Shunt Reactor Market Analysis
The Global Shunt Reactor Market Size will grow at 5% CAGR during the forecast period 2022-2030
COVID-19 Analysis
The COVID-19 pandemic has a drastic effect on the worldwide economy. The power industry faced a lot of challenges during the crisis. In this period, the demand from every vertical like industrial, commercial, and residential sectors have been affected. Besides, the reduction in the energy demand is another challenge for the market. The fall in demand is owing to the lockdowns in several regions. Irrespective of such dislocations, economic activity has started to pick up gradually with the ease in lockdown measures and improvement in mobility. This will boost the demand for electricity from the commercial and industrial sectors that will in turn boost the shunt reactor market share in the years ahead.
Market Segmentation
The global shunt reactor market is bifurcated based on type, application, and end use.
By type, the oil-immersed reactors will lead the market over the forecast period for the increase in the T&D infrastructure.
By application, the shunt reactor market is classified into fixed and variable.
By end use, the electric utilities will dominate the market over the forecast period. The demand for electricity is rising as various developing nations are engaged in expanding their power generation capacity to offer electricity.
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Regional Analysis
APAC to Spearhead Shunt Reactor Market
The APAC region will spearhead the shunt reactor market over the forecast period. Growing investments, increasing demand for shunt reactors, increasing innovation, the high dependence on electrical networks in the industry, increasing adoption in China, growing investments in utilities, improved grid reliability, rising investments in renewable resources, and the addition of high voltage transmission networks are adding to the global shunt reactor market growth in the region. Besides, the government initiatives, rising innovations, government schemes for strengthening the grid infrastructure, Indian government extensively investing to expand the national grid to offer electricity supply at a larger scale, and the addition of high voltage transmission network are also adding market growth.
The global shunt reactor market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
Drivers
Growing Energy Demand to Boost Market Growth
The growing energy demand will boost market growth over the forecast period. There is a rising need for effective power systems for ensuring uninterrupted power supply. The global energy demand is growing at an accelerating pace hence power sector companies and governments are laying emphasis to improve the constant power supply need. They are making more investments in the up-gradation into modern power systems from traditional power that is boosting market growth.
Opportunities
Rising Prevalence of Voltage Fluctuations to offer Robust Opportunities
The rising prevalence of voltage fluctuations has increased the requirement for robust protection solutions that in turn is triggering a surge of investment efforts that is geared towards the up-gradation of transmission and distribution networks which also includes the adoption of high-performance shunt reactors. This will offer robust opportunities for the market over the forecast period.
Restraints
Development of Alternate Technologies
The introduction and development of alternate technologies like FACTS and HVDC systems may act as a market restraint over the forecast period.
Challenges
Lack of Implementation of Government Policies to act as Market Challenge
The lack of implementation of government policies may impede the global shunt reactor market value over the forecast period.
Industry Updates
NTDC (National Transmission and Despatch Company) has recently announced the installation of shunt reactors on the 152km long 500 kilovolt Dadu-Jamshoro transmission line for improving power system stability. This newly installed shunt reactor will help in controlling the power system voltages more effectively and will also improve the power system stability overall on the NTDC network.
Key Players
Eminent industry players profiled in the global shunt reactor market report include
Zaporozhtransformator (Ukraine), ABB Limited (Switzerland), Alstom (France), Siemens AG (Germany), Crompton Greaves (India), Tebian Electric Apparatus Stock Company Ltd. (China), Hyundai Heavy Industries (Korea), Fuji Electric (Japan), Mitsubishi Electric Corporation (Japan), and Toshiba (Japan), and others.