Shunt Reactor Market to Reap Excessive Revenues by 2024
Energy security is a prerequisite for any country that aspires to prosper. A country’s power transmission and distribution network thus plays a pivotal part in its overall economic development. This has prompted countries to renew their commitment to building a robust energy infrastructure, thus accelerating the growth of the global shunt reactor market.
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A shunt reactor, by virtue of absorbing reactive power, plays a crucial role in increasing the energy efficiency of a power transmission system. High-voltage transmission lines and cable systems need effective reactive power compensation to protect them from the spike in voltage levels that can cause irreparable damage. A shunt reactor can be either directly connected to a transmission line or to a three-winding transformer’s tertiary winding. Some facilities deploy a permanent connection between the shunt reactor and the power line, while a circuit breaker is used in some cases. Shunt reactors with variable ratings are used in power lines where load variation is slow so as to optimally adjust the consumed reactive power. The role of shunt reactors is thus crucial in power transmission lines that cover a large area.
The report on the global shunt reactors market analyzes the impact of the rising investments in power transmission and distribution networks on the performance of the global shunt reactors market. The report has been compiled to serve as a valuable decision-making tool for electrical equipment manufacturers, utilities, and energy industry players. The market for shunt reactors is segmented on the basis of type into air-core dry and oil-immersed shunt reactors. Of these, oil-immersed shunt reactor has been the dominant product. Key end users of shunt reactors are industrial facilities and electrical utilities. Key regions analyzed in this report are North America, Europe, Asia Pacific, and Rest of the World.
Global Shunt Reactor Market: Key Trends and Opportunities
Led by the rising investments in either upgrading or setting up new transmission and distribution networks worldwide, companies in the global shunt reactor market are witnessing new growth avenues. Increasing share of renewable energy in the global power industry and the resultant need to improve grid interconnectivity would help fuel the demand for shunt reactors. At the same time, increasing emphasis on reducing the loss of power during transmission and distribution is driving the market. Fresh investments in smart grids would further boost the growth of the global shunt reactors market. However, economic uncertainty in some countries in the Middle East has led to the postponement of large-scale investments in power transmission and distribution networks. This presents a challenge for companies in the shunt reactors market.
Global Shunt Reactor Market: Region-wise Outlook
Increasing number of countries are turning toward renewable energy projects to meet their energy needs, thereby leading to the establishment of new renewable power generation facilities across the world. This presents immense opportunities for shunt reactor manufacturers and ancillary organizations because the active power generated by renewable energy sources is not only unpredictable but is also characterized by high degree of fluctuation. Shunt reactors can help compensate fluctuating active power, which makes them useful in renewable energy projects.
Energy-hungry industrializing nations in Asia Pacific, the Middle East, and Latin America have created a conducive environment for the growth of the shunt reactor market. Demand for shunt reactors is the highest in Asia Pacific and North America.
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Companies that have a firm foothold in the global shunt reactors market and have been analyzed in this report include ABB Limited, Siemens AG, Toshiba, Alstom SA, Mitsubishi Electric Corporation, Crompton Greaves, and Hyundai Heavy Industries.
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Electricity generation, distribution, and transmission is a complex phenomenon involving many devices and factors impacting the environment. Noise, voltage fluctuations, load variance, and generation of reactive power are some of the problems faced during normal operations. The global shunt reactor market is expected to grow at a CAGR of 8.4% from 2017 to 2025. For further inquiries, about Global Shunt Reactor Market enquire here >>>> https://www.progressivemarkets.com/enquiry-about-report/shunt-reactor-market Market Landscape by Type • Oil-immersed • Air-core Dry