Top Trends in Shunt Reactor Market with Leading Key Players, Industry Share and Latest Opportunities & Growth 2027 | Industry Overview by Top Players - General Electric Company, Siemens Energy AG, Hitachi Energy Ltd., Hyosung Corporation

A comprehensive overview of the Shunt Reactor market is recently added by UnivDatos Market Insights to its humongous database. The Shunt Reactor market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Shunt Reactor market. The Shunt Reactor market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Shunt Reactor market at the global and regional levels. Shunt Reactor market is expected to grow at a CAGR of ~5% between 2021-2027.

Market Overview
Shunt reactors are used to increase the power and energy system efficiency as they absorb and compensate for the reactive power in cables and long high-voltage transmission lines. It can be directly connected to the power line or the tertiary winding of a three-winding transformer. In high-voltage energy transmission systems, shunt reactors are employed to keep the voltage stable during load changes. Traditional shunt reactors have a fixed rating and are either permanently connected to the power line or switched in and out depending on the demand.

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The world's total electricity consumption reached 22,848 TWh in 2019, which is an increase of 1.7% from 2018. Most of the OECD electricity consumption since 1974 was in the residential sector, and in the commercial and public services sector. On the other hand, electricity consumption in the industrial sector has been declining over the years such that as of 2019, all three sectors have a roughly equal share of consumption. Outside the OECD countries, the electricity use is dominated by the industrial sector which represents half of the final electricity consumption. The four largest non-OECD nations in 2019 include India, China, the Russian Federation and Brazil, who together represent 39.8% of the global consumption. China accounts for 49.5% (almost half) of the non-OECD electricity consumption share. Thus, rising energy consumption coupled with investments in power transmission and distribution networks coupled with the growing augmentation and modernization of transmission and distribution networks across the globe, are expected to drive the market

COVID-19 Impact
With industries, schools, offices, and factories closed around the world as a result of the coronavirus pandemic, most countries' energy needs were lower than usual. Even though residential energy consumption increased slightly, overall energy consumption decreased, owing primarily to industrial usage. Many activities were halted during the lockdown, including mobility, economic activity, construction, and manufacturing, resulting in a decline in global energy demand. According to the most recent data from July 2020, peak reduction rates of electricity consumption in France, Germany, Italy, Spain, the United Kingdom, China, and India were more than 10% lower than in the same period in 2019. The weekly energy demand was estimated to be reduced by 9% under limited restrictions and 17% under severe restrictions.

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Shunt Reactor market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Phase, the market is primarily categorized into
• Single Phase
• Three Phase

Based on phase, the shunt reactor market is categorized into Single Phase and Three Phase. Amongst these, the three-phase category is expected to hold a significant share in 2020. A three-phase shunt reactor is generally connected to a high-voltage electrical bus system for capacitive reactive power compensation of the power system and to control dynamic over voltage occurring in the system due to load rejection.

By Type, the market is primarily classified into
• Oil-Immersed
• Air-Core

Based on type, the Shunt Reactor market is classified into Oil-Immersed and Air-Core. Amongst types, the oil-immersed category accounts for the majority share of the market owing to growing energy demand in the industrial sector as well as the launch of new products by major players in the market.

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By Application, the market is primarily bifurcated into
• Variable Shunt Reactor
• Fixed Shunt Reactor

Based on application, the shunt reactor market has been bifurcated into Variable Shunt Reactor and Fixed Shunt Reactor. Of these, variable shunt reactors will witness steady growth during the forecast period. As variable shunt reactors are an economical means to improve voltage stability and power quality under time-varying load conditions.

Shunt Reactor Market Geographical Segmentation Includes:
• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, in 2020, Asia-Pacific dominated the shunt reactor market owing to increasing utilization of shunt reactors for electric utilities and industry vertical applications. Shunt reactors offer high efficiency and are used in places where high voltage and minimal losses are critical parameters. Moreover, surging consumption of electricity in developing countries such as India and China is escalating the adoption of smart grids, coupled with the increasing need to upgrade existing energy and power infrastructure, has positively influenced the market demand for shunt reactors.

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The major players targeting the market includes
• General Electric Company
• Siemens Energy AG
• Hitachi Energy Ltd.
• Hyosung Corporation
• CG Power and Industrial Solutions Limited
• Nissin Electric Co., Ltd.
• Fuji Electric Co.
• TBEA Co. Ltd
• Hyundai Heavy Industries Co. Ltd
• GBE S.p.A

Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts' sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Shunt Reactor market. The leading players have been analysed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Shunt Reactor market?
• Which factors are influencing the Shunt Reactor market over the forecast period?
• What are the global challenges, threats, and risks in the Shunt Reactor market?
• Which factors are propelling and restraining the Shunt Reactor market?
• What are the demanding global regions of the Shunt Reactor market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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