According to a recent market report published by Future Market Insights titled, “Shunt Reactor Market: Global Industry Trend Analysis and Opportunity Assessment, 2016–2026” the global shunt reactor market was valued at US$ 1,996.9 Mn in 2015, and is expected to register a CAGR of 8.6% from 2016 to 2026. Emergence of micro grids and interconnection of local and regional grids are the major factors expected to drive the growth of the global market for shunt reactor.
Shunt reactors are mainly used in electrical networks to control and stabilize voltage fluctuations along the distribution line and absorb the reactive power. Shunt reactors can also be used in simple AC lines as these lines generate more than 20 times the reactive power than the overhead lines. Shunt reactors are mainly used by the power supply companies operating within a specified region.
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Emergence of IoT and smart grid projects is expected to play a crucial role in the growth of the global shunt reactor market. Deployment of new technology platform-enabled infrastructure has resulted in development of smart grids, especially in developed countries. Also, governments across the world are particularly investing in infrastructure projects, in order to increase their economic growth. Energy-related projects are the essential part of infrastructure, hence increasing number of infrastructure-related projects is consequently expected to drive the growth of the global shunt reactor market.
The governments across the world are focusing on renewable energy projects, as they are environment friendly and can provide long-term sustainable solutions. Under the global energy efficiency programs, most of the governments across the globe have initiated regulations, policies and plans to set up energy plants to harness renewable sources of energy, such as wind and solar. This is placing new demand for transmission and distribution networks. The global shunt reactor market is witnessing cascading effects of these developments.
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The shunt reactor market is classified on the basis of product, phase, rating, application, and region. On the basis of product, the shunt reactor market is segmented into air-core dry type and oil immersed. Air-core dry sub-segment is projected to register a CAGRs of 9.2% and 7.6%, in terms of value and volume, respectively, during the forecast period. The single phase shunt reactors segment is expected to register value and volume CAGRs of 8.9% and 7.4%, respectively, during the forecast period. In terms of value and volume, the three phase shunt reactors was the dominant segment in the global shunt reactor market in 2015.
On the basis of rating, the shunt reactor market is segmented into fixed shunt reactor and variable shunt reactor. The fixed shunt reactor sub-segment accounted a high value share of 81.3% in 2016. The variable shunt reactor sub-segment is expected to register a healthy CAGR of 10.1% and 8.5%, in terms of value and volume, respectively, during the forecast period.
On the basis of application, the shunt reactor market is segmented into residential and industrial. The industrial sub-segment accounted a high value share of 65.0% in 2016.
This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the potential of the shunt reactor market in regions including North America, Western Europe, Eastern Europe, Latin America, Asia Pacific excluding Japan, Japan and Middle East and Africa. Among these regions, North America shunt reactor market accounted a large share in the global shunt reactor market 2015. APEJ shunt reactor market is expected to register a healthy CAGR of 10.4% and 8.4%, in terms of value and volume, respectively, during the forecast period.
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Examples of some of the key competitors operating in the global shunt reactor market are ABB Ltd., Fuji Electronic Co., Ltd., General Electric, Hyosung Corporation, Nissin Electric Co., Ltd., Zaporozhtransformator PJSC, Siemens AG, and Toshiba Corporation.