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Utility Based Shunt Reactor Market Trends

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

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Utility Based Shunt Reactor Market Trends

The utility-based shunt reactor industry has been witnessing notable trends driven by rising demand for electricity, coupled with the integration of renewable energy sources into the grid, has propelled the need for grid stabilization, voltage regulation, and power quality maintenance. As power systems continue to expand and modernize globally, there's a growing emphasis on enhancing transmission efficiency and reliability. Furthermore, stringent regulations and initiatives aimed at reducing carbon emissions have led to the adoption of shunt reactors to optimize grid performance, contributing to the overall market growth.

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.