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Variable Shunt Reactor Market Size

Report ID: GMI7010
Published Date: Oct 2023
Report Format: PDF

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Variable Shunt Reactor Market Size

Variable Shunt Reactor Market was valued at over USD 869 million in 2023 and is projected to grow at over 8.4% CAGR from 2024 to 2032. The increasing integration of renewable energy sources, such as wind and solar, into the power grid has created a growing need for enhanced voltage control and stability. As per International Energy Agency (IEA), in 2022, the total investment across new solar capacity installation surpassed USD 320 billion. Moreover, investments across solar energy constituted to about 45% of the total investment in the electricity generation across the globe.

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The modernization and expansion of power transmission and distribution infrastructure in both developed and emerging economies are contributing to the demand for shunt reactors. Moreover, advancements in shunt reactor technology, including the development of intelligent and digitally controlled units, are improving their efficiency and performance, aligning them with the evolving requirements of the power sector.

Variable Shunt Reactor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Variable Shunt Reactor Market Size in 2023:	USD 869 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.4%
2032 Value Projection:	USD 1.8 Billion
Historical Data for:	2019 to 2023
No. of Pages:	290
Tables, Charts & Figures:	339
Segments covered:	Voltage, Component, End Use, Application
Growth Drivers:	Augmentation & modernization of transmission & distribution networks Rising demand for electricity Upgradation of aging technology in developed nations Increasing integration of renewable energy
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 variable shunt reactor was worth USD 869 million in 2023 and will register over 8.4% CAGR from 2024 to 2032, due to the increasing integration of renewable energy sources, such as wind and solar, into the power grids worldwide.

Variable shunt reactor market size from the three-phase segment is expected register over 9% CAGR from 2023 to 2032, on account of increasing demand in compensating for reactive power within standard three-phase power systems.

Asia-Pacific variable shunt reactor market is expected to register over 9.5% CAGR from 2023 to 2032, owing to the rapid economic growth and urbanization in the region.

GE, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, CG Power & Industrial Solutions Ltd., Hitachi Energy Ltd., HYOSUNG HEAVY INDUSTRIES, and Fuji Electric Co., Ltd., are some of the major variable shunt reactor companies worldwide.