Shunt Reactor Market is expected to be valued at $ 4,864.7 million by 2026
NEW YORK, May 23, 2017 /PRNewswire/ -- Highlights
· 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.
· 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.
· 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.
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.
Increasing demand for electricity is fuelling the growth of the global shunt reactor market
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.
Market Segmentation
By Voltage Range
By Product
By Phase
By Rating
By Application
By Region
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
Residential
Industrial
North America
Latin America
Eastern Europe
Western Europe
APEJ
Japan
MEA
Oil-immersed shunt reactor segment to exhibit a strong growth
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.
Three phase shunt reactor segment expected to remain dominant over the forecast period
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.
Global shunt reactor market to exhibit a strong growth in developing economies like China and India
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.
shunt reactor market
Geographic expansion and strategic investments are some of the key strategies adopted by prominent market players in the global shunt reactor market
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