Press release
Strong Growth Ahead: Shunt Reactor Circuit Market Size To Grow At Arecord 7.2% Cagr By 2029
Shunt Reactor Circuit
How Big Is the Shunt Reactor Circuit Market Size Expected to Be by 2034?
In recent times, the market size for the shunt reactor circuit has experienced considerable growth. The projection is that it will expand from a worth of $2.45 billion in 2024, escalating to $2.64 billion in 2025. This growth, which comes at a compound annual growth rate (CAGR) of 7.5%, is mostly due to factors such as heightened concerns over power quality, accelerated urbanization, the surge in data centers, the increasing use of electric vehicles, the broadening of electrification projects, and the expansion of nuclear power plants.
Expectations are high for the shunt reactor circuit market size, which is slated to experience substantial growth in the coming years. By 2029, it is projected to expand to $3.48 billion with a compound annual growth rate (CAGR) of 7.2%. The anticipated growth during this period can be credited to an emphasis on lessening energy wastage during power transmission, an increased focus on the dependability of the grid, the spreading of electricity to secluded and rural locations, governmental policies that favor the development of energy infrastructure, and the rise of industrial automation. The upcoming trends for this period include power system digitalization, the use of artificial intelligence (AI) in grid management, environmentally friendly and sustainable energy options, microgrids, and the implementation of IOT-enabled shunt reactors.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Shunt Reactor Circuit Market Trends?
The shunt reactor circuit market's growth is predicted to be driven by the accelerating adoption of renewable energy. Power derived from renewable sources like the sun and wind-a naturally replenishing and environmentally friendly solution-is increasingly becoming popular and used extensively. Government incentives and increasing environmental concerns aimed at decreasing greenhouse gas emissions play a significant role in promoting such sustainable energy solutions. Shunt reactor circuits in renewable energy systems ensure voltage stability and regulation of reactive power in longer transmission lines, which helps in effectively and reliably integrating renewable energy sources into the power grid. For example, as per the European Environment Agency report in March 2024, a Denmark-based government agency stated, the fraction of energy generated from renewable resources consumed in the European Union (EU) rose to 23% in 2022, from 21.9% in the previous year, 2021. Therefore, the ongoing upswing in the adoption of renewable energy fuels the shunt reactor circuit market's expansion.
Who Are the Top Competitors in Key Shunt Reactor Circuit Market Segments?
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.
What Actigraphy Devices Market Trends Are Gaining Traction Across Different Segments?
Key players in the shunt reactor circuit market, such as Adani Electricity Ltd., are increasingly adopting variable shunt reactors to enhance the operational stability and efficiency of power grids. These advanced electrical tools are used to actively manage reactive power and voltage levels, leading to improved stability and efficiency of power grids. By offering real-time adjustments to reactive power compensation, these reactors ensure dynamic control and stabilization of voltage levels in power transmission systems. In April 2022, for example, Adani Electricity Ltd., a prominent electric utility company based in India, added a 220 kV variable shunt reactor to their network at the Gorai substation in Mumbai, bolstering their capabilities to meet surging energy demands and ensure seamless service delivery. This initiative indicates AEML's dedication to infrastructure enhancement and grid operation optimization. The end result will be a more reliable and efficient electricity supply, thereby reducing interruptions and enhancing the overall performance of the electricity network.
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Which Regions Are Becoming Hubs for Shunt Reactor Circuit Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Shunt Reactor Circuit Market?
2. What is the CAGR expected in the Shunt Reactor Circuit Market?
3. What Are the Key Innovations Transforming the Shunt Reactor Circuit Industry?
4. Which Region Is Leading the Shunt Reactor Circuit Market?
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