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Shunt Reactor Market Experience Some Large Growth In Near Future
Shunt reactors play a crucial role in enhancing the efficiency of electrical and energy systems by absorbing and compensating reactive power in long high-voltage transmission lines and wires. They are commonly used for reactive power compensation.
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The market growth is primarily driven by several factors. Firstly, there is a surging demand for electricity worldwide, which necessitates the expansion and modernization of transmission and distribution networks.
Many developed nations are upgrading their aging technology and adding high-voltage transmission lines, leading to an increased demand for shunt reactors. For example, countries like the United States, India, China, and Germany are actively modernizing their transmission and distribution networks.
Additionally, the rapid growth and modernization of transmission and distribution networks globally are key drivers for the market. The increasing number of transmission line expansion and modernization projects worldwide is expected to drive the demand for shunt reactors. These reactors compensate for reactive power generated during sudden load drops caused by system failures.
Governments and organizations are investing in upgrading and improving their deteriorating transmission and distribution networks. For instance, the U.S. Department of Energy launched the "Building a Better Grid" initiative in 2022 to support the development of high-capacity transmission lines and provide funds for constructing high-voltage transmission facilities.
Furthermore, the flourishing growth of the renewable energy sector and the adoption of smart grid technology present lucrative opportunities for the shunt reactor market in the coming years.
However, the market also faces challenges, such as the development of alternate technologies and the availability of low-quality products, which can hinder market growth throughout the forecast period.
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In terms of regional analysis, Asia Pacific currently dominates the shunt reactor market in terms of revenue. This is attributed to the increasing electricity production, investments in renewable energy, and the region's status as the largest producer and consumer of electricity. Europe is expected to exhibit significant growth during the forecast period due to a focus on power generation and the development of grid infrastructure.
The major players in the global shunt reactor market include GE, Siemens, Toshiba Corporation, CG Power and Industrial Solutions Limited, Hitachi Energy, Hyosung Corporation, ABB, Nissin Electric Co Ltd, Fuji Electric Co., Ltd., and GBE SpA.
Recent developments in the market include Siemens Energy-owned Trench Group introducing a 500kV Dry-Type Reactor in January 2022, claiming it to be the first of its kind globally.
In July 2021, Grid Solutions, a division of GE Renewable Energy, announced a deal to deliver 13 units of 765 kV transformers and 32 units of 765 kV reactors to Power Grid Corporation of India Limited (PGCIL).
The Global Shunt Reactor Market Report provides a comprehensive analysis of market trends, revenue forecasts, company rankings, competitive landscape, growth factors, and regional segments. The report covers various segments such as product (fixed and variable), type (oil-immersed and air core), end-user (electric utility and renewable energy), and regions including North America, Europe, Asia Pacific, Latin America, and the Rest of the World. The report offers customization options for buyers to tailor the report according to their specific requirements.
The global Smart market report answers questions such as:
• What is the market size and forecast of the Global Smart airport Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Smart airport Market during the assessment period?
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• What is the competitive strategic window for opportunities in the Global Smart airport Market?
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