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Base Year: 2023
Companies covered: 14
Tables & Figures: 10
Countries covered: 18
Pages: 70
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Oil Immersed Single Phase Shunt Reactor Market
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Oil Immersed Single Phase Shunt Reactor Market Size
The global oil immersed single phase shunt reactor market size was valued at USD 249.9 million in 2023 and is estimated to grow at a CAGR of 4.1% from 2024 to 2032. The demand for effective energy transmission, the integration of alternative resources, and grid voltage control of long-distance transmission working at high-voltage lines are some of the factors driving the market. The expanding electricity consumption in developing countries fuels investments in grid infrastructure which in turn increases shunt reactor usage.
Moreover, upgrading grid technology as well as government policies aimed at reducing losses in energy transmission are other factors supporting market growth. For example, the Department of Energy in the U.S. indicates that the modernization of grid has decreased the duration of electric power failure by 30% since 2015, showing the importance of such activities. The development of renewable energy systems that need re-active power compensation also drives the demand for oil immersed shunt reactors, especially in the Asia-Pacific region, Europe, and North America.
Grid modernization and government initiatives to reduce transmission losses further support market growth. For instance, the U.S. DOE reported that efforts toward grid modernization activities have led to a 30% reduction in power outages since 2015, highlighting the impact of such initiatives. The expansion of renewable energy systems, requiring reactive power compensation, also increases demand for oil-immersed shunt reactors, particularly in Asia-Pacific, Europe, and North America.
Oil Immersed Single Phase Shunt Reactor Market Trends
The oil immersed single-phase shunt reactors are experiencing significant growth due to the use of technologies that enhance reactive power management capabilities. Also, the global vision of increased integration of renewable energy sources, grid modernization initiatives, as well as high voltage transmission networks across developing regions is fueling the market. Electricity-generating sources including wind and solar make the grids more complicated, resulting in the increased demand for robust voltage stability solutions.
As per the EIA about 20% of U.S. electricity generation in the year 2021 was generated from renewables, signifying the rising need for grid stability technologies. Moreover, materials used for insulation are improving with innovations, and this, in turn, enhances the durability and dependability of shunt reactors in different grid applications and alters the trajectory of the market.
Oil Immersed Single Phase Shunt Reactor Market Analysis
The fixed and variable types is dominated by the fixed shunt reactor which is expected to exceed over USD 200 million by 2032. This expansion is influenced by the surge in investments for power grid facilities and the growing necessity for voltage regulation in long aged transmission networks. Fixed shunt reactors are mostly preferred for their ef ficiently manage reactive power and reduce transmission losses in high-voltage lines, making them essential in modernizing and expanding grids.
Furthermore, the growing deployment of renewable energy systems including wind turbines which require strict voltage operation as well as the government policies to modernize the outdated electrical facilities can also enhance the growth of this segment.
In the oil immersed single phase shunt reactor market from the electric utility sector is anticipated to grow with a CAGR of over 2.5% through 2032. This expansion is supported by higher capital expenditures in the upgrading and expansion of the power grid, especially due to the increasing electricity demand as well as the need to incorporate renewable energy generation. Also, to create improvements in grid stability and lower losses associated with the transmission of power, these reactors are highly used in long-distance high voltage networks.
Moreover, initiatives by the government directed towards improving energy efficiency and replacing the old infrastructure leading to the growth of the market. With the electric utilities concentrating on improving the efficiency of power transmission, the use of oil-immersed shunt reactors is bound to increase.
The U.S. oil immersed single phase shunt reactor market in expected to grow at over USD 40 million by 2032, due to the increased investment in modernized power grids and improving demand for more effective power transmission. Also, the advancements in renewable power generation are increasing the demand for better voltage regulation systems propelling the use of shunt reactors. The Department of Energy in the U.S. has put emphasis on deploying grid by funding USD 10.5 billion focused to increase the resilience and reliability of the power grid, these further resulting in the market growth.
In addition, increasing infrastructure modernization along with government policies aimed at building high voltage transmission networks, as well as the need for reactive power in long transmission also foster market development. These factors contribute to the ever rising market demand for oil immersed single phase shunt reactors.
In the Asia pacific region, the oil immersed single phase shunt reactor market is expected to expand at a massive rate due to rapid development of technology, high electricity consumption and new investments into the advanced power grid setup. Considering this region’s increased efforts to sourcing and using grid reliant solar power and wind, there is an increased need for shunt reactors as they enable voltage stabilization and make the transportation of reactive power easier. Also, efforts made by the government to boost aging grid equipment will also enhance the market size.
Oil Immersed Single Phase Shunt Reactor Market Share
General Electric (GE) has a remarkable presence in the oil-immersed single phase shunt reactor industry – establishing its importance as a result of enabling innovation in power grid solutions and efficiency advancement. GE possesses a distinct mark in the advanced development areas of high voltage transmission concerning high input power and technology related to the reactors and the needed infrastructure to ensure the global demand for reactive power and grid reliability is being met.
Oil Immersed Single Phase Shunt Reactor Market Companies
Major key players operating in the oil immersed single phase shunt reactor industry are:
Oil Immersed Single Phase Shunt Reactor Industry News:
This oil immersed single phase shunt reactor market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:
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