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Oil Immersed Shunt Reactor Market Size

Report ID: GMI6686
Published Date: Sep 2023
Report Format: PDF

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Oil Immersed Shunt Reactor Market Size

Oil Immersed Shunt Reactor Market size was valued at USD 1.3 billion in 2023 and is anticipated to register 6.1% CAGR from 2024 to 2032. The expansion and modernization of power transmission and distribution networks, particularly in emerging economies, is increasing the demand for reactive power compensation solutions like shunt reactors.

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The increasing emphasis on grid reliability and resilience against voltage fluctuations and disturbances is bolstering the adoption of shunt reactors. As the global energy landscape continues to evolve, the oil-immersed shunt reactor is poised for sustained growth, playing a critical role in ensuring the reliability and efficiency of electrical networks.

Oil Immersed Shunt Reactor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Oil Immersed Shunt Reactor Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.1%
2032 Value Projection:	USD 2.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	295
Tables, Charts & Figures:	340
Segments covered:	Phase, Product, End Use
Growth Drivers:	Augmentation & modernization of transmission & distribution networks Rising demand for electricity Upgradation of aging technology in developed nations High voltage transmission lines addition
Pitfalls & Challenges:	Development of alternate technologies Low quality products

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of oil immersed shunt reactor was reached USD 1.3 billion in 2023 and is anticipated cross USD 2.2 billion by 2032, owing to the expansion and modernization of power transmission and distribution networks.

Electric utility segment held a major market share of over 68% in 2022 and will continue to grow, backed by the rising global demand for electricity, and investments in upgrading their aging grid infrastructure.

Asia Pacific market for oil immersed shunt reactor is expected to witness a substantial growth at a CAGR of over 5.5% through 2032, owing to an increasing urbanization rate in many countries, leading to higher electricity consumption in urban areas.

CG Power & Industrial Solutions Ltd., WEG, Hitachi Energy Ltd., GETRA S.p.A., Fuji Electric Co., Ltd., TMC TRANSFORMERS MANUFACTURING COMPANY, HYOSUNG HEAVY INDUSTRIES, NISSIN ELECTRIC Co.,Ltd. and GE among others.