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Single Phase Variable Shunt Reactor Market Size

Report ID: GMI11727
Published Date: Oct 2024
Report Format: PDF

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Single Phase Variable Shunt Reactor Market Size

The global single phase variable shunt reactor market was valued at USD 336.2 million in 2023 and is projected to grow at a CAGR of 7.4% from 2024 to 2032. Increasing demand for efficient voltage regulation in power transmission systems necessitates shunt reactors for grid stability. The rise in renewable energy sources requires robust voltage control mechanisms. Growing emphasis on reducing energy losses and enhancing power quality spurs investments in advanced reactor technologies.

single phase variable shunt reactor market

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Government initiatives promoting infrastructure modernization and sustainable energy practices contribute to market growth. The U.S. Department of Energy's Grid Deployment Office announced in 2023 a USD 10.5 billion funding initiative to enhance power grid resilience and reliability, potentially boosting demand for voltage regulation technologies. Additionally, the expansion of electric vehicle charging networks requires reliable power management solutions, further driving the market for single-phase variable shunt reactors.

Single Phase Variable Shunt Reactor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Single Phase Variable Shunt Reactor Market Size in 2023:	USD 336.2 Million
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	7.4%
2024 – 2032 Value Projection:	USD 647.1 Million
Historical Data for:	2021-2023
No. of Pages:	70
Tables, Charts & Figures:	10
Segments covered:	Insulation and End Use
Growth Drivers:	Augmentation & modernization of transmission & distribution networks Rising demand for electricity Increasing integration of renewable energy
Pitfalls & Challenges:	Development of alternate technologies

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The global market for single-phase variable shunt reactors was reached USD 336.2 million in 2023 and is projected to grow at a CAGR of 7.4% from 2024 to 2032, driven by the increasing demand for efficient voltage regulation in power transmission systems.

The market for oil-immersed shunt reactors is expected to surpass USD 390 million by 2032, attributed to the rising demand for efficient voltage regulation in power transmission systems and the increasing integration of renewable energy sources.

The renewable energy segment is anticipated to grow at a CAGR of over 10% through 2032, due to the increasing integration of renewable energy sources, which necessitate effective voltage regulation to manage fluctuating power outputs.

The U.S. single-phase variable shunt reactor market is expected to surpass USD 50 million by 2032, propelled by the need for efficient voltage regulation and the integration of renewable energy sources.

Prominent players in the single-phase variable shunt reactor market include Coil Innovation, GE, GETRA, Hilkar, Hitachi Energy, Hyosung Heavy Industries, MindCore Technologies, Nissin Electric, Phoenix Electric, SGB SMIT, Shrihans Electricals, Siemens Energy, TMC Transformers, and Toshiba Energy Systems & Solutions.