Dallas, TX -- (SBWire) -- 02/03/2020 --A shunt reactor is a part of electrical equipment which is as an absorber of reactive power to improve energy efficiency of the system. It is identified as highly compressed device in long high-voltage cable systems and transmission lines which is used for reactive power compensation. These are used in transmission networks to consume the additional reactive power produced by overhead lines while low-load conditions and afterwards stabilize the system voltage. The key drivers of shunt reactors across the globe includes growing energy demand, growing investments on power transmission & distribution network, addition of high transmission lines and establishment of renewable energy plants.
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Factors that are boosting the Global Shunt Reactor Market growth includes increasing energy demand, urging investments on power transmission & distribution network and addition of high transmission lines and establishment of renewable energy plants. The major restraining factor for the market include fluctuation in the prices of raw materials used for manufacturing shunt reactors including steel sheets, radiators, gauge devices, copper conductors, capillary tubes, silica gel, and others are restricting the market from growing. Also, the growing demand for alternative technologies such as FACTS (Flexible AC Transmission System) and HVDC systems are expected to hinder the growth of shunt reactors in the coming years. The active development of smart grids and growing electricity demand in developing and underdeveloped countries will provide multiple opportunities to shunt reactor vendors in near future.
In the forthcoming years, shunt reactor market will grow at a healthy rate. Eyeing the environmental concerns, use of cables is increased in off-shore wind parks and overhead lines. However, cables generate reactive power than overhead lines, which necessitates use of shunt reactor for transmittiong active power in the grid. Besides, the demand for shunt reactors in remote villages (located close to the sub-station) is high, without the need for a high voltage step down transformer.
In addition to the aforementioned factors, even government plays vital role in the growth of shunt reactor market. They are focusing on renewable energy projects as they provide long-term sustainable and environment-friendly solutions. Government has initiated various efficiency programs to meet international regulations by setting up new energy plants that harness renewable sources of energy like wind and solar.
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Global Shunt Reactor Market can be split on the basis of product type, end users, key regions and competitive landscapes. On the basis of product type market can be segmented into Electrical Utilities and Industrial Verticals. Furthermore on the basis of end user market can be divided into Oil-immersed Shunt Reactor and Air-Core Dry Shunt Reactor.
Looping on the basis of Geographical regions, major countries or regions which have good market are North America, Asia-pacific, Europe, Middle East & Africa and South America. North America holds the highest rank in Global Shunt Reactor Market revenue share. Due to smart and intelligent technology and rising adoption rate in this region North America holds highest market share. In terms of the development North America is one of the leading region among any other region worldwide. For instance, Brazil being Latin America's largest renewable energy market is expected to generate its one-third of electricity from photovoltaic sources by 2040. Government has a significant role in the Brazilian electricity sector as Eletrobrás holds nearly one-third of total installed capacity. Besides, Brazil's transmission lines are largely state owned, with Operador Nacional do Sistema Elétrico (ONS) being a nationwide operator.
There are several key players which are presently functioning in this sector. The market is highly competitive and dominated by companies. Some of the major companies are ABB Ltd, Siemens AG, CG Power, Mitsubishi Electric Power Products, Inc., Fuji Electric Co., Ltd., TBEA Co., Ltd, General Electric Company, HICO America, Zaporozhtransformator, Nissin Electric Co., Ltd, and others.
Segment Overview of Global Shunt Reactor Market
Type Overview:
- Oil-immersed Shunt Reactor
- Air-Core Dry Shunt Reactor
End-user Overview:
- Electrical Utilities
- Industrial Verticals
Regional Overview:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Rest of Europe
- Asia Pacific
- India
- Japan
- China
- Rest of APAC
- South America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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