Shunt Reactor Market is expected to grow at a robust CAGR
Global
Shunt Reactor Market is expected to grow owing to the growing investments to
upgrade existing transmission and distribution networks across the globe
throughout the forecast period.
According
to TechSci Research report, “Shunt
Reactor Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028”, the Global Shunt Reactor Market is
expected to register robust growth during the forecast period. The rising
demand for reliable and flexible grid systems is expected to be a prominent
trend in the shunt reactor market in the forecast period. The growing necessity
for flexible power systems is one of the key trends that will gain momentum in
the shunt reactor market in the near future. With the emergence of renewable
energy, the intermittent nature of power generation necessitates changes in the
rigid grid towards a more dependable and adaptable structure. The increasing
adoption of renewable energy is driving the need to upgrade existing T&D
equipment and implement modern grid facilitating technologies, subsequently
fuelling the demand for shunt reactors.
The adoption of
high-voltage shunt reactors is witnessing an upward trajectory. These reactors
are specifically engineered to cater to high-capacity transmission lines and
are increasingly deployed in large-scale power transmission projects. They play
a crucial role in ensuring voltage stability across extensive grid systems. As
grid modernization initiatives gain traction globally, aiming to enhance grid
reliability, efficiency, and resilience, shunt reactors hold significant
importance. They contribute to stabilizing voltage levels and minimizing power
losses in transmission and distribution systems. With the advancement of
smarter and more digitally enabled grids, shunt reactors are being integrated
into modern grid management strategies.
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The
Global Shunt Reactor Market is segmented by type of product, form factor, rated
voltage, end-user and region. Based on type of product, the market is
bifurcated into Oil-immersed reactor and air core dry reactor. Based on form
factor, the market is bifurcated into fixed shunt reactor and variable shunt
reactor. Based on rated voltage, the market is bifurcated into less than 200
kv, 200kv-400kv and above 400kv. Based on end-user, the market is bifurcated
into electric utility and renewable energy. Based on region, the market is
further bifurcated into North America, Asia-Pacific, Europe, South America,
Middle East & Africa.
Based
on form factor, Variable Shunt Reactor segment is projected to dominate the
market throughout the forecast period. products. These reactors are
demand-responsive and can adapt to fluctuations in power demand and supply,
rendering them suitable for modern grid management. The advancement of smart
grid technologies has spurred the demand for variable shunt reactors. They play
a crucial role in smart grid systems, facilitating real-time monitoring and
control of grid parameters. Numerous regions are investing in grid
modernization projects to enhance grid reliability and efficiency, with
variable shunt reactors serving as an essential component to maintain voltage
stability. The industry is moving towards intelligent grid management, where
variable shunt reactors collaborate with other grid assets and devices to
ensure grid stability. This includes coordination with other reactive power
compensation devices such as static VAR compensators (SVCs). The transition to
cleaner and more distributed energy sources necessitates flexible grid
solutions, in which variable shunt reactors can help balance the grid when
traditional generation sources are reduced in favor of renewables.
Based
on end-user, Electric Utility segment is projected to dominate the market
throughout the forecast period. products.
The electric utility segment plays a crucial role in the global shunt
reactor market. Shunt reactors are of utmost importance in electrical utilities
as they contribute significantly to grid stability, power quality enhancement,
and optimization of power transmission and distribution efficiency. These
reactors are indispensable in maintaining voltage stability and grid
reliability within electric utilities, effectively compensating for capacitive
reactive power in long transmission lines to ensure voltage levels remain
within specified limits. Electric utilities strive to provide high-quality and
reliable electricity to consumers, and shunt reactors contribute to this goal
by reducing voltage fluctuations and improving grid efficiency. As the demand
for electricity increases, electric utilities are expanding their power
transmission and distribution networks, making the need for shunt reactors even
more critical. These reactors are integral in maintaining voltage stability
across extensive grid systems, particularly in the electric utility sector
where high-voltage shunt reactors are frequently employed for large-scale power
transmission. These reactors are specifically designed to handle high-capacity
transmission lines and are a prominent trend in the market. As electric
utilities modernize their grids to enhance efficiency and reliability, there is
a significant growth opportunity for shunt reactor manufacturers. Upgrading
existing reactors and deploying new ones to meet modern grid requirements
present promising avenues for expansion.
Key
market players in the Global Shunt Reactor Market are: -
- Siemens
AG
- Hitachi
ABB Power Grids
- Hyosung
Corporation
- Trench
Group
- CG
Power and Industrial Solutions Limited
- Mitsubishi
Electric Corporation
- Fuji
Electric Co.
- TBEA
Co. Ltd
- Hyundai
Heavy Industries Co. Ltd
- Alstom
SA
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“Asia
Pacific is expected to be the dominating region during the forecast period. The
rising energy consumption in the region, particularly in emerging economies
such as China and India, has led to increased investments in electrical
infrastructure, including shunt reactors. The industrial sector in the
Asia-Pacific region, notably in countries like China and India, is experiencing
rapid expansion. Shunt reactors play a crucial role in ensuring a stable power
supply to industries, minimizing voltage fluctuations, and safeguarding
equipment from damage.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Shunt
Reactor Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2028 Segmented By Form Factor of Product (Oil-Immersed Reactor and
Air Core Dry Reactor), By Form Factor (Fixed Shunt Reactor and Variable Shunt
Reactor), By Rated Voltage (Less than 200 kV, 200kV-400kV and Above 400kV), By
End-user (Electric Utility and Renewable Energy), By Region, Competition,
2018-2028,”
has evaluated the future growth potential of Global Shunt Reactor Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Shunt Reactor Market.
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