Global Shunt Reactor Market Size, Share, Growth Analysis, By Product(Oil-immersed and Air-core), By Application(Electric utilities and Industrial verticals) - Industry Forecast 2024-2031

Global Shunt Reactor Market size was valued at USD 2.59 Billion in 2022 and is poised to grow from USD 2.76 Billion in 2023 to USD 4.53 Billion by 2031, at a CAGR of 6.4% during the forecast period (2024-2031).

The global shunt reactor market features a competitive landscape with several players vying for market share. These market participants employ various strategies such as product development, partnerships, collaborations, and acquisitions to strengthen their position in the industry. The market is characterized by intense competition, technological advancements, and a focus on providing efficient and reliable solutions. Key players in the global shunt reactor market invest significantly in research and development activities to introduce innovative products and enhance their offerings. They strive to meet the evolving customer demands and address the challenges faced by the power industry, including grid stability, voltage regulation, and power quality. Moreover, market players focus on expanding their geographical presence by entering new markets and catering to the specific needs of different regions. They also establish strategic alliances with utilities, grid operators, and other stakeholders to strengthen their market position and increase their customer base. The competitive landscape of the global shunt reactor market is driven by factors such as technological advancements, product differentiation, pricing strategies, and customer service. The market players continuously strive to deliver high-performance and cost-effective solutions to gain a competitive edge. 'Zaporozh transformator - Ukraine', 'Siemens AG - Germany', 'ABB - Switzerland', 'Crompton Greaves - India', 'Hyundai Heavy Industries - South Korea', 'Fuji Electric Co. Ltd - Japan', 'Mitsubishi Electric Corporation - Japan', 'TBEA - China', 'TRENCH Group - Switzerland', 'Hilkar - Turkey', 'General Electric - United States', 'Toshiba - Japan', 'Nissin Electric - Japan', 'BEIJING POWER EQUIPMENT GROUP CO LTD - China', 'CG Power Systems - India', 'Edit Elektronik - Turkey', 'ENTES Elektronik Cihazlar - Turkey', 'Etamatis Enerji - Turkey', 'Hyosung Power & Industrial Systems PG - Industrial - South Korea', 'Hitachi - Japan', 'Alstom SA – France'

The rapid expansion of renewable energy sources, such as solar and wind power, requires efficient integration into the grid. Shunt reactors enable the compensation of reactive power and voltage stabilization, facilitating the smooth integration of renewable energy sources and supporting the growth of clean energy generation.

Increasing Focus on Grid Stability and Power Quality: With the growing demand for electricity and the integration of renewable energy sources, maintaining grid stability has become crucial. Shunt reactors play a vital role in voltage regulation, reducing voltage fluctuations, and improving power factor correction, thus ensuring grid stability and enhancing power quality.

North America is the dominant region in the global shunt reactor market. The region's dominance can be attributed to the extensive presence of electric utilities, significant investment in grid infrastructure, and the need for grid stability and voltage regulation. The aging power infrastructure in North America necessitates the deployment of shunt reactors for efficient power transmission and distribution. Additionally, the focus on renewable energy integration and the increasing demand for electricity drive the demand for shunt reactors in the region.