The shunt reactor market is expected to grow from an estimated USD 2.56 billion in 2017 to USD 3.19 billion by 2022, registering a CAGR of 4.56% from 2017 to 2022. The global market for shunt reactor is driven by the rising demand for electricity for power generation, and the addition of high voltage transmission networks. Also, upgrading aging technology in the developed nations is expected to drive the shunt reactors market as they are used to stabilize the system voltage during load variations by absorbing excess reactive power generated in the transmission network.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the key players in the shunt reactor market including GE (US), Siemens (Germany), ABB (Switzerland), and Fuji Electric (Japan). Leading players in the shunt reactor industry are trying to penetrate the developing economies in Asia-Pacific region.
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Oil-immersed – the largest shunt reactor market by type
The oil-immersed type of shunt reactors dominated the global shunt reactors market. Majority of demand for oil-immersed type of shunt reactors is attributed to the addition of high voltage transmission lines, globally. Furthermore, rapid transmission and distribution infrastructure augmentation process in the developing countries of Asia-Pacific will increase the demand for oil-immersed shunt reactors.
“The variable reactors segment is expected to be the fastest growing segment during the forecast period”
Variable shunt reactors are used in high voltage energy transmission systems to stabilize the voltage during load variations. Variable reactors are advanced form of shunt reactors and preferred over traditional reactors. Variable shunt reactors reduce voltage jumps resulting from switching in and out and to improve interaction with other transmission equipment. Also, variable reactors provide benefits to stabilize the voltage of systems. These factors along with increase in investment for T&D infrastructure will propel the demand for variable shunt reactors.
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“Asia Pacific: The leading market for shunt reactors”
Asia Pacific dominated the shunt reactor market in 2016. The increasing demand for shunt reactors in Asia Pacific is attributed to the increasing investments in utilities, which in turn, results in improvements in grid reliability and an increase in the number of electricity supply plans. China dominates the market for shunt reactors in the Asia Pacific region, owing to increased investments in the transmission sector. These investments are driven by the considerable demand for electricity. The market reforms in the country are encouraging even private participants to invest.
“Power Rental Market by Fuel (Diesel & Gas), Power Rating, Equipment, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application (Peak Shaving, Base Load, Standby), Region – Global Forecasts to 2023″
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