Press release
Shunt Reactor Circuit Market Set to Reach $3.48 Billion by 2029 with 7.2% Yearly Growth
Shunt Reactor Circuit
The escalation in the use of renewable energy is predicted to boost the growth of the shunt reactor circuit market in the future. Renewable energy stems from continually renewed natural sources like sunlight and wind, and it is utilised to create power in a sustainable manner. The increase in renewable energy use is credited to rising environmental concerns, sustainable solutions, and government policies aimed at curbing greenhouse gas emissions. Shunt reactor circuits in renewable energy systems aid in stabilizing voltage levels and managing reactive power over long transmission lines, thereby enabling efficient and reliable integration of renewable energy sources into the grid. For example, the European Environment Agency, a government agency based in Denmark, reported in March 2024 that 23% of the energy used in the European Union (EU) in 2022 was produced from renewable sources, a rise from 21.9% in 2021. Hence, the expanding adoption of renewable energy fuels the shunt reactor circuit market.
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What Is the projected market size and growth rate for the shunt reactor circuit market?
In recent years, there has been significant growth in the market size of the shunt reactor circuit. The market value is projected to increase from $2.45 billion in 2024 to $2.64 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.5%. The growth witnessed during the historic period can be traced back to factors such as heightened concerns over power quality, fast-tracked urbanization, expansion of data centers, heightened use of electric vehicles, broader electrification projects, and the development of nuclear power plants.
The market size for the shunt reactor circuit is predicted to undergo substantial growth in the coming years, as it is expected to rise to $3.48 billion in 2029 with a compound annual growth rate (CAGR) of 7.2%. The anticipated growth during this predictive period can be linked to efforts aimed at minimizing energy wastage during power transmission, enhanced focus on grid reliability, extending electrical supply to isolated and rural localities, governmental policies that encourage energy infrastructure development, and an increment in industrial automation. The main trends within this outlook period encompass power system digitalization, the deployment of artificial intelligence (AI) in grid management, eco-friendly and sustainable energy alternatives, microgrids, and the incorporation of IOT-enabled shunt reactors.
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What new trends are reshaping the shunt reactor circuit market and its opportunities?
Leading corporations involved in the shunt reactor circuit market are adopting variable shunt reactors to boost the dependability and efficacy of power grids. This is achieved through the dynamic balancing of reactive power and voltage levels. Variable shunt reactors are state-of-the-art electrical instruments engineered to actively stabilize and control voltage levels within power transmission systems by adjusting the compensation of reactive power in real-time. This ensures an increase in grid stability and efficiency. For example, in April 2022, Adani Electricity Ltd., an Indian electricity service company, introduced a 220 kV variable shunt reactor at its Gorai substation located in Mumbai, India. The installation at the Gorai substation highlights AEML's dedication to progress its infrastructure and to optimize grid procedures in order to satisfy increasing energy requirements and provide consistent service. This results in a more dependable and effective power source, diminishes interruptions, and enhances the entire performance of the electrical network.
What major market segments define the scope and growth of the shunt reactor circuit market?
The shunt reactor circuit market covered in this report is segmented -
1) By Type: Oil-Immersed; Air-Core
2) By Application: Variable; Fixed
3) By End-User: Electric Utilities; Industrial Vertical
Subsegments:
1) By Oil-Immersed: Single-Phase Oil-Immersed Shunt Reactors; Three-Phase Oil-Immersed Shunt Reactors; Natural Cooling Oil-Immersed Reactors
2) By Air-Core: Single-Phase Air-Core Shunt Reactors; Three-Phase Air-Core Shunt Reactors; Non-Magnetic Air-Core Reactors
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Which region dominates the shunt reactor circuit market?
Asia-Pacific was the largest region in the shunt reactor circuit market in 2024. The regions covered in the shunt reactor circuit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the shunt reactor circuit industry growth?
Major companies operating in the shunt reactor circuit market are Hitachi Energy Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Eaton Corporation plc, Alstom SA, Fuji Electric Co. Ltd., WEG Industries, Bharat Heavy Electricals Limited (BHEL), Hyosung Heavy Industries, HD Hyundai Electric Co. Ltd., Nissin Electric Co. Ltd., S&C Electric Company Inc., TRENCH Group, Crompton Greaves Consumer Electricals Ltd., ENTES Elektronik., SGB-SMIT Group, GBE SpA, (TMC )Transformers Manufacturing, Chess Controls Inc, Hilkar, Shrihans Electricals Pvt. Ltd., GETRA S.p.A.
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What Is Covered In The Shunt Reactor Circuit Global Market Report?
•Market Size Forecast: Examine the shunt reactor circuit market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the shunt reactor circuit market for a structured understanding.
•Key Players Overview: Analyze major players in the shunt reactor circuit market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the shunt reactor circuit market.
•Segment Contributions: Evaluate how different segments drive overall growth in the shunt reactor circuit market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the shunt reactor circuit market.
•Industry Challenges: Identify potential risks and obstacles affecting the shunt reactor circuit market.
•Competitive Landscape: Review strategic developments in the shunt reactor circuit market, including expansions, agreements, and new product launches.
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