Shunt Reactor Market Analysis Showcases Growth Trends and Opportunity Forecasted Until 2016-2026
A shunt reactor is an electrical device mainly used to absorb reactive power in an electrical power grid system. In a power transmission and distribution system, the voltage at the receiving end of electrical power is more than that at the origin or less than the voltage at origin due to long transmission distances, this difference in voltage is called reactive power. Shunt reactors are mainly installed at transmission line terminals or in the center of transmission lines in parallel configuration.
[USPRwire, Tue Jul 02 2019] A shunt reactor is an electrical device mainly used to absorb reactive power in an electrical power grid system. In a power transmission and distribution system, the voltage at the receiving end of electrical power is more than that at the origin or less than the voltage at origin due to long transmission distances, this difference in voltage is called reactive power. Shunt reactors are mainly installed at transmission line terminals or in the center of transmission lines in parallel configuration. This layout of installation of shunt reactors in the power grid system absorbs reactive power, minimises distribution losses and regulates voltage throughout the transmission system. Global sales of shunt reactors was valued at US$ 1,996.9 Mn in 2015, and is projected to increase 2.4X by the end of 2026 to be valued at U7$ 4,864.7 Mn. Global sales revenue is expected to register a CAGR of 8.6% over the forecast period.
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Key driving factors identified in the global Shunt Reactor Market include expanding electrical distribution network on the backdrop of continually increasing demand for electricity, refurbishment of ageing coal-fired plants and ageing power infrastructure in developed economies, and emergence of microgrids and interconnection of local and regional grids. However, increasing product life and component costs can inhibit new product sales to some extent and act as a restraint in the global shunt reactor market.
By Voltage Range
- Less than 200 KV
- 200-400 KV
- Greater than 400 KV
- Air-core Dry Type
- Oil Immersed
- Single Phase
- Three Phase
- Fixed Shunt Reactor
- Variable Shunt Reactor
- North America
- Latin America
- Eastern Europe
- Western Europe
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The oil-immersed shunt reactor segment accounted for 64.8% share of the global shunt reactor market in 2015. This segment is projected to remain dominant over the forecast period, with increasing Y-o-Y growth of 6.7% to 8.9% from 2016 to 2026.
In terms of value and volume, the three phase shunt reactor segment dominated the global shunt reactor market in 2015. The segment is estimated to account for 58.3% market value share by the end of 2016. The segment is projected to remain dominant over the forecast period, with increasing Y-o-Y growth of 6.7% to 9.1% from 2016 to 2026. Increasing number of industrial establishments and growing demand for three phase electricity in manufacturing and assembling facilities are expected to play a major role in the growth of this segment. In terms of revenue growth, the single phase shunt reactor segment is projected to expand at a significantly higher rate than that of the three phase shunt reactor segment in the global shunt reactor market over the forecast period due to expanding electricity transmission and distribution to meet the demand for residential purposes across the globe.
From a regional perspective, North America is estimated to account for the highest market value share of 32.4% in 2016. Sales revenue of shunt reactors in APEJ and Latin America is estimated to account for second (24.9%) and third largest shares (16.7%) respectively by 2016 end. Consumption of shunt reactors in APEJ is projected to grow at a higher Y-o-Y growth rate due to expanding power generation and distribution infrastructure to meet the increasing electrical energy demand majorly from industries based in China and India.
ABB Ltd., General Electric (ALSTOM), Fuji Electric Co. Ltd., Toshiba Corporation, Siemens AG, Zaporozhtransformator PJSC, Nissin Electric Co. Ltd, and Hyosung Corporation are some of the leading companies operating in the global shunt reactor market. Strategic investments and acquisitions to strengthen revenue generation, geographic expansion through organic growth, and new product development and product support technologies are some of the strategies adopted by key market players to expand their market share.
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