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North America Oil Immersed Shunt Reactor Market Trends

Report ID: GMI8784
Published Date: Apr 2024
Report Format: PDF

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North America Oil Immersed Shunt Reactor Market Trends

The North America oil-immersed shunt reactor industry is set to grow significantly owing to factors including increasing focus on grid modernization initiatives, integration of renewable energy sources, and upgrading of transmission infrastructure. As per World Economic Forum, nearly 41% of the electricity mix in the US in 2022 was constituted by clean energy sources which is anticipated to grow further in the coming years.

Additionally, there's a growing demand for reactive power compensation solutions to enhance grid stability. Moreover, advancements in shunt reactor technology, such as improved efficiency and reliability, are driving market growth, while environmental concerns are prompting the adoption of eco-friendly insulation materials in reactor manufacturing.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size for oil immersed shunt reactor in North America reached USD 247.4 million in 2023 and is set to witness 6.2% CAGR from 2024 to 2032, led by grid modernization initiatives, increasing demand for electricity, and the integration of renewable energy sources.

The electric utility segment in the North America oil immersed shunt reactor industry is anticipated to grow at over 4.5% CAGR till 2032, as electricity continues to rise, utilities are investing in grid modernization initiatives to enhance grid stability and reliability.

The U.S. market is projected to surpass USD 300 million by 2032, attributed to the increasing electricity demand and the need for modernizing aging grid infrastructure.

Alstom, CHINT Group, Elgin Power Solutions, Fuji Electric Co., Ltd., General Electric, Hyosung Heavy Industries, Hitachi Energy Ltd., JSHP Transformer, MEIDENSHA CORPORATION, Nissin Electric Co., Ltd., SGB SMIT, Siemens Energy, Shrihans Electricals Pvt. Ltd., Toshiba Corporation and WEG.