The shunt reactor market is expected to grow from an estimated USD 2.56 billion in 2017 to USD 3.19 billion by 2022, registering a CAGR of 4.56% from 2017 to 2022. The global market for shunt reactor is driven by the rising demand for electricity for power generation, and the addition of high voltage transmission networks. Also, upgrading aging technology in the developed nations is expected to drive the shunt reactors market as they are used to stabilize the system voltage during load variations by absorbing excess reactive power generated in the transmission network.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the key players in the shunt reactor market including GE (US), Siemens (Germany), ABB (Switzerland), and Fuji Electric (Japan). Leading players in the shunt reactor industry are trying to penetrate the developing economies in Asia-Pacific region.
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The report segments the shunt reactor market based on its type, which includes oil-immersed and air-core. Based on its end-user, the shunt reactor market is categorized as electric utilities and industrial verticals. Based on application the shunt reactors market has been segmented into variable reactor and fixed reactor.
On the basis of type, the shunt reactor market has been classified into oil-immersed and air-core. The oil-immersed segment is expected to grow at the fastest rate during the forecast period. Oil-immersed shunt reactors are usually utilized for systems with a voltage profile of 72.5 kV and above and are connected directly to the high-voltage busbar/transmission network. The North American and European markets are expected to witness a decent demand for oil-immersed shunt reactors.
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On the basis of end-user, the shunt reactor market has been classified into electrical utilities and industrial verticals. The electrical utilities segment dominated the global shunt reactor market in 2016. The growth is attributed to the growing industrialization and urbanization in emerging countries across the globe, increase in investments in the T&D infrastructure, and augmentation and modernization of the T&D network.
Asia Pacific is currently the largest market for shunt reactors, followed by North America and Europe. China accounted for a majority share in the Asia Pacific region and is projected to grow at the highest CAGR from 2017 to 2022. In developing countries such as China and India, factors such as strong growth in the demand for electricity fueled by high levels of urbanization, industrialization, infrastructural developments, and subsequent investments in developing T&D networks, would spur the demand for shunt reactors.
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The demand for shunt reactors can be directly linked to the development of T&D networks. However, developing alternative technologies such as FACTS (Flexible AC Transmission System) and HVDC systems act as a restraint to shunt reactors. Conventional methods of grid stabilization using devices such as capacitors have their limitations in terms of effective performance. Hence, efficient technologies such as FACTS and HVDC systems are becoming popular.
Leading players in the shunt reactor market include GE (US), Siemens (Germany), ABB (Switzerland), and Fuji Electric (Japan). Contracts & agreements was the most commonly used strategy by top players in the market
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