Shunt Reactor Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, UK, Germany, France, Italy, China, India, Japan, Indonesia, South Korea, South Africa, Brazil) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2540
Shunt Reactor Market will grow on account of increasing demand for electricity across the developing economies. Ongoing government measures to electrify off grid areas favored by rapid urbanization will foster the industry growth. Increasing investments toward industrial expansion and addition of HV transmission lines will stimulate the business outlook. In 2017, World Bank invested USD 120 million to electrify rural areas across Mozambique.
The U.S. shunt reactor market is anticipated to expand owing to increasing demand for upgradation and refurbishment of ageing grid infrastructure across the nation. Ongoing deployment of efficient grid support units along with technological advancement in the product design and development will propel the business growth. Increasing infrastructural spending favored by the development of industrial vertical will boost the product adoption.
Favorable regulatory measures pertaining to refurbishments and upgradation of existing transmission network along with accelerating infrastructural spending will foster the shunt reactor market. Increasing concerns pertaining to security of supply favored by large scale deployment of sustainable energy technologies will stimulate the industry growth. Growing power generation capacity owing to increasing energy demand along with growing focus toward grid reliability and minimizing energy losses will propel the product adoption.
Increasing investments toward the development of high voltage transmission network on account of rising peak power demand will boost the dry-type shunt reactor market. Low environmental concerns, reduced weight, shorter lead time, reduced operations & maintenance cost, no related fire hazard and no risk of busing failure are some of prominent features which will propel the product adoption.
Variable shunt reactor market is set to grow on account of their ability to stabilize the voltage through load variations. Increasing use as a flexible unit, reduced carbon footprint, flexibility across future loads and generation patterns and reduced voltage jumps are some of the prominent features which will boost the product adoption. It provides reactive power compensation and steady & smooth voltage control in response to daily load cycles and variations in power generation.
China shunt reactor market is set to witness strong growth owing to increasing demand for electricity along with rapid industrialization and urbanization across the nation. Further, the introduction of government aided programs to provide power across the off-grid areas will stimulate the industry growth. In 2015, China targeted to invest USD 315 billion to improve its power grid infrastructure between 2015 – 2020.
Leading industry players catering across the shunt reactor market includes ABB, Siemens, GE, Crompton Greaves, Hikar, Toshiba, Mitsubishi Electric, Fuji Electric, ELGIN, Trafta, TBEA, Zaporozhtransformator, Trench Group and SEA. The industry players are focusing toward customization and continuous upgradation of technology to enhance the market presence.
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