Oil Immersed Fixed Shunt Reactor Market
Oil Immersed Fixed Shunt Reactor Market Forecasts to 2030 - Global Analysis By Reactor Type (Single-phase, Three-phase, Variable, Tuned/Detuned and Other Reactor Types), Insulation Medium, Power Rating, Control Method, Application, End User and By Geography
According to Stratistics MRC, the Global Oil Immersed Fixed Shunt Reactor Market is accounted for $520.09 million in 2023 and is expected to reach $840.64 million by 2030 growing at a CAGR of 7.1% during the forecast period. Oil immersed fixed shunt reactors are essential components in electrical power systems for voltage regulation and reactive power compensation. These reactors are immersed in insulating oil to dissipate heat efficiently. They help maintain a stable voltage level across the grid by absorbing excess reactive power during times of high demand.
According to the International Energy Outlook report by EIA 2019, India’s industrial energy consumption nearly triples by 2050, growing from 16 quadrillion British thermal units (Btu) in 2018 to 47 quadrillion Btu by 2050 at an average annual rate of 3.4%.
Market Dynamics:
Driver:
Growing population and industrialization
With a growing population, there's a higher need for reliable and efficient power transmission and distribution infrastructure to meet rising energy demands. Industrialization drives the establishment of manufacturing facilities, commercial complexes, and other industrial units, all of which require substantial power supply. Oil immersed fixed shunt reactors play a crucial role in enhancing grid stability, voltage control, and power quality, thus supporting the growing demands driven by population growth and industrial expansion.
Restraint:
Environmental concerns
Environmental concerns regarding oil immersed fixed shunt reactors primarily revolve around the use of insulating oil, typically containing polychlorinated biphenyls (PCBs), which pose environmental and health risks. PCBs are persistent organic pollutants that can bio accumulate in the environment, leading to adverse ecological impacts and potential health hazards. These environmental issues can lead to stricter regulations, increased compliance costs, and public opposition, thereby hampering the market growth.
Opportunity:
Aging infrastructure replacement
Aging infrastructure replacement creates opportunities for modernization and efficiency enhancement in power transmission and distribution systems. As old equipment reaches the end of its operational life, there's a need to replace it with more reliable and technologically advanced solutions. These reactors offer improved voltage regulation, reactive power compensation, and grid stability, making them essential components of upgraded power systems. Thus, the replacement of aging infrastructure fosters the demand for oil immersed fixed shunt reactors to ensure the reliability and efficiency of the grid.
Threat:
High substantial upfront costs
Oil immersed fixed shunt reactors incur high upfront costs primarily due to the specialized materials, manufacturing processes, and transportation expenses involved in their production. Additionally, installation and maintenance require skilled labor and specific infrastructure, further increasing costs. Consequently, the substantial upfront costs of these reactors may deter market growth by limiting adoption rates and delaying investment decisions in power transmission and distribution infrastructure projects.
Covid-19 Impact
The covid-19 pandemic has had a mixed impact on the oil immersed fixed shunt reactor market. Initially, the market experienced disruptions in manufacturing and supply chain activities due to lockdowns and restrictions. However, as economies reopened, there has been a gradual recovery driven by ongoing infrastructure projects and investments in power transmission and distribution. Additionally, the pandemic has highlighted the importance of reliable electricity supply, which may drive further demand for oil immersed fixed shunt reactors as utilities seek to enhance grid stability and resilience in the face of future crises.
The power grids segment is expected to be the largest during the forecast period
The power grids segment is estimated to have a lucrative growth. Oil immersed fixed shunt reactors are vital components in power grids, used to regulate voltage levels and enhance system stability. They reduce voltage fluctuations and improve power transfer capability. With their robust design and reliable operation, these reactors play a crucial role in modern power grids, enabling utilities to maintain grid integrity and meet the demands of growing electricity consumption.
The industrial sector segment is expected to have the highest CAGR during the forecast period
The industrial sector segment is anticipated to witness the highest CAGR growth during the forecast period. Oil immersed fixed shunt reactors are utilized to compensate for reactive power in electrical networks, improving power factor and voltage regulation. In industrial settings, they are crucial for maintaining stable and efficient operation of large-scale machinery and equipment, such as motors, transformers, and industrial processes requiring high power demands. Their stability and optimize energy distribution further fuels the segment growth.
Region with largest share:
The oil immersed fixed shunt reactor market in the Asia Pacific region is witnessing significant growth driven by factors such as increasing demand for electricity, infrastructure development, and expansion of the power transmission and distribution networks. Countries like China, India, Japan, and South Korea are key contributors to this market growth due to their substantial investments in power infrastructure projects. Additionally, initiatives towards grid modernization and renewable energy integration are further fueling the demand for oil immersed fixed shunt reactors in the region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to factors such as the modernization of existing power infrastructure, the integration of renewable energy sources, and the increasing demand for electricity. Countries like the United States and Canada are leading the market with significant investments in grid expansion and transmission projects. Technological advancements and government initiatives aimed at enhancing energy efficiency further support market growth in North America.
Key players in the market
Some of the key players profiled in the Oil Immersed Fixed Shunt Reactor Market include ABB Limited, Siemens AG, Toshiba Corporation, Crompton Greaves Limited, General Electric Company, Mitsubishi Electric Corporation, Hyundai Heavy Industries Limited, Fuji Electric Corporation, WEG Industries, Schneider Electric SE, Hitachi Limited, Hyosung Heavy Industries, Shrihans Electricals Limited, Nissin Electric Corporation and TBEA Corporation.
Key Developments:
In April 2022, Hitachi Energy introduced OceaniQ shunt reactors and transformers, co-developed with floating offshore developers, to enhance the efficiency of offshore wind farms. Leveraging Hitachi Energy's deep experience in the energy sector and offshore operations, Oceaniq aims to improve operational efficiency, enhance performance, and promote sustainability in the offshore industry.
In November 2021, Siemens clinched a substantial contract to furnish seven reactors to a consortium comprising Konstant Net, N1, and Nord Energi, esteemed energy solution providers in Europe. This supply agreement underscores Siemens' crucial part in addressing power quality challenges and further fortifies its market presence across Europe.
Reactor Types Covered:
• Single-phase
• Three-phase
• Variable
• Tuned/Detuned
• Other Reactor Types
Insulation Mediums Covered:
• Oil-Impregnated Paper (OIP)
• Pressboard
• Epoxy Resin
• Composite Insulation Materials
• Other Insulation Mediums
Power Ratings Covered:
• Low Power Rating (Below 100 MVAR)
• Medium Power Rating (100 MVAR - 500 MVAR)
• High Power Rating (Above 500 MVAR)
Control Methods Covered:
• Thyristor Controlled Reactors (TCR)
• Fixed Capacitor Controlled Reactors (FCR)
• Other Control Methods
Applications Covered:
• Transmission Lines
• Distribution Lines
• Renewable Energy Integration
• Power Grids
• Other Applications
End Users Covered:
• Utilities
• Industrial Sector
• Railways
• Mining
• Data Centers
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Oil Immersed Fixed Shunt Reactor Market, By Reactor Type
5.1 Introduction
5.2 Single-phase
5.3 Three-phase
5.4 Variable
5.5 Tuned/Detuned
5.6 Other Reactor Types
6 Global Oil Immersed Fixed Shunt Reactor Market, By Insulation Medium
6.1 Introduction
6.2 Oil-Impregnated Paper (OIP)
6.3 Pressboard
6.4 Epoxy Resin
6.5 Composite Insulation Materials
6.6 Other Insulation Mediums
7 Global Oil Immersed Fixed Shunt Reactor Market, By Power Rating
7.1 Introduction
7.2 Low Power Rating (Below 100 MVAR)
7.3 Medium Power Rating (100 MVAR - 500 MVAR)
7.4 High Power Rating (Above 500 MVAR)
8 Global Oil Immersed Fixed Shunt Reactor Market, By Control Method
8.1 Introduction
8.2 Thyristor Controlled Reactors (TCR)
8.3 Fixed Capacitor Controlled Reactors (FCR)
8.4 Other Control Methods
9 Global Oil Immersed Fixed Shunt Reactor Market, By Application
9.1 Introduction
9.2 Transmission Lines
9.3 Distribution Lines
9.4 Renewable Energy Integration
9.5 Power Grids
9.6 Other Applications
10 Global Oil Immersed Fixed Shunt Reactor Market, By End User
10.1 Introduction
10.2 Utilities
10.3 Industrial Sector
10.4 Railways
10.5 Mining
10.6 Data Centers
10.7 Other End Users
11 Global Oil Immersed Fixed Shunt Reactor Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ABB Limited
13.2 Siemens AG
13.3 Toshiba Corporation
13.4 Crompton Greaves Limited
13.5 General Electric Company
13.6 Mitsubishi Electric Corporation
13.7 Hyundai Heavy Industries Limited
13.8 Fuji Electric Corporation
13.9 WEG Industries
13.10 Schneider Electric SE
13.11 Hitachi Limited
13.12 Hyosung Heavy Industries
13.13 Shrihans Electricals Limited
13.14 Nissin Electric Corporation
13.15 TBEA Corporation
List of Tables
1 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Region (2021-2030) ($MN)
2 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Reactor Type (2021-2030) ($MN)
3 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Single-phase (2021-2030) ($MN)
4 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Three-phase (2021-2030) ($MN)
5 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Variable (2021-2030) ($MN)
6 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Tuned/Detuned (2021-2030) ($MN)
7 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Other Reactor Types (2021-2030) ($MN)
8 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Insulation Medium (2021-2030) ($MN)
9 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Oil-Impregnated Paper (OIP) (2021-2030) ($MN)
10 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Pressboard (2021-2030) ($MN)
11 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Epoxy Resin (2021-2030) ($MN)
12 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Composite Insulation Materials (2021-2030) ($MN)
13 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Other Insulation Mediums (2021-2030) ($MN)
14 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Power Rating (2021-2030) ($MN)
15 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Low Power Rating (Below 100 MVAR) (2021-2030) ($MN)
16 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Medium Power Rating (100 MVAR - 500 MVAR) (2021-2030) ($MN)
17 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By High Power Rating (Above 500 MVAR) (2021-2030) ($MN)
18 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Control Method (2021-2030) ($MN)
19 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Thyristor Controlled Reactors (TCR) (2021-2030) ($MN)
20 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Fixed Capacitor Controlled Reactors (FCR) (2021-2030) ($MN)
21 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Other Control Methods (2021-2030) ($MN)
22 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Application (2021-2030) ($MN)
23 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Transmission Lines (2021-2030) ($MN)
24 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Distribution Lines (2021-2030) ($MN)
25 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Renewable Energy Integration (2021-2030) ($MN)
26 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Power Grids (2021-2030) ($MN)
27 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Other Applications (2021-2030) ($MN)
28 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By End User (2021-2030) ($MN)
29 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Utilities (2021-2030) ($MN)
30 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Industrial Sector (2021-2030) ($MN)
31 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Railways (2021-2030) ($MN)
32 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Mining (2021-2030) ($MN)
33 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Data Centers (2021-2030) ($MN)
34 Global Oil Immersed Fixed Shunt Reactor Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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