Shunt Reactor Market Size, Share, Growth Analysis, By Type(Oil-immersed and Air-core), By Application(Electric utilities and Industrial verticals), By Region - Industry Forecast 2024-2031

Global Shunt Reactor Market size was valued at USD 15.21 Billion in 2022 and is poised to grow from USD 25.37 Billion in 2023 to USD 39.83 Billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).  

The global shunt reactor market is very competitive, with many players competing for market space. Players in the shunt reactor market execute several strategies like product development, partnerships, collaborations, and acquisitions to capture higher market share. The overall market is highly competitive, rapidly developing technologically, and intent on efficient and effective solutions. Key players in the global shunt reactor market are known to invest heavily in research and development activities for the introduction of new products and enrichment of product lines. Such companies try to serve changing customer needs and further help the power sector to improve grid stability, voltage regulation, and improving power quality. Moreover, the players market their business more in terms of geographical footprint by entering new markets and working on regional needs. Strategic alliances with utilities, grid operators, and other stakeholders help in getting better market positioning and enlarge the customer base. Increasingly challenging competitive environment characterizes the global shunt reactor market, primarily based on technological developments, product differentiation, pricing strategies, and customer service. Parallelly, these market players are striving continuously to offer better performance with cost-effective solutions than their competitors. 'Zaporozh transformator - Ukraine', 'Siemens AG - Germany', 'ABB - Switzerland', 'Crompton Greaves - India', 'Hyundai Heavy Industries - South Korea', 'Fuji Electric Co. Ltd - Japan', 'Mitsubishi Electric Corporation - Japan', 'TBEA - China', 'TRENCH Group - Switzerland', 'Hilkar - Turkey', 'General Electric - United States', 'Toshiba - Japan', 'Nissin Electric - Japan', 'BEIJING POWER EQUIPMENT GROUP CO LTD - China', 'CG Power Systems - India', 'Edit Elektronik - Turkey', 'ENTES Elektronik Cihazlar - Turkey', 'Etamatis Enerji - Turkey', 'Hyosung Power & Industrial Systems PG - Industrial - South Korea', 'Hitachi - Japan', 'Alstom SA – France'

Increasing Focus on Grid Stability and Power Quality: With the growing demand for electricity and the integration of renewable energy sources, maintaining grid stability has become crucial. Shunt reactors play a vital role in voltage regulation, reducing voltage fluctuations, and improving power factor correction, thus ensuring grid stability and enhancing power quality.

North American emerged as the leading market in shunt reactor market. Owing to the increasing demand for reliable and efficient power transmission and distribution infrastructure propelling the adoption of shunt reactors across the region. With the growing emphasis on grid stability and voltage regulation, utilities and grid operators are investing in shunt reactors to enhance power system performance in industrial verticals. The US market is projected to hold the most substantial share of 86.27% in the North American market. As of 2023, the US stands as a dominant player in the shunt reactors market and is projected with a CAGR of 5.8% from 2024 to 2031. Owing to the increasing demand for reliable and efficient power transmission and distribution infrastructure propelling the adoption of shunt reactors across the region.