North America Oil Immersed Shunt Reactor Market Size - By Phase (Single Phase, Three Phase), By Product (Fixed Shunt Reactor, Variable Shunt Reactor), By End Use (Electric Utility, Renewable Energy) & Forecast, 2024 – 2032

North America Oil Immersed Shunt Reactor Market Size

North America Oil Immersed Shunt Reactor Market size was valued at USD 247.4 million in 2023 and is projected to grow at a CAGR of 6.2% between 2024 and 2032, driven by factors including grid modernization initiatives, increasing demand for electricity, and the integration of renewable energy sources.
 

For instance, Canada has allocated USD 100 million through its Smart Grid Program to bolster the implementation of smart grid technologies and integrated systems. Additionally, rising investments in transmission and distribution infrastructure, coupled with the need for voltage stabilization and reactive power compensation, fuel market growth. Furthermore, government regulations promoting energy efficiency and grid stability contribute to the expansion of the oil-immersed shunt reactor market in the region.
 

North America Oil Immersed Shunt Reactor Market Trends

The North America oil-immersed shunt reactor industry is set to grow significantly owing to factors including increasing focus on grid modernization initiatives, integration of renewable energy sources, and upgrading of transmission infrastructure. As per World Economic Forum, nearly 41% of the electricity mix in the US in 2022 was constituted by clean energy sources which is anticipated to grow further in the coming years.
 

Additionally, there's a growing demand for reactive power compensation solutions to enhance grid stability. Moreover, advancements in shunt reactor technology, such as improved efficiency and reliability, are driving market growth, while environmental concerns are prompting the adoption of eco-friendly insulation materials in reactor manufacturing.
 

North America Oil Immersed Shunt Reactor Market Analysis

Based on phase, the market is segmented in three and single phase. Three phase oil immersed shunt reactors segment is poised to reach USD 290 million by 2032. This surge is propelled by increasing demand for voltage stabilization and reactive power compensation solutions in transmission and distribution networks. Moreover, grid modernization initiatives and the integration of renewable energy sources are driving the adoption of oil-immersed shunt reactors. Additionally, investments in upgrading aging infrastructure contribute to market expansion, as utilities seek to enhance grid reliability and efficiency to meet the evolving energy demands of the region.
 

North America oil immersed shunt reactor market from application across electric utility segment is predicated to expand at a CAGR of over 4.5% through 2032. Electric utilities play a pivotal role in driving growth in the market. As demand for electricity continues to rise, utilities are investing in grid modernization initiatives to enhance grid stability and reliability. This includes the deployment of oil-immersed shunt reactors to compensate for reactive power and voltage fluctuations, thereby optimizing transmission efficiency.
 

Moreover, utilities are increasingly integrating renewable energy sources into their grids, further driving the demand for shunt reactors to manage grid variability and ensure smooth operation.
 

The U.S. oil immersed shunt reactor market is slated to surpass USD 300 million by 2032. The increasing electricity demand and the need for modernizing aging grid infrastructure, propel the deployment of shunt reactors to enhance grid stability. Additionally, the integration of renewable energy sources like wind and solar necessitates reactive power compensation solutions to manage voltage fluctuations.
 

According to the EIA, wind and solar energy collectively constituted 14% of the total electricity generation in the U.S. in 2022. Government initiatives promoting grid resilience and efficiency further stimulate market growth, as utilities invest in upgrading transmission networks to meet evolving energy demands and regulatory standards, contributing to the expansion of the shunt reactor market.
 

North America Oil Immersed Shunt Reactor Market Share

General Electric stands out as a major player in the North America oil-immersed shunt reactor industry. Renowned for its extensive experience and innovative solutions, GE offers a comprehensive range of shunt reactor products catering to various grid stabilization needs. With a strong presence in the region and a commitment to technological advancement, GE continues to lead in providing reliable and efficient solutions for grid infrastructure.
 

North America Oil Immersed Shunt Reactor Market Companies

Some of the key market players operating across the North America oil immersed shunt reactor industry are:

• Alstom
• CHINT Group
• Elgin Power Solutions
• Fuji Electric Co., Ltd.
• General Electric
• Hyosung Heavy Industries
• Hitachi Energy Ltd.
• JSHP Transformer
• MEIDENSHA CORPORATION
• Nissin Electric Co., Ltd.
• SGB SMIT
• Siemens Energy
• Shrihans Electricals Pvt. Ltd.
• Toshiba Corporation
• WEG
   

North America Oil Immersed Shunt Reactor Market Industry News

• In March 2022, JSHP achieved the successful implementation of its in-house produced testing transformer, boasting an impressive 850kV rating and a three-phase capacity of 400MVA. This transformer is presently utilized for conducting high-voltage shunt reactor tests at JSHP's specialized laboratory. With the introduction of this testing transformer, JSHP has broadened its array of shunt reactors to include three-phase 525kV and single-phase 765kV models.
   
• In May 2020, GE forged a strategic alliance with American Roll-On Roll-Off Carrier Group, facilitating the transportation of three shunt reactors to Texas, U.S. These reactors were intended for a grid upgradation project in the Pacific Northwest, supported by the U.S. Department of Energy (DOE) to aid the Bonneville Power Administration (BPA). This collaboration not only enhances GE's nationwide product footprint but also boosts its market share in the U.S.
   

The market research report for oil immersed shunt reactor in North America 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:

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Market, By Phase

• Single phase
• Three phase

Market, By Product

• Fixed shunt reactors
• Variable shunt reactors

Market, By End Use

• Electric utility
• Renewable energy

The above information has been provided for the following countries:

• U.S.
• Canada