Summary

Shunt Reactor Market Research Report Information by Type (Oil-Immersed and Air-Core), By Application (Variable and Fixed), By End Use (Electric utilities and online), and By Region - Global Forecast to 2032
Market Overview

The Shunt Reactor market is expected to grow significantly during the review period, with a CAGR of 7.04%. The market was anticipated to be worth USD 2688.18 million in 2024 and would grow to USD 4631.7 million by the end of the forecast period (2024-2032). There are various factors that influence the global market for shunt reactors. Firstly, rising energy demand, particularly in emerging nations, necessitates grid modernization and voltage control technologies. As countries modernize their power infrastructure to meet rising electricity demand, demand for shunt reactors is likely to increase. Furthermore, the increased use of renewable energy sources such as wind and solar power needs investments in grid stabilizing systems. Shunt reactors play an important role in regulating voltage variations induced by the intermittent nature of renewable energy generation, hence facilitating their integration into the grid.
Stringent regulatory standards and grid codes also require the use of reactive power compensation technologies such as shunt reactors to preserve power quality and comply with voltage stability requirements. Utilities must invest in shunt reactors to meet regulatory requirements and maintain grid reliability standards. Furthermore, growing industry and urbanization in developing countries increase demand for electricity, necessitating investments in power infrastructure. Shunt reactors maintain grid voltage and improve power quality, hence promoting industrial growth and urban development projects.
The global shift to renewable energy sources, such as wind and solar power, constitutes a paradigm shift in the energy landscape, motivated by the desire to combat climate change, reduce greenhouse gas emissions, and improve energy security. While renewable energy provides several environmental benefits, its integration into the current power system poses particular issues due to the intermittent nature of wind and solar generating. Unlike typical fossil fuel-based power plants, which produce continuous and regulated electricity, renewable energy sources are affected by meteorological variables such as wind speed and sunshine intensity, resulting in oscillations in power output and system instability.

Market Segment Insights

The market for shunt reactors has been divided into two types: oil-immersed and air-core.
The shunt reactor market is divided into two segments based on application: variable and fixed.
The shunt reactor market is divided into two segments based on end use: electric utilities and online.

Regional insights

The global market is divided into five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Among these, the Asia-Pacific sector held the highest market share of 63.5% in 2022, with a market value of USD 1533.2 million; it is predicted to grow at a CAGR of 6.6% over the forecast period. The North America category had the second biggest market share in 2022, valued at USD 415.4 million, and is expected to grow at a CAGR of 4.9%.

Major Players
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 are among the key players in the shunt reactor market.

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Table of Contents

TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 18
2 MARKET INTRODUCTION 21
2.1 DEFINITION 21
2.2 SCOPE OF THE STUDY 21
2.3 RESEARCH OBJECTIVE 21
2.4 MARKET STRUCTURE 22
3 RESEARCH METHODOLOGY 23
3.1 OVERVIEW 23
3.2 DATA FLOW 25
3.2.1 DATA MINING PROCESS 25
3.3 PURCHASED DATABASE: 26
3.4 SECONDARY SOURCES: 27
3.4.1 SECONDARY RESEARCH DATA FLOW: 28
3.5 PRIMARY RESEARCH: 29
3.5.1 PRIMARY RESEARCH DATA FLOW: 30
3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED 31
3.5.3 PRIMARY RESEARCH: REGIONAL COVERAGE 31
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: 32
3.6.1 CONSUMPTION & NET TRADE APPROACH 32
3.6.2 REVENUE ANALYSIS APPROACH 32
3.7 DATA FORECASTING 33
3.7.1 DATA FORECASTING TECHNIQUE 33
3.8 DATA MODELING 34
3.8.1 MICROECONOMIC FACTOR ANALYSIS: 34
3.8.2 DATA MODELING: 35
3.9 TEAMS AND ANALYST CONTRIBUTION 37
4 MARKET DYNAMICS 38
4.1 INTRODUCTION 38
4.2 DRIVERS 39
4.2.1 GROWING ENERGY DEMAND 39
4.2.2 RENEWABLE ENERGY INTEGRATION 39
4.2.3 GRID MODERNIZATION INITIATIVES 40
4.3 RESTRAINTS 41
4.3.1 HIGH INITIAL INVESTMENT 41
4.3.2 GRID INTEROPERABILITY AND COMPATIBILITY 42
4.4 OPPORTUNITY 44
4.4.1 ONGOING ADVANCEMENTS IN SHUNT REACTOR TECHNOLOGY 44
4.4.2 MARKET EXPANSION IN EMERGING ECONOMIES 44
4.5 CHALLENGES 45
4.5.1 CHANGING REGULATORY FRAMEWORKS AND GRID CODES POSE CHALLENGES 45
4.6 TRENDS 46
4.6.1 INTEGRATION OF SHUNT REACTORS INTO SMART GRID SYSTEMS 46
4.6.2 INCREASING EMPHASIS ON SUSTAINABILITY AND ENVIRONMENTAL CONSERVATION 47
4.7 TECHNOLOGY TRENDS 48
4.7.1 INTEGRATION OF BLUETOOTH CONNECTIVITY 48
4.8 IMPACT ANALYSIS OF COVID-19 49
4.8.1 IMPACT ON OVERALL POWER GENERATION, TRANSMISSION AND DISTRIBUTION INDUSTRY 49
4.8.1.1 ECONOMIC IMPACT 50
4.8.2 IMPACT ON THE SUPPLY CHAIN OF SHUNT REACTOR 51
4.8.2.1 PRICE VARIATION OF KEY RAW MATERIAL 52
4.8.2.2 PRODUCTION SHUTDOWN 52
4.8.2.3 CASH FLOW CONSTRAINTS 52
4.8.2.4 IMPACT ON IMPORT/EXPORT 53
4.8.3 IMPACT ON MARKET DEMAND OF SHUNT REACTOR 53
4.8.3.1 IMPACT DUE TO RESTRICTIONS/LOCKDOWN 54
4.8.3.2 CONSUMER SENTIMENTS 54
4.8.4 IMPACT ON PRICING OF SHUNT REACTOR 54
5 MARKET FACTOR ANALYSIS 56
5.1 VALUE CHAIN ANALYSIS 56
5.1.1 RAW MATERIAL SUPPLIERS 56
5.1.2 COMPONENT MANUFACTURERS 57
5.1.3 SHUNT REACTOR MANUFACTURERS 57
5.1.4 DISTRIBUTION AND LOGISTICS 58
5.1.5 END-USERS 59
5.2 SUPPLY CHAIN ANALYSIS 59
5.2.1 PARTICIPANTS (AT DIFFERENT NODES) 60
5.2.1.1 RAW MATERIAL PROCUREMENT 60
5.2.1.2 MANUFACTURING AND PRODUCTION 60
5.2.1.3 COMPONENT AND SUB-ASSEMBLY SUPPLIERS 61
5.2.1.4 DISTRIBUTION AND LOGISTICS 62
5.2.1.5 SALES AND MARKETING 62
5.2.2 INTEGRATION LEVELS 63
5.2.3 KEY ISSUES ADDRESSED (KEY SUCCESS FACTORS) 63
5.3 PORTER’S FIVE FORCES MODEL 64
5.3.1 BARGAINING POWER OF SUPPLIERS 64
5.3.2 BARGAINING POWER OF BUYERS 65
5.3.3 THREAT OF NEW ENTRANTS 66
5.3.4 THREAT OF SUBSTITUTES 66
5.3.5 INTENSITY OF RIVALRY 67
6 GLOBAL SHUNT REACTOR MARKET, BY TYPE 69
6.1 INTRODUCTION 69
6.2 OIL-IMMERSED 70
6.3 AIR-CORE 70
7 GLOBAL SHUNT REACTOR MARKET, BY APPLICATION 72
7.1 INTRODUCTION 72
7.2 VARIABLE 73
7.3 FIXED 73
8 GLOBAL SHUNT REACTOR MARKET, BY END USE 75
8.1 INTRODUCTION 75
8.2 ELECTRIC UTILITIES 76
8.3 INDUSTRIAL VERTICAL 76
9 GLOBAL SHUNT REACTOR MARKET, BY REGION 78
9.1 OVERVIEW 78
9.2 NORTH AMERICA 79
9.2.1 US 82
9.2.2 CANADA 83
9.2.3 MEXICO 84
9.3 EUROPE 85
9.3.1 GERMANY 88
9.3.2 UK 88
9.3.3 ITALY 89
9.3.4 SPAIN 90
9.3.5 REST OF EUROPE 91
9.4 ASIA PACIFIC 92
9.4.1 CHINA 95
9.4.2 JAPAN 96
9.4.3 INDIA 97
9.4.4 AUSTRALIA 97
9.4.5 REST OF ASIA PACIFIC 98
9.5 SOUTH AMERICA 99
9.5.1 BRAZIL 102
9.5.2 ARGENTINA 103
9.5.3 REST OF SOUTH AMERICA 103
9.6 MIDDLE EAST & AFRICA 104
9.6.1 SAUDI ARABIA 107
9.6.2 UAE 107
9.6.3 QATAR 108
9.6.4 SOUTH AFRICA 109
9.6.5 REST OF MEA 110
10 COMPETITIVE LANDSCAPE 111
10.1 INTRODUCTION 111
10.2 COMPETITION DASHBOARD 111
10.2.1 PRODUCT PORTFOLIO 112
10.2.2 REGIONAL PRESENCE 112
10.2.3 STRATEGIC ALLIANCES 113
10.2.4 INDUSTRY EXPERIENCES 113
10.3 2022 113
10.4 WHO ARE THE MAJOR DISRUPTORS & INNOVATORS? 113
10.5 WHAT STRATEGIES ARE BEING ADOPTED BY MARKET LEADERS 114
10.6 KEY DEVELOPMENTS & GROWTH STRATEGIES 115
10.6.1 PRODUCT LAUNCH, ACQUISITION AND MERGER 115
11 COMPANY PROFILES 116
11.1 NISSIN ELECTRIC CO LTD 116
11.1.1 COMPANY OVERVIEW 116
11.1.2 FINANCIAL OVERVIEW 117
11.1.3 PRODUCTS OFFERED 117
11.1.4 SWOT ANALYSIS 118
11.1.5 KEY STRATEGY 118
11.2 ABB INDIA LIMITED 119
11.2.1 COMPANY OVERVIEW 119
11.2.2 FINANCIAL OVERVIEW 120
11.2.3 PRODUCTS OFFERED 120
11.2.4 SWOT ANALYSIS 121
11.2.5 KEY STRATEGY 121
11.3 MITSUBISHI CORPORATION 123
11.3.1 COMPANY OVERVIEW 123
11.3.2 FINANCIAL OVERVIEW 124
11.3.3 PRODUCTS OFFERED 124
11.3.4 SWOT ANALYSIS 125
11.3.5 KEY STRATEGY 125
11.4 FUJI ELECTRIC 126
11.4.1 COMPANY OVERVIEW 126
11.4.2 FINANCIAL OVERVIEW 127
11.4.3 PRODUCTS OFFERED 127
11.4.4 SWOT ANALYSIS 128
11.4.5 KEY STRATEGY 128
11.5 HD HYUNDAI HEAVY INDUSTRIES CO., LTD. 130
11.5.1 COMPANY OVERVIEW 130
11.5.2 FINANCIAL OVERVIEW 131
11.5.3 PRODUCTS OFFERED 131
11.5.4 SWOT ANALYSIS 132
11.5.5 KEY STRATEGY 132
11.6 TBEA 133
11.6.1 COMPANY OVERVIEW 133
11.6.2 FINANCIAL OVERVIEW 134
11.6.3 PRODUCTS OFFERED 134
11.6.4 SWOT ANALYSIS 135
11.6.5 KEY STRATEGY 135
11.7 HILKAR 136
11.7.1 COMPANY OVERVIEW 136
11.7.2 PRODUCTS OFFERED 136
11.7.3 SWOT ANALYSIS 137
11.7.4 KEY STRATEGY 138
11.8 TOSHIBA CORPORATION 139
11.8.1 COMPANY OVERVIEW 139
11.8.2 FINANCIAL OVERVIEW 140
11.8.3 PRODUCTS OFFERED 140
11.8.4 SWOT ANALYSIS 141
11.8.5 KEY STRATEGY 141
11.9 SIEMENS AG 142
11.9.1 COMPANY OVERVIEW 142
11.9.2 FINANCIAL OVERVIEW 143
11.9.3 PRODUCTS OFFERED 143
11.9.4 SWOT ANALYSIS 144
11.9.5 KEY STRATEGY 144
11.10 GE GRID SOLUTIONN 145
11.10.1 COMPANY OVERVIEW 145
11.10.2 FINANCIAL OVERVIEW 146
11.10.3 PRODUCTS OFFERED 146
11.10.4 SWOT ANALYSIS 147
11.10.5 KEY STRATEGY 147