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North America Fixed Shunt Reactor Market Trends

Report ID: GMI9382
Published Date: May 2024
Report Format: PDF

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North America Fixed Shunt Reactor Market Trends

A prominent trend in market is the growing preference among utilities and grid operators for fixed shunt reactors to bolster power system stability and manage voltage fluctuations. Grid modernization initiatives and integration of renewable energy sources like wind and solar necessitate reactive power compensation to uphold grid stability. In 2022, wind energy production in Canada amounted to 36 terawatt-hours of electricity, constituting 5.7% of the nation's total electricity generation, which is anticipated to grow further in the coming years, thereby fueling the market growth.

Moreover, advancements in reactor technology, including development of compact and high-performance reactor designs, are driving market growth. Also, smart grid technologies and digital solutions optimize fixed shunt reactor operation, highlighting market dynamism and innovation opportunities for manufacturers.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size for fixed shunt reactor North America in generated USD 232.3 million in 2023 and will register 6.2% CAGR up to 2032, backed by electricity, and grid stability enhancement initiatives.

The three-phase fixed shunt reactor segment is expected to surpass USD 250 million by 2032, owing to their reliability, efficiency, and compatibility.

U.S. fixed shunt reactor industry is projected to exceed USD 290 million by 2032, attributed to the expansive electricity infrastructure, encompassing transmission and distribution networks.

ABB, ALSTOM SA, CG Power & Industrial Solutions Ltd., CHINT Group, Elgin Power Solutions, GE Grid Solutions, LLC, GETRA S.p.A., HICO America, Hitachi Energy Ltd., MEIDENSHA CORPORATION, NISSIN ELECTRIC Co.,Ltd., Prolec Energy, SGB SMI, Shrihans Electricals Pvt. Ltd., Siemens Energy and Toshiba Corporation.