Knowledge Sourcing Intelligence announces the publication of a new report on “Global Shunt Reactor Market - Forecasts from2020 to 2025" to their offering.
Shunt reactor is used to increase the efficiency of power and energy system by absorbing and compensating the reactive power in cables and long high-voltage transmission lines. Shunt reactor is same as power transformer, but the former has only one winding per phase as compared to the latter which has three windings per phase.
According to the report, the Global Shunt Reactor Market is projected to increase at a CAGR of 5.11% in the coming years.
Rising investments in modernization of transmission and distribution networks worldwide
Growing global electricity consumption is pressuring utility companies to modernize and upgrade transmission and distribution networks. With the usage of electricity rising continuously, incidences of power cuts and blackout are also rising due to high load and aging equipment. This, in turn, is fuelling the demand for shunt reactors so as to meet this eve-growing energy demand thereby, driving the global market growth. Growing focus on renewable energy is further encouraging investments in transmission and distribution network upgradation in order to make them compatible with renewable sources. This is also bolstering the global shunt reactor market growth. Another factor that will support the growing demand for shunt reactors is the emergence of IoT and smart grid projects around the world. Supportive government policies and initiatives to ramp up the adoption of renewable energy owing to the set target related to environmental sustainability across different regions/countries will continue to propel the global market growth of shunt reactor during the forecast period.
By construction, the global shunt reactor market is segmented as dry type and oil immersed. The market is also classified by phase design as single phase and three phase. The global shunt reactor market is segmented by end-user industry as energy & power, manufacturing, and others.
By geography, the global shunt reactor market is segmented as North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for the significant share in the global shunt reactor market in 2019 on account of rising investments in the upgradation of electricity transmission infrastructure and distribution networks. The presence of major market players such as ABB, Siemens, and General Electric also contributes to the growth of the North American regional market. Developed countries like the United States are increasingly are taking up large scale projects related to the modernization of their outdated and inadequate power supply networks, thus positively impacting the market growth of shunt reactors. Europe is also expected to holds a considerable market share during the forecast period owing to the high investments in renewable energy projects, especially wind energy across various European countries. Asia Pacific (APA) shunt reactor market is projected to witness a substantial compound annual growth rate during the forecast period owing to the rising urbanization and growing demand for electricity across APAC countries. Rising investments in smart grid projects in APAC countries will further fuel the demand for shunt reactors, thus driving the regional market growth during the next five years. For example, in Malaysia, Tenaga Nasional Bhd (TNB) secured $480 million capital allocation in 2018, to invest in its transmission and distribution grid until 2020.
The major players covered as part of the report are Siemens Energy, ABB, General Electric, Fuji Electric Co., Ltd., NISSIN ELECTRIC Co.,Ltd., Mitsubishi Electric Corporation, Toshiba Energy Systems & Solutions Corporation, HYOSUNG HEAVY INDUSTRIES, Alstom, and HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-shunt-reactor-market
This report has segmented the Global Shunt Reactor marketon the basis following terms: