Global Shunt Reactor Circuit Market: Trends, Growth, and Forecast
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 projec...