According to the new market research report Shunt Reactor Market by Type (Oil-Immersed and Air-Core), Application (Variable Reactors and Fixed Reactors), End-User (Electrical Utilities and Industrial Verticals), and Region (North America, Europe, Asia Pacific, and South America) – Global Forecast to 2022, The shunt reactor marketis 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.
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Variable shunt reactors are used in high voltage energy transmission systems to stabilize the voltage during load variations. Variable reactors are advanced form of shunt reactors and preferred over traditional reactors. Variable shunt reactors reduce voltage jumps resulting from switching in and out and to improve interaction with other transmission equipment. Also, variable reactors provide benefits to stabilize the voltage of systems. These factors along with increase in investment for T&D infrastructure will propel the demand for variable 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.
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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 About MarketsandMarkets™
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