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Oil Immersed Single Phase Shunt Reactor Market Trends

Report ID: GMI11963
Published Date: Oct 2024
Report Format: PDF

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Oil Immersed Single Phase Shunt Reactor Market Trends

The oil-immersed single-phase shunt reactor industry is driven by increasing renewable energy integration, grid modernization efforts, and expanding high-voltage transmission projects in emerging economies. The growing complexity of power grids, particularly with the addition of wind and solar sources, necessitates enhanced reactive power management and voltage stability solutions.

According to the Energy Information Administration, 20% of U.S. electricity generation in 2021 was accounted to renewable energy sources, highlighting the urgent need for grid stability technologies. Aging infrastructure in developed markets is spurring demand for updated power compensation technologies, while rapid electrification in developing regions fuels investments in shunt reactors. Technological advancements in insulation materials and efficiency improvements are further shaping the market's evolution, enhancing the performance and reliability of shunt reactors in various grid applications.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The global market for oil-immersed single-phase shunt reactor was reached USD 249.9 million in 2023 and is estimated to grow at a 4.1% CAGR from 2024 to 2032, driven by the demand for efficient power transmission and grid voltage stabilization.

The fixed shunt reactor segment is expected to surpass USD 200 million by 2032, due to increasing investments in power grid infrastructure and the need for voltage stability in long-distance high-voltage transmission networks.

The electric utility sector is projected to grow at a CAGR of over 2.5% through 2032, fueled by investments in power grid expansion and modernization to meet rising electricity demand and integrate renewable energy sources.

The U.S. oil-immersed single-phase shunt reactor market is estimated to cross over USD 40 million by 2032, driven by grid modernization investments and the demand for efficient power transmission.

Key players in the industry include CG Power & Industrial Solutions, Coil Innovation, General Electric, GETRA, Hitachi Energy, Hyosung Heavy Industries, Hilkar, Nissin Electric, Starlit Electricals, SGB SMIT, Siemens Energy, Shrihans Electricals, TMC, and Toshiba Energy Systems & Solutions Corporation.