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Oil Immersed Variable Shunt Reactor Market Size
- Report ID: GMI11525
- Published Date: Sep 2024
- Report Format: PDF
Oil Immersed Variable Shunt Reactor Market Size
The global oil immersed variable shunt reactor market size was valued at USD 548.3 million in 2023 and is projected to grow at a CAGR of 7.9% between 2024 and 2032. Renewable energy integration increases demand for reactive power support. Complex power grids require effective voltage fluctuation management. Investments in transmission infrastructure, especially in developing regions, stimulate market expansion.
Stringent regulatory standards on power quality and efficiency contribute to growth. Technological advancements enhance shunt reactor performance and flexibility. In 2022, the U.S. Energy Information Administration reported that renewable energy sources accounted for 22.6% of total U.S. electricity generation, underscoring the increasing need for grid stability solutions like shunt reactors.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Oil Immersed Variable Shunt Reactor Market Size in 2023: | USD 548.3 Million |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 7.9% |
| 2024 – 2032 Value Projection: | USD 1.1 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 70 |
| Tables, Charts & Figures: | 10 |
| Segments covered: | Phase and End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Additional drivers for the global oil-immersed variable shunt reactor industry include the increasing urbanization and industrialization, which elevate electricity demand and necessitate enhanced power management solutions. The aging electrical infrastructure in many regions also requires modernization, prompting utilities to invest in shunt reactors. Moreover, the push towards smart grids encourages the deployment of advanced reactive power compensation technologies.
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Oil Immersed Variable Shunt Reactor Market Scope
