Shunt Reactor Market Trends and Dynamics, Drivers, Competitive landscape and Future Opportunities

According to IMARC Group, the global shunt reactor market was worth US$ 2.7 Billion in 2018. The market to reach a value of US$ 3.6 Billion by 2024, registering a CAGR of around 5% during 2019-2024. A shunt reactor is a compact device that absorbs reactive power to increase the energy efficiency of a power supply system. It is usually connected to a substation busbar, often directly to the overhead transmission lines. Shunt reactors are commonly used to compensate power in high-voltage transmission lines and cable systems by transmitting energy directly to the power lines. It also consumes excess reactive energy generated by overhead lines under low load conditions and helps in improving the stability and efficiency of energy transmissions.

Shunt reactors find extensive application across various industries due to their low maintenance requirements and operational costs, and minimal fire hazard probabilities. The increasing need for efficient power systems that ensure an uninterrupted supply of power has further increased the demand for shunt reactors. Furthermore, governments of different countries are focusing on renewable energy projects to reduce carbon footprints. This has led to the growing need for modernization of transmission and distribution networks, which, in turn, is creating a positive impact on the market. Other factors, including the need for reduced losses in power transmissions, investments in smart grid technologies and increasing focus on research and development (R&D) activities, are further contributing to the market growth.

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Report Coverage:

Historical, Current and Future Market Trends
Market Breakup by Type:
Oil-Immersed
Air-Core
Market Breakup by End-User:
Electric Utilities
Industrial Verticals
Market Breakup by Application:
Variable Reactor
Fixed Reactor
Market Breakup by Region:
North America
Asia Pacific
Europe
Middle East and Africa
Latin America
Explore Healthcare Market Research Reports: https://www.imarcgroup.com/shunt-reactor-market

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being ABB, General Electric, Siemens, Nissin Electric, Zaporozhtransformator, Crompton Greaves, Alstom SA, Hyundai Heavy Industries, Mitsubishi Electric, Hitachi, Toshiba, Hilkar, Fuji Electric, TBEA, Trench Group, etc.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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