032 CAGR | 8.2% |
| Market Size in 2032 | USD 1.22 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Asia Pacific Three Phase Shunt Reactor Market Trends
The Asia Pacific Three Phase Shunt Reactor industry is witnessing significant growth driven by factors such as increasing demand for electricity, grid modernization initiatives, and expansion of renewable energy infrastructure. In 2022, China experienced a remarkable surge in renewable energy capacity, reaching nearly 1.2 terawatts, indicating a growth rate of around 14% compared to the previous year, as reported by IRENA. Key trends include the adoption of advanced technologies for improved efficiency and reliability, rising focus on power quality enhancement, and the integration of smart grid solutions. Additionally, factors such as government regulations promoting energy efficiency and the need to mitigate voltage fluctuations are further propelling market expansion in the region.
Asia Pacific Three Phase Shunt Reactor Market Analysis
Learn more about the key segments shaping this market
Based on insulation, the oil-immersed segment is projected to exceed USD 950 million by 2032.This insulation method offers superior performance in terms of cooling efficiency and insulation reliability, leading to enhanced operational stability and reduced maintenance requirements. Additionally, the rising demand for reliable power transmission and distribution infrastructure in the region further fuels the market expansion. Factors such as rapid industrialization, urbanization, and infrastructural development contribute to the growing deployment of three-phase shunt reactors with oil-immersed insulation across various utility and industrial applications.
Learn more about the key segments shaping this market
Based on product, the fixed shunt reactors segment anticipated to grow at a CAGR of over 7.5% through 2032. These reactors enhance power system stability by compensating reactive power, especially in regions experiencing rapid industrialization and urbanization. Factors such as grid modernization initiatives and the expansion of renewable energy installations further drive the market growth. Additionally, advancements in technology leading to improved efficiency and reliability of fixed shunt reactors are contributing to their widespread adoption across the Asia-Pacific region, fostering robust growth in the market segment.
Looking for region specific data?
The China three-phase shunt reactors market is anticipated to surpass USD 575 million by 2032. This exponential growth is propelled by several factors. China's ambitious infrastructure development initiatives, including the expansion of its power grid and increasing urbanization, are driving demand for reliable electricity transmission equipment. Between 2021 and 2025, China is targeting an investment of USD 442 billion to modernize and expand its power grid infrastructure, thereby bolstering market expansion. Moreover, advancements in technology and manufacturing capabilities are enhancing the efficiency and cost-effectiveness of these reactors, contributing to their widespread deployment in China's evolving energy landscape.
Asia Pacific Three Phase Shunt Reactor Market Share
Hitachi Energy commands a significant share in the Asia-Pacific three-phase shunt reactor market due to its extensive product portfolio, advanced technologies, and strong presence in the region. Its commitment to innovation and reliability has earned it a leading position in catering to the growing demand for shunt reactors in the Asia-Pacific region.
Asia Pacific Three Phase Shunt Reactor Market Companies
Some of major the key players operating across the Asia Pacific three phase shunt reactor industry are:
- Alstom
- CG Power & Industrial Solutions Ltd.
- Fuji Electric Co., Ltd.
- GE
- GBE S.p.A
- HYOSUNG HEAVY INDUSTRIES
- Hitachi Energy Ltd.
- NISSIN ELECTRIC Co.,Ltd.
- Shrihans Electricals Pvt. Ltd.
- SGB SMIT
- Siemens Energy
- TMC Transformers APAC Pte Ltd
- TBEA
- Toshiba Energy Systems & Solutions Corporation
- WEG
Asia Pacific Three Phase Shunt Reactor Industry News
- In April 2022, Hitachi Energy unveiled Oceaniq, a customized suite of solutions designed for offshore use, integrating cutting-edge technology and specialized knowledge to address specific offshore hurdles. OceaniQ features transformers and shunt reactors developed collaboratively with floating offshore developers to optimize the operational efficiency of offshore wind farms. Drawing on Hitachi Energy's extensive industry experience and offshore expertise, Oceaniq strives to elevate efficiency, performance, and sustainability in the offshore industry.
- In March 2022, JSHP achieved successful integration of its internally developed testing transformer, capable of operating at 850kV with a capacity of 400MVA for three-phase applications. This transformer is currently employed in JSHP's specialized laboratory for high-voltage shunt reactor testing. With this expansion, JSHP has broadened its range of shunt reactor offerings to include models for three-phase 525kV and single-phase 765kV configurations.
This Asia Pacific three phase shunt reactor market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:
Market, By Insulation
- Oil immersed
- Air core
Market, By Product
- Fixed
- Variable
Market, By End Use
- Electric utility
- Renewable energy
The above information has been provided for the following countries:
- China
- India
- Japan
- Australia
Frequently Asked Question(FAQ) :
Who are the major three phase shunt reactor industry players in Asia Pacific?
Alstom, CG Power & Industrial Solutions Ltd, Fuji Electric Co., Ltd., GE, HYOSUNG HEAVY INDUSTRIES, Hitachi Energy Ltd., NISSIN ELECTRIC Co.,Ltd. among others.
Why are three-phase shunt reactors used in China?
China three-phase shunt reactor market held a decent revenue share in 2023 and is set to surpass USD 575 million by 2032, driven by ambitious infrastructure development initiatives.
How much is the Asia Pacific three phase shunt reactor market worth?
Asia Pacific market for three phase shunt reactor was reached USD 595.7 million in 2023 and is set to exhibit 8.2% CAGR until 2032, driven by rising demand for electricity.
Why is the demand for fixed three phase shunt reactors rising in Asia Pacific?
APAC fixed three phase shunt reactors market is set to grow at 7.5% CAGR till 2032, driven by grid modernization initiatives and the expansion of renewable energy installations.
