Air Core Variable Shunt Reactor Market
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The global air core variable shunt reactor market size was valued at USD 320.7 million in 2023 and is projected to grow at a CAGR of 9% from 2024 to 2032. The increased reliance on renewable energy has prompted a need for more advanced grid stability technologies. Proper voltage management is essential in dealing with changes in power during transmission. There is a rise in expenditures on smart grids and renewing the infrastructure. The reliability and flexibility of air core reactors is improving due to advanced technology.
The growing energy demand from emerging markets is set to increase the robustness of electrical grids. According to the information released by the US energy administration, renewable sources accounted for around 20% of 2021 US electricity generation, which makes it imperative for shunt reactors.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Air Core Variable Shunt Reactor Market size in 2023: | USD 320.7 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 9 |
| 2023 Value Projection: | USD 708.8 Million |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 70 |
| Tables, Charts & Figures: | 10 |
| Segments Covered: | Phase and End Use |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The demand for the air core variable reactor has the potential to stabilize the grid while the shift towards clean energy is underway. Investment into smart grids and modernization of power infrastructure further endorse the adoption of reactors since they provide better efficiency and flexibility. Global market trends shows that firms are concentrating more on low carbon alternatives for clean energy. The European Commission REPowerEU plan is one such initiative with the target of increasing the EU’s renewable energy share in region to 45% by 2030 and reflects the will to modernize the grid and its stability. Along with the developments in voltage regulating equipment, the transition to renewable energy sources is also boosting further market growth.
The three phase air core shunt reactors market is forecast to exceed USD 450 million by 2032. This growth is caused by the requirement for grid stability which is caused by the increasing use of renewable energy sources such as the wind and solar systems which lead to fluctuations in grid voltages. Simultaneously, other important factors contributing to demand, include the development of outdated transmission systems, increased investments in intelligent grid systems, and the transition toward oil-free systems that are environmentally friendly. The market is also influenced by technological advances that enhance the efficiency, reliability, and flexibility of shunt reactors.
The air core variable shunt reactor market is categorized by end use which further subcategorized between electric utilities and the renewable energy industry. The renewable energy end use industry is expected to contribute an annual growth of over 11.5% CAGR through 2032. Moreover, improvements in renewable energy grid infrastructure coupled with modernization programs for existing energy grids is expected to further enhance the growth in demand for renewable energy and enhance the. Advancement in grid stability systems and aggressive campaigns for promotion of oil-free solutions are also found to be aiding in growth in the market of this renewable sector type.
The Asia Pacific air core variable shunt reactor market will exceed USD 380 million by 2032, owing to the rapid uptake of renewable seamlessly integration into cities as well as urbanization and industrialization processes. Enhancements in the satisfactory use of power quality, the growing power distribution requirements, and the need for consistent and stable voltage regulation triggers growth in the market. The advances in air core reactor designs provide increased efficiency and lowered maintenance requirements foster wide acceptance of air core variable shunt reactors. China, India, and Japan are working on expansion of their power grids to incorporate an increased electricity demand and other renewable sources.
The growth of the U.S. air core variable shunt reactor market is spurred by the growing investments in renewable energy integration and grid modernization. The increased use of wind and solar energy increases the demand for reactive power management and voltage regulation. Furthermore, the increasing focus on improving energy efficiency and enhancing grid resiliency, coupled with the regulations that facilitate the integration of renewable energy, are the main drivers in the growth of the market.
General Electric Company holds significant share in the air core variable shunt reactor industry, using its expertise in grid solutions and other techniques. GE's products are widely in use for voltage regulators and reactive power management devices on grids with a large share of renewable energy sources. The focus of the company on modernization, development and provision of efficient power solutions makes it a key player in the world international support of grid stability and modernization processes.
Some of the key players operating across the air core variable shunt reactor industry are:
Market, By Phase
Market, By End Use
The above information has been provided for the following regions and countries:
Key players in the air core reactor industry include Coil Innovation, GE, GETRA, Hilkar, Hitachi Energy, Hyosung Heavy Industries, MindCore Technologies, Nissin Electric, Phoenix Electric, SGB SMIT, Shrihans Electricals, Siemens Energy, TMC Transformers, and Toshiba Energy Systems & Solutions.
The industry was valued at USD 320.7 million in 2023 and is projected to grow at a CAGR of 9% from 2024 to 2032, driven by the increasing reliance on renewable energy sources necessitating improved grid stability.
The market for three-phase shunt reactors is expected to exceed USD 450 million by 2032. This growth is driven by the need for grid stability due to the rising integration of renewable energy sources, modernization of aging transmission infrastructure, and investments in smart grid technologies.
The Asia Pacific air core variable shunt reactor market is set to surpass USD 380 million by 2032, driven by rapid industrialization, urbanization, and renewable energy adoption. Countries like China, India, and Japan are expanding power grids to meet increased electricity demand and integrate renewable sources.