Global Shunt Reactor Market is valued at approximately USD 2.43 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.4% over the forecast period 2022-2029. Shunt reactors boost the effectiveness of electrical and energy systems by absorbing and offsetting reactive power in wires and lengthy high-voltage transmission lines. The tertiary winding of a three-winding transformer or the power line is used to link them. These reactors are generally used for reactive power compensation. The market growth is primarily driven by the factors such as surging demand for electricity, increasing upgradation of aging technology in developed nations, coupled with high voltage transmission lines addition.
The rapid augmentation and modernization of transmission and distribution networks is acting a key driving factor for the market growth around the world. Shunt reactor demand is anticipated to increase as a result of the increasing number of transmission line expansion and modernization projects being undertaken globally. These reactors make up for the reactive power generated when a sudden drop in load occurs because of system failures. Most nations, including the United States, India, China, and Germany, are working to update and modernize their deteriorating transmission and distribution network. For instance, the U.S. Department of Energy (DOE) announced the "Building a Better Grid" initiative in January 2022 to spur the nationwide development of novel high-capacity transmission lines. The DOE identifies crucial national transmission requirements as part of this initiative, and it offers funds for the construction of high-voltage transmission facilities. Thus, these aforementioned factors are propelling market growth at a substantial rate. Moreover, the flourishing growth of the renewable energy sector, as well as the increasing adopting of smart grid technology are presenting various lucrative opportunities over the forecasting years. However, the development of alternate technologies and low-quality products are challenging the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Shunt Reactor Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the rise in electricity production and growing investment in renewable energy, along with the presence of largest producer and consumer of electricity. Whereas, Europe is expected to grow with a significant CAGR during the forecast period, owing to factors such as rising focus on power generation, as well as increase in the grid infrastructure development in the market space.
Major market players included in this report are:
Toshiba Corporation (Japan)
CG Power and Industrial Solutions Limited (India)
Hitachi Energy (Switzerland)
Hyosung Corporation (Korea)
Nissin Electric Co Ltd (Japan)
Fuji Electric Co., Ltd. (Japan)
GBE SpA (Italy)
Recent Developments in the Market:
In January 2022, Siemens Energy-owned Trench Group introduced a 500kV Dry-Type Reactor. The company stated that it is the first 500 kV dry-type reactor globally and also claims to have the technology required for manufacturing high-voltage dry-type reactors with a voltage of up to 550 kV.
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 country's largest state-owned transmission company. Rajasthan receives these transformers and reactors in order to evacuate 8.1 gigawatts (GW) of electricity from the state's solar energy zones.
Global Shunt Reactor Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product, Type, End-user, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
Rest of the World