Latest News- Shunt Reactor Market in APAC: Power utilities is expected to lead the End-user segment during 2024-2028
The Shunt Reactor Market in APAC is being driven by Increased industrialization in developing nations
The Shunt Reactor Market in APAC is expected to grow at a CAGR of 2.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 160.5 million. In the APAC region, the integration of shunt reactors with smart grid technologies is a significant trend, driven by the push for modernized and efficient power infrastructure. Smart grids enable real-time monitoring, control, and optimization of power flows, with shunt reactors playing a crucial role in maintaining grid stability by managing reactive power and minimizing transmission losses. The increasing adoption of renewable energy sources, such as wind and solar power, in APAC creates fluctuating power supply challenges. Advanced shunt reactors integrated into smart grids dynamically adjust reactive power levels, ensuring reliable and efficient energy distribution, and addressing the challenges posed by renewable energy sources.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Power utilities, Industrials) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Shunt Reactor Market in APAC Research Report
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In the APAC region, the market for shunt reactors is witnessing significant growth due to the increasing integration of renewable energy sources like wind and solar power into the grid. Shunt reactors play a crucial role in grid stabilization by compensating for reactive power and ensuring power quality and grid reliability. Oil-immersed shunt reactors are commonly used in high-power applications and high-voltage transmission lines. The clean energy transition and carbon footprint reduction are key drivers, with voltage regulation and energy loss minimization also important considerations. HVDC systems and TandD infrastructure are also utilizing shunt reactors for reactive power compensation and voltage regulation in renewable energy power supply. Despite aging technology, the power system efficiency benefits make shunt reactors an essential component in the grid, especially as power generation capacity expands.
The Shunt Reactor market in APAC is a significant segment of the larger electrical components and equipment market, which encompasses companies manufacturing electrical cables and wires, components, and equipment. Renewable energy sources, particularly wind and solar power, are driving growth in this market. Shunt reactors are essential for grid stabilization, mitigating voltage fluctuations and ensuring power quality and grid reliability. High-power applications, primarily in the industrial sector, utilize oil-immersed shunt reactors for optimal performance. The global electrical components and equipment market size includes revenue from manufacturers of various electrical equipment, including shunt reactors, as well as rental and leasing services to industrial, commercial, and residential end-users.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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