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Utility Based Shunt Reactor Market Size

Report ID: GMI7458
Published Date: Nov 2023
Report Format: PDF

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Utility Based Shunt Reactor Market Size

Utility Based Shunt Reactor Market was valued at USD 1.3 billion in 2022 and is projected to showcase about 5% CAGR between 2023 and 2032, due to the increased global electricity needs spurred by population expansion, urbanization, and industrial growth. These reactors are indispensable in power transmission systems, preserving voltage stability and offsetting reactive power, crucial in today's transmission and distribution networks. As renewable energy sources like solar and wind join the grid, effective voltage control becomes pivotal—shunt reactors step in, playing a pivotal role in stabilizing the grid amidst fluctuating renewable energy inputs

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Furthermore, the evolution of power grids and the rise of smart grid technologies necessitate superior voltage and reactive power management, highlighting the significance of shunt reactors. These units contribute significantly to enhancing power factor correction, stabilizing voltage, and ensuring streamlined grid operations, aligning perfectly with efforts towards grid modernization.

Utility Based Shunt Reactor Market Report Attributes
Report Attribute	Details
Base Year:	2022
Utility Based Shunt Reactor Market Size in 2022:	USD 1.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.3%
2032 Value Projection:	USD 2.2 Billion
Historical Data for:	2019 to 2022
No. of Pages:	285
Tables, Charts & Figures:	340
Segments covered:	Phase, Insulation, Product
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:	High initial cost & increased product prices

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of utility based shunt reactor was worth USD 1.3 billion in 2022 and is expected to register over 5% CAGR through 2032, due to the increased global electricity needs spurred by rapid population expansion, urbanization, and industrial growth worldwide.

Three-phase utility based shunt reactor industry is expected to register over 5.5% CAGR from 2023 to 2032, owing to the need to address reactive power needs, aligning perfectly with the standard configuration for most power transmission and distribution networks.

Asia Pacific utility based shunt reactor market is expected to record over 5.5% CAGR from 2023 to 2032, due to the soaring energy consumption fueled by rapid urbanization, industrial expansion, and population upsurge in the region.

GE, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, CG Power & Industrial Solutions Ltd., Hitachi Energy Ltd., TMC TRANSFORMERS MANUFACTURING COMPANY, and NISSIN ELECTRIC Co.,Ltd. are some of the major utility based shunt reactor companies worldwide.