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Shunt Reactor Market Size

Report ID: GMI6614
Published Date: Sep 2023
Report Format: PDF

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Shunt Reactor Market Size

Shunt Reactor Market was valued at USD 2.1 billion in 2023 and is projected to showcase over 7.1% CAGR from 2024 to 2032. The rising global demand for electricity, driven by population growth, urbanization, and industrialization, is a significant driver propelling the market growth.

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The expansion and upgrade of transmission and distribution networks to meet increasing electricity demand is driving the demand for shunt reactors. Shunt reactors are deployed to maintain voltage levels and reduce transmission losses, particularly in long-distance transmission lines. In addition, the modernization of power grids and the implementation of smart grid technologies require enhanced voltage control and reactive power management, which in turn propels the product penetration.

Shunt Reactor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Shunt Reactor Market Size in 2023:	USD 2.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.1%
2032 Value Projection:	USD 3.9 Billion
Historical Data for:	2019 - 2023
No. of Pages:	330
Tables, Charts & Figures:	422
Segments covered:	Phase, Insulation, 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 shunt reactor was exceeded USD 2.1 billion in 2023 and will be worth over USD 3.9 billion by 2032, driven by the rising global demand for electricity on account of the surging population growth, urbanization, and industrialization.

Three phase shunt reactor market size is anticipated to witness over 7.5% CAGR from 2023 to 2032, owing to the growing number of government initiatives and regulations focused on improving power system efficiency, reducing losses, and promoting renewable energy integration.

Demand for oil immersed shunt reactors surpassed USD 1.2 billion in 2022 and is poised to reach more than USD 2.4 billion by 2032, due to surging need for reducing noise levels generated during operations.

Asia Pacific shunt reactor market size is expected to witness over 7.5% CAGR from 2023 to 2032, owing to the substantial increase in energy consumption in the region.