Shunt Reactor Industry

The global shunt reactor circuit market size was estimated at USD 2.52 billion in 2023 and expected to grow at a CAGR of 6.63% from 2024 to 2030. Growing renewable energy adoption globally to meet the rising demand from developing countries due to the increased urbanization of rural regions is driving the demand for shunt reactor circuit in the market.

The global shift toward renewable energy sources is driving the demand for shunt reactors, particularly in the integration of wind and solar power plants into the grid. For instance, the European Union's aggressive renewable energy targets, including its plan to achieve 45% of energy from renewables by 2030, are pushing utilities to upgrade their grid infrastructure to accommodate renewable sources. Shunt reactors are crucial in managing the reactive power generated by these renewable sources, helping stabilize voltage levels across the grid. As countries continue to ramp up their renewable energy projects, such as India’s target to reach 450 GW of renewable energy by 2030, the trend toward increased shunt reactor usage is expected to accelerate, solidifying their role in modern energy systems.

Gather more insights about the market drivers, restrains and growth of the Global Shunt Reactor market

Shunt Reactor Market Report Segmentation

  • Type Outlook (Revenue, USD Million, 2018 - 2030)
    • Oil-immersed
    • Air-core
  • Application Outlook (Revenue, USD Million, 2018 - 2030)
    • Variable
    • Fixed
  • End-use Outlook (Revenue, USD Million, 2018 - 2030)
    • Electric Utilities
    • Industrial Vertical
  • Regional Outlook (Revenue, USD Million, 2018 - 2030)
    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
    • Central & South America
      • Brazil
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • South Africa

Key Shunt Reactor Circuit Company Insights

The shunt reactor circuit market is highly competitive, with several key players dominating the landscape. Major companies include Nissin Electric Co Ltd, ABB India Pvt Ltd, Mitsubishi Corporation, Fuji Electric, HD Hyundai Heavy Industries Co., Ltd., TBEA, Hilkar, Toshiba Corporation, Siemens AG, and GE Grid Solution. The market is characterized by a competitive landscape with several key players driving innovation and market growth. Major companies in this sector are investing heavily in research and development to enhance the performance, cost-effectiveness, and sustainability of their products.

Key Shunt Reactor Circuit Companies:

The following are the leading companies in the shunt reactor circuit market. These companies collectively hold the largest market share and dictate industry trends.

  • Nissin Electric Co Ltd
  • ABB India Pvt Ltd
  • Mitsubishi Corporation
  • Fuji Electric
  • HD Hyundai Heavy Industries Co., Ltd.
  • TBEA
  • Hilkar
  • Toshiba Corporation
  • Siemens AG
  • GE Grid Solution

Recent Developments

  • In February 2024, GE Vernova's Grid Solutions business secured significant multi-million-dollar contracts with the Power Grid Corporation of India (PGCIL) to supply 765 kV Shunt Reactors. These reactors are crucial for enhancing the stability and efficiency of India's electricity transmission system, particularly as the country works to integrate more renewable energy sources into its grid.
  • In April 2022, Hitachi Energy introduced OceaniQ transformers and shunt reactors designed for the offshore environment. This initiative aims to enhance the efficiency and sustainability of offshore operations, particularly in the renewable energy sector. OceaniQ focuses on advanced technologies that improve the management of offshore assets, ensuring better performance and reliability.

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