Shunt Reactor Market Size, Share, and Industry Report [2030]
Shunt Reactor Market Size, Share, and Industry Report [2030]
Segments - Shunt Reactor Market by Type (Oil Immersed and Air Core), Phase (Single Phase and Three Phase), Voltage (Up To 200 kV, 200 kV to 400 kV, and Above 400 kV), Application (Variable Shunt Reactor and Fixed Shunt Reactor), End-user (Electric Utilities and Industrial Verticals), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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Report Description
The global shunt reactor market size was USD 3.18 Bn in 2022 and is likely to reach USD 6.20 Bn by 2031, expanding at a CAGR of 5.2% during 2023–2031. The market growth is attributed to the rising electricity requirement, owing to urbanization and industrialization.
A shunt reactor is an electric equipment that is used to stabilize the voltage across the load differences. It is widely used in high-voltage transmission lines, such as transmissions and distribution networks to control the voltage. The shunt reactor is connected in parallel with the main circuit, which can be switched on or off to provide reactive power compensation depending on the voltage requirement.
The primary purpose of a shunt reactor is to regulate the voltage and improve the power factor by absorbing reactive power. Shunt reactors are arranged between ground and line voltage, which increases the flexibility and efficiency of power. It is also used in several industrial applications where high voltage and currents are used, owing to its cost-effectiveness.
The market report finds that the COVID-19 pandemic affected the global shunt reactor market. The pandemic hampered the overall revenue generation of the global market, due to a sudden disruption in the supply chain of power industries and a continuous decline for energy supply in various sectors, such as industrial, commercial, and residential.
The demand for energy was reduced due to the prolonged shutdown of various industries and the halting of various projects owing to the numerous preventive measures imposed by the government. Furthermore, the travel restrictions across the globe resulted in a lack of on-time supply of raw materials for the manufacturing of shunt reactors, which disrupted the supply chain of the market during the pandemic.
Shunt Reactor Market Dynamics
The research report provides a complete overview by providing detailed information and by focusing on the growth and historic data to determine the key market trends, major drivers, existing restraints, growing opportunities and potentials, and emerging challenges. The global shunt reactor market report has up-to-date insights about the market scenarios that can help in shaping the overall performance and output of the market during the forecast period, 2023 to 2031.
Major Drivers
Increasing demand for electricity along with high transmission lines is a major factor driving the global shunt reactor market. Rapid growth in urbanization results in rising industrial, commercial, and residential sectors that demand for better voltage regulation for efficient interrupted power supply. Thus, the growing requirement for efficient interrupted power supply demands for shunt reactors to control the voltage, which leads to driving the growth of the global market in the coming years.
The need for reduced power loss is another major factor driving the global shunt reactor market during the projected period. Loss of power while transmission is a great concern among the power-generating and transmission industries. The shunt reactor compensates for power in high-voltage transmission lines that control voltage during the load variation. Thus, rising electricity concern and growing awareness of electricity losses demand for shunt reactors.
Existing Restraints
The fluctuation in the raw material prices that are used for manufacturing shunt reactors hinders the global market. These raw materials include copper conductors, steel sheets, silica gel, capillary tubes, gauge devices, and others. Continuous rise and fall in raw material prices encouraged vendors and manufacturers to increase production costs, which restrain the shunt reactor market. Thus, fluctuation in raw material prices adversely hampers the global shunt reactor market during the assessment period.
The rapid expansion of technological developments to produce an alternate solution hampers the global market during the forecast period. Market players are shifting their focus to produce an alternate solution. This alternate solution will replace the shunt reactor, which restrains the global market growth at a certain limit.
Emerging Opportunities
Increasing investment in power transmission infrastructure networks creates lucrative growth opportunities for the prominent players competing in the market. The rapid expansion of the smart grid needs shunt reactors to manage fluctuation in load. Various industries demands for a solution to reduce power loss while transmission.
Therefore, market players are shifting their focus towards advanced technology to produce an alternative solution for reducing power losses and increasing grid reliability. Industries are becoming technologically oriented with new innovations to produce cost-effective electric power transmission and distribution equipment. Furthermore, the rapid expansion of new power generation projects of renewable energy sources creates immense growth opportunities in the coming years.
Scope of Shunt Reactor Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
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Report Title |
Shunt Reactor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
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Historic Data |
2016-2021 |
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Forecast Period |
2022–2031 |
|
Segmentation |
Type (Oil Immersed and Air Core), Phase (Single Phase and Three Phase), Voltage (Up To 200 kV, 200 kV to 400 kV, and Above 400 kV), Application (Variable Shunt Reactor and Fixed Shunt Reactor), and End-user (Electric Utilities and Industrial Verticals) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Shunt Reactor Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
ABB; Alstom; Beijing Power Equipment Group Co., Ltd; CG Power & Industrial Solutions Ltd.; Coil Innovation – Power Inductors; Crompton Greaves Consumer Electricals Limited; Fuji Electric Co., Ltd.; General Electric; Hilkar; HYOSUNG; Hyundai Heavy Industries Co., Ltd.; Mitsubishi Electric Corporation; NISSIN ELECTRIC Co., Ltd.; Oman Electricity Transmission Company S.A.O.C; PrJSC “Zaporozhtransformator”; Siemens Energy; TBEA Co., Ltd.; and TOSHIBA CORPORATION |
Shunt Reactor Market Segment Insights
On the basis of type, the market is bifurcated into oil immersed and air core. The oil immersed segment is anticipated to register a considerable CAGR during the forecast period, due to rising energy demand from the industrial sector. The main winding is filled with mineral oil, which acts as a cooling medium that absorbs heat from the reactor winding.
There are no moving parts in oil immersed shunt reactors, which reduces maintenance costs. Launching of new equipment and growing investment in transmission and distribution infrastructure demand for high-voltage transmission lines to meet the electricity demand. Thus, the growing requirement of high-voltage electricity demands for oil immersed shunt reactors, which accelerates the segment growth in the market.
The air core segment is anticipated to account for a major market share in the coming years as it avoids eddy current loss and saturation, which makes it suitable for high frequencies and current limiting applications. It uses air as the insulating medium instead of oil. Rising concern regarding power loss while transmission demands for the air core shunt reactors.
Based on phase, the shunt reactor market is divided into single phase and three phase. The three phase segment is projected to expand at a significant growth rate during the projected period, due to its wide use in the transmission and distribution network. It has the ability to control the voltage throughout the different loads. It is connected to a high-voltage electrical bus system and controls dynamic over-voltage occurring in the system rejected due to load. Growing transmission and distribution networks at a rapid pace fuel the growth of the segment.
On the basis of voltage, the market is fragmented into up to 200 kV, 200 kV to 400 kV, and above 400 kV. The above 400 kV segment is expected to grow at a significant growth rate, as it is widely used to compensate for the effects of line capacitances to control the over-voltage. Rising need for protection solutions against sudden voltage spikes demands for high-voltage shunt reactors, which accelerates the segment during the assessment period.
Based on application, the shunt reactor market is segmented into variable shunt reactor and fixed shunt reactor. The variable shunt reactor (VSRs) segment is expected to register a robust growth rate during the forecast period, owing to its flexibility across voltage fluctuations. VSRs are used in the high-voltage transmission system to compensate for reactive powder and thereby secure stability during load variations. It is used as a flexible spare unit and transferred to other locations in the power grid.
On the basis of end-user, the market is segregated into electric utilities and industrial verticals. The electric utilities segment is estimated to grow at a considerable CAGR during the forecast period, due to increasing demand for power generation from the various sectors. The rapid expansion of the electricity network in developing regions boosts the demand for shunt reactors. Rising government initiatives toward 100% electrification encouraged industries to generate more power, which boosts the segment.
The industrial verticals segment is projected to grow at a significant growth rate in the coming years. The rapid expansion of various industries across the globe demands for the flexible AC transmission system. Thus, the growing power transmission network demands for shunt reactors to control the high voltages.
In terms of region, the global shunt reactor market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projected period, due to the presence of well-established transmission and distribution industry in the region.
The power industries in the region have shifted their focus on replacing the aging technology of power supply for efficient power generation. Furthermore, rising government initiatives in stepping up existing transmission and distribution infrastructure demand for shunt reactors, which fuels the regional market growth in the coming years.
The market in Asia Pacific is anticipated to generate a revenue share of the market during the projected period, due to urbanization and the rapid expansion of industrialization in the developing countries of the region. Increasing government initiatives toward rural electrification and the rising investment in upgrading transmission and distribution networks drive the growth of the global shunt reactor market.
Segments
Type
- Oil Immersed
- Air Core
Phase
- Single Phase
- Three Phase
Voltage
- Up To 200 kV
- 200 kV to 400 kV
- Above 400 kV
Application
- Variable Shunt Reactor
- Fixed Shunt Reactor
End-user
- Electric Utilities
- Industrial Verticals
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- ABB
- Alstom
- Beijing Power Equipment Group Co., Ltd
- CG Power & Industrial Solutions Ltd.
- Coil Innovation – Power Inductors
- Crompton Greaves Consumer Electricals Limited
- Fuji Electric Co., Ltd.
- General Electric
- Hilkar
- HYOSUNG
- Hyundai Heavy Industries Co., Ltd.
- Mitsubishi Electric Corporation
- NISSIN ELECTRIC Co., Ltd.
- Oman Electricity Transmission Company S.A.O.C
- PrJSC “Zaporozhtransformator”
- Siemens Energy
- TBEA Co., Ltd.
- TOSHIBA CORPORATION
Competitive Landscape
The competitive landscape of the shunt reactor market report provides key insights into the growth strategies and development initiatives implemented by the key players in the market.
Key players competing in the global shunt reactor market are ABB; Alstom; Beijing Power Equipment Group Co., Ltd; CG Power & Industrial Solutions Ltd.; Coil Innovation – Power Inductors; Crompton Greaves Consumer Electricals Limited; Fuji Electric Co., Ltd.; General Electric; Hilkar; HYOSUNG; Hyundai Heavy Industries Co., Ltd.; Mitsubishi Electric Corporation; NISSIN ELECTRIC Co., Ltd.; Oman Electricity Transmission Company S.A.O.C; PrJSC “Zaporozhtransformator”; Siemens Energy; TBEA Co., Ltd.; and TOSHIBA CORPORATION.
Some of these major companies adopted various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share. For instance,
- In April 2023, Siemens Energy signed an agreement with TenneT, a German-Dutch transmission system operator. Siemens Energy supplies high voltage direct current (HVDC) transmission technology for offshore grid connections in the German North Sea.
- In January 2022, Trench Group introduced the world’s first 500kV Dry-Type Shunt Reactor. The application of Dry-Type Reactors has technology that allows them to manufacture high voltage up to 550kV and it provides utilities with a wide range of advantages.
- In July 2021, General Electric received multiple orders from the Power Grid Corporation of India Limited (PGCIL) to supply 765 kV reactors and transformers in India. The company will produce 32 units of reactors and 13 units of transformers for the new substations that will be set up by PGCIL in Rajasthan.
- In March 2021, Coil Innovation has done testing of its first 420 kV air-core dry-type shunt reactor. This successfully tested high-quality shunt reactor is ready for its intended purpose, which will now be delivered to a German Transmission System Operator.
Frequently Asked Questions
ABB; Alstom; Beijing Power Equipment Group Co., Ltd; CG Power & Industrial Solutions Ltd.; Coil Innovation – Power Inductors; Crompton Greaves Consumer Electricals Limited; Fuji Electric Co., Ltd.; General Electric; Hilkar; and HYOSUNG are some key players competing in the global shunt reactor market.
North America is anticipated to dominate the global shunt reactor market during the forecast period.
The global shunt reactor market size was USD 3.18 Bn in 2022 and is likely to reach USD 6.20 Bn by 2031, expanding at a CAGR of 5.2% during 2023–2031.
Type, phase, voltage, application, and end-user are the major segments provided in the global shunt reactor market report.
The global shunt reactor market is driven by the increasing demand for interrupted power supply and the need for reduced power losses while transmission.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Shunt Reactor Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Shunt Reactor Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Shunt Reactor Market - Supply Chain
4.5. Global Shunt Reactor Market Forecast
4.5.1. Shunt Reactor Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Shunt Reactor Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Shunt Reactor Market Absolute $ Opportunity
5. Global Shunt Reactor Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Shunt Reactor Market Size and Volume Forecast by Types
5.3.1. Oil Immersed
5.3.2. Air Core
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Shunt Reactor Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Shunt Reactor Market Size and Volume Forecast by Applications
6.3.1. Variable Shunt Reactor
6.3.2. Fixed Shunt Reactor
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Shunt Reactor Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Shunt Reactor Market Size and Volume Forecast by End Users
7.3.1. Electric Utilities
7.3.2. Industrial Verticals
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Shunt Reactor Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Shunt Reactor Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Shunt Reactor Demand Share Forecast, 2019-2026
9. North America Shunt Reactor Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Shunt Reactor Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Shunt Reactor Market Size and Volume Forecast by Types
9.4.1. Oil Immersed
9.4.2. Air Core
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Shunt Reactor Market Size and Volume Forecast by Applications
9.7.1. Variable Shunt Reactor
9.7.2. Fixed Shunt Reactor
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Shunt Reactor Market Size and Volume Forecast by End Users
9.10.1. Electric Utilities
9.10.2. Industrial Verticals
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Shunt Reactor Demand Share Forecast, 2019-2026
10. Latin America Shunt Reactor Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Shunt Reactor Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Shunt Reactor Market Size and Volume Forecast by Types
10.4.1. Oil Immersed
10.4.2. Air Core
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Shunt Reactor Market Size and Volume Forecast by Applications
10.7.1. Variable Shunt Reactor
10.7.2. Fixed Shunt Reactor
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Shunt Reactor Market Size and Volume Forecast by End Users
10.10.1. Electric Utilities
10.10.2. Industrial Verticals
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Shunt Reactor Demand Share Forecast, 2019-2026
11. Europe Shunt Reactor Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Shunt Reactor Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Shunt Reactor Market Size and Volume Forecast by Types
11.4.1. Oil Immersed
11.4.2. Air Core
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Shunt Reactor Market Size and Volume Forecast by Applications
11.7.1. Variable Shunt Reactor
11.7.2. Fixed Shunt Reactor
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Shunt Reactor Market Size and Volume Forecast by End Users
11.10.1. Electric Utilities
11.10.2. Industrial Verticals
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Shunt Reactor Demand Share Forecast, 2019-2026
12. Asia Pacific Shunt Reactor Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Shunt Reactor Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Shunt Reactor Market Size and Volume Forecast by Types
12.4.1. Oil Immersed
12.4.2. Air Core
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Shunt Reactor Market Size and Volume Forecast by Applications
12.7.1. Variable Shunt Reactor
12.7.2. Fixed Shunt Reactor
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Shunt Reactor Market Size and Volume Forecast by End Users
12.10.1. Electric Utilities
12.10.2. Industrial Verticals
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Shunt Reactor Demand Share Forecast, 2019-2026
13. Middle East & Africa Shunt Reactor Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Shunt Reactor Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Shunt Reactor Market Size and Volume Forecast by Types
13.4.1. Oil Immersed
13.4.2. Air Core
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Shunt Reactor Market Size and Volume Forecast by Applications
13.7.1. Variable Shunt Reactor
13.7.2. Fixed Shunt Reactor
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Shunt Reactor Market Size and Volume Forecast by End Users
13.10.1. Electric Utilities
13.10.2. Industrial Verticals
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Shunt Reactor Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Shunt Reactor Market: Market Share Analysis
14.2. Shunt Reactor Distributors and Customers
14.3. Shunt Reactor Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. ABB
14.4.2. Alstom
14.4.3. Beijing Power Equipment Group Co., Ltd
14.4.4. CG Power & Industrial Solutions Ltd.
14.4.5. Coil Innovation – Power Inductors
14.4.6. Crompton Greaves Consumer Electricals Limited
14.4.7. Fuji Electric Co., Ltd.
14.4.8. General Electric
14.4.9. Hilkar
14.4.10. HYOSUNG
14.4.11. Hyundai Heavy Industries Co., Ltd.
14.4.12. Mitsubishi Electric Corporation
14.4.13. NISSIN ELECTRIC Co., Ltd.
14.4.14. Oman Electricity Transmission Company S.A.O.C
14.4.15. PrJSC “Zaporozhtransformator”
14.4.16. Siemens Energy
14.4.17. TBEA Co., Ltd.
14.4.18. TOSHIBA CORPORATION
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