Single Phase Shunt Reactor Market Size - By Insulation (Oil Immersed, Air Core), By Product (Fixed Shunt Reactor, Variable Shunt Reactor), By End Use (Electric Utility, Renewable Energy), 2023 - 2032

Single Phase Shunt Reactor Market Size

Single Phase Shunt Reactor Market was valued at USD 760 million in 2022 and is projected to grow at 6% CAGR between 2023 and 2032. The increasing demand for electricity, particularly in developing regions, is propelling the expansion of power transmission and distribution networks, creating a need for reactive power compensation devices like shunt reactors. According to Enerdata's 2022 yearbook, global electricity consumption in 2022 surpassed 25 thousand terawatt hours, marking a substantial 90% surge compared to the levels observed in 2000. This remarkable increase underscores the escalating demand for power worldwide, driven by industrial growth, urbanization, and the pervasive use of electronic devices.
 

Additionally, the growing integration of renewable energy sources, such as wind and solar, into power grids necessitates the use of shunt reactors to stabilize voltage and manage reactive power fluctuations. Moreover, advancements in technology, including the development of more efficient and compact reactor designs, are enhancing the appeal of single-phase shunt reactors for utilities seeking cost-effective solutions to enhance grid reliability. The emphasis on grid modernization initiatives globally, coupled with the rising awareness of the benefits of reactive power control, further contributes to the positive trajectory of the market growth.
 

COVID-19 Impact

The COVID-19 pandemic induced disruptions in the supply chain and temporarily slowed down infrastructure projects, impacting the single-phase shunt reactor market. However, as economies recover and focus on resilient energy grids increases, the market is poised for a rebound, driven by the need for enhanced grid stability and reactive power compensation in the evolving post-pandemic energy landscape.
 

Single Phase Shunt Reactor Market Trends

The single-phase shunt reactor industry is witnessing several noteworthy trends. Increasing integration of renewable energy sources into power grids is driving the demand for reactive power compensation, bolstering the adoption of single-phase shunt reactors. Technological advancements, including the development of more compact and efficient reactor designs, are enhancing their appeal for utilities seeking innovative solutions to optimize grid performance. Additionally, a heightened awareness of the importance of reactive power control for grid stability is influencing market dynamics, as utilities recognize the role of shunt reactors in managing voltage fluctuations and improving overall power system reliability.
 

Single Phase Shunt Reactor Market Analysis

The utilization of air core single phase shunt reactors is on a notable upswing and is projected to exhibit 6.5% CAGR through 2032. The shift towards air core insulation has revolutionized the industry by offering enhanced efficiency, reduced losses, and improved environmental sustainability. Unlike traditional oil or gas-insulated reactors, air core insulation eliminates the risk of environmental hazards associated with leakage or maintenance issues. Additionally, air-insulated reactors exhibit lower operational and maintenance costs, making them an economically attractive choice for power utilities. The markets growth can be further attributed to the increasing demand for reliable and efficient power transmission systems, especially in regions witnessing rapid urbanization and infrastructure development.
 

The fixed single-phase shunt reactors exceeded USD 450 million in 2022 and is anticipated to showcase 5% CAGR through 2032. The escalating need for stable and effective power transmission and distribution systems, driven by the rise in urbanization and industrialization, is fueling the adoption of shunt reactors. These reactors play a vital role in compensating for capacitive reactive power and ensuring grid stability. The increasing integration of renewable energy sources such as wind and solar into the grid further underscores the necessity for shunt reactors to mitigate voltage fluctuations.
 

Moreover, the aging power infrastructure in various regions is prompting the retrofitting and upgrading of reactors, contributing to market expansion. The focus on energy efficiency and the imperative to reduce transmission losses are additional factors propelling the demand for fixed single-phase shunt reactors. Consequently, these reactors have become integral components of modern electrical grids.
 

The single phase shunt reactor market is experiencing significant growth, driven primarily by the increasing integration of renewable energy sources into power grids. As the world transitions towards a more sustainable energy landscape, the demand for renewable energy, such as wind and solar power, has surged. These intermittent energy sources pose challenges to the stability of the power grid due to their variable nature. Single-phase shunt reactors play a crucial role in mitigating voltage instability issues caused by the integration of renewables. By providing reactive power compensation, these reactors help maintain voltage levels within acceptable limits, ensuring the reliability and stability of the grid.
 

Asia Pacific single phase shunt reactor market is poised to witness 6.5% CAGR from 2023 to 2032. This growth is attributed to the dynamic expansion of the power sector and the increasing emphasis on enhancing grid reliability. As countries in Asia-Pacific strive to meet the growing demand for electricity and address the challenges posed by integrating renewable energy sources, there is a heightened focus on grid infrastructure improvement. Single-phase shunt reactors play a pivotal role in maintaining voltage stability, particularly in regions with a high penetration of renewable energy.
 

The escalating investments in power transmission and distribution infrastructure, coupled with the rising awareness of the importance of reactive power compensation, are propelling the demand for single-phase shunt reactors in the Asia-Pacific region. The market growth is further catalyzed by initiatives aimed at modernizing the power grid and ensuring a resilient and efficient electricity supply, positioning single-phase shunt reactors as vital components in the evolving energy landscape of the region.
 

Single Phase Shunt Reactor Market Share

Siemens Energy stands out as the foremost player in the single-phase shunt reactor market, leveraging its extensive expertise and innovative solutions. Renowned for delivering high-quality products, Siemens Energy dominates the industry with its cutting-edge technologies and a comprehensive range of single-phase shunt reactors. The companys commitment to reliability, efficiency, and sustainability positions it as a key influencer in the market, setting benchmarks for performance and establishing a strong global presence. Siemens Energys continuous dedication to advancing power system solutions solidifies its position as the leading player in the single-phase shunt reactor sector.
 

Some of the key market players operating across the single phase shunt reactor industry are

• GE
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
• CG Power & Industrial Solutions Ltd.
• Hitachi Energy Ltd.
• HYOSUNG HEAVY INDUSTRIES
• TMC TRANSFORMERS MANUFACTURING COMPANY
• NISSIN ELECTRIC Co.,Ltd.
• Fuji Electric Co., Ltd.
• GBE S.p.A
• WEG
• HICO America
• SGB SMIT
• GETRA S.p.A.
• Shrihans Electricals Pvt. Ltd.
   

Single Phase Shunt Reactor Market News

• In April 2022, Hitachi Energy revealed Oceaniq, a collection of cutting-edge solutions customized for the offshore environment. The Oceaniq series integrates advanced technology and specialized knowledge to effectively tackle the distinctive challenges encountered in offshore operations. Within this portfolio, Hitachi Energy has introduced OceaniQ transformers and shunt reactors through collaborations with various floating offshore developers, aiming to elevate the operational efficiency of wind farms. Leveraging Hitachi Energys prowess in the energy sector and profound understanding of offshore operations, Oceaniq strives to boost operational efficiency, optimize performance, and foster sustainable growth in the offshore industry.
   

This single phase shunt reactor market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Insulation

• Oil immersed
• Air core

Market, By Product

• Fixed
• Variable

Market, By End Use

• Electric Utility
• Renewable Energy

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
• Latin America
  • Brazil
  • Argentina