Selbyville, Delaware, Jan. 08, 2024 (GLOBE NEWSWIRE) --
The shunt reactor market is expected to reach USD 3.9 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising number of green energy policies and the ambitious renewable energy targets necessitating grid infrastructure enhancements is expected to foster the deployment of shunt reactors to ensure reliable power transmission. Lately, several capacitor manufacturers are focusing on eco-friendly materials and sustainable manufacturing processes to match the escalating environmental regulations. For instance, in March 2021, India-based high voltage transformers and reactor provider T&R installed the first-ever 420 kV shunt reactor with powered natural ester fluid for power grids. The growing demand for green technologies is another factor driving the industry development.
Demand for air core insulated shunt reactors is expected to exponentially expand through 2032, led by the strong emphasis on safety standards and risk mitigation in critical infrastructure installations, including power grids. Given their unique advantages, particularly eco-friendly and safer designs, air core shunt reactors have emerged as preferred options in the evolving landscape of electrical grid systems. The rising imperative of utilities on seeking efficient, reliable, and eco-friendly solutions to maintain grid stability will also favor the segment growth.
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Shunt reactor market size from the renewable energy segment will significantly grow through 2032. The growth can be attributed to the greater need for regulating voltage levels in the grid for ensuring stability despite variations during renewable energy generation. Shunt reactors also assist in mitigating the voltage instability stemming from renewable energy fluctuations to render a more resilient grid for handling diverse energy inputs.
Europe held significant share of the shunt reactor market in 2022 and is estimated to record exponential growth by 2032 driven by the jump in infrastructure investments and grid modernization initiatives. For instance, Europe plans to invest 624.6 billion by 2030 for modernizing and expanding its grids. The rising energy transition towards renewable sources in the region is driving the need for reliable and efficient grid operations. The rapid rate of industrial growth, urbanization, and electrification is another major factor influencing the regional market growth.
Some of the prominent key players operating in the shunt reactor market include GE, Siemens Energy, CG Power & Industrial Solutions Ltd, Toshiba Energy Systems & Solutions Corporation, TMC TRANSFORMERS MANUFACTURING COMPANY, Hitachi Energy Ltd, HYOSUNG HEAVY INDUSTRIES, NISSIN ELECTRIC Co.,Ltd, Fuji Electric Co, GBE S.p.A, WEG, HICO America, and Shrihans Electricals Pvt. Ltd. These industry players are focusing on capacity expansion and investment strategies to cater to the escalating end-user requirements. For instance, in September 2023, Hitachi Energy established its new state -of-the-art transformer factory to provide shunt reactors and power transformers to address the fast-growing need for electrifying the evolving grid in China.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Shunt reactor industry 360° synopsis, 2019 - 2032
Chapter 3 Shunt Reactor Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
