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Global Shunt Reactor Market 2024 - By End-User Analysis, Competitive Landscape And Industry Overview 2033
Shunt Reactor Market Demand
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According to The Business Research Company's, The shunt reactor market size has grown strongly in recent years. It will grow from $2.80 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rising demand for electricity, growing renewable energy projects, urbanization and industrialization, aging power infrastructure, and an increasing need for voltage stability.
The shunt reactor market size is expected to see strong growth in the next few years. It will grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing renewable energy integration, expansion of electric vehicle infrastructure, rising focus on energy storage systems, government investments in infrastructure, and growing demand for decentralized power generation. Major trends in the forecast period include an increasing focus on sustainability and low emissions, advancements in transformer-less technology, growing investment in energy storage, the use of advanced monitoring and diagnostics, and a rise in grid automation and digital solutions.
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Market Drivers and Trends:
The rising power generation capacity is expected to propel the growth of the shunt reactor market going forward. Power generation capacity refers to the maximum amount of electrical power that a power plant or generating unit can produce under specific conditions. The increase in power generation capacity is fueled by the growing global demand for electricity, the rapid expansion of renewable energy sources, significant government investments in modern energy infrastructure, and technological advancements in power generation. Shunt reactors are essential in supporting rising power generation capacity by improving voltage stability, minimizing transmission losses, and optimizing grid performance, particularly in high-voltage networks, as they help manage the fluctuating power flow from growing renewable energy sources, enhance energy efficiency, and ensure reliable power transmission over long distances. For instance, in June 2023, according to the Department of Climate Change, Energy, the Environment, and Water, an Australia-based government department, Australia's total electricity generation in 2022 was estimated at 273,265 gigawatt hours (GWh), representing a 2% increase compared to 2021. Therefore, the rising power generation capacity is driving the growth of the shunt reactor market.
Major companies operating in the shunt reactor market are adopting strategic partnerships to modernize and enhance grid stability and capacity. Strategic partnerships involve collaborations between companies to enhance product development, expand market reach, and improve technology integration in power transmission and grid stability solutions. For instance, in September 2023, Hitachi Energy Ltd., a Switzerland-based technology company, partnered with TenneT Holding BV, a Netherlands-based transmission system operator company, to focus on supplying high-performance power transformers and shunt reactors to modernize and enhance the stability and capacity of the transmission grid. This collaboration aims to support the integration of renewable energies, improve grid resilience, and ensure a sustainable electricity supply for Germany and the Netherlands.
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Major Key Players of the Market:
Hitachi Energy Ltd., General Electric Company, Mitsubishi Electric Corporation, Siemens Energy AG, Toshiba Corporation, CHINT Group, Alstom Grid, Hyosung Heavy Industries, Meidensha Co.Ltd., Nissin Electric Co. Ltd., SGB-SMIT Group, CG Power and Industrial Solutions Limited, Voltamp Energy SAOG, Prolec Energy, Shreem Electric Limited, GBE SpA, Clariant Power System Ltd., Yash Capacitors Private Limited, Edit Elektronik, GETRA S.p.A., Hilkar, NR Electric Co. Ltd., Jyoti Transformers
Shunt Reactor Market 2024 Key Insights:
• The shunt reactor market size is expected to see strong growth in the next few years. It will grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Power Generation Capacity Driving Growth In The Shunt Reactor Market
• Strategic Partnerships Driving Innovation In The Shunt Reactor Market
• Asia-Pacific was the largest region in the shunt reactor market in 2023 and it is expected to be the fastest-growing region in the forecast period
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