Due to Ongoing Modernization of Transmission & Distribution Networks – Asia Pacific to Witness Significant Growth in the Shunt Reactor Market

Shunt Reactor market is expected witness a CAGR of around 5% during the forecast period (2021-2027). The Shunt Reactor market has captured significant market demand and is expected to grow at an influential rate in the forecasted period as well. It is mainly due to increasing digitization and a rise in the population. Moreover, the government is investing in expanding its existing electricity transmission and distribution systems to cater to the rising electricity demand due to rapid urbanization and industrialization. Furthermore, a rise in average electricity consumption is anticipated to account for steady growth in the shunt reactor market. In addition, increasing consumption of electricity and a growing emphasis on renewable electricity generation are the key factors driving the market’s growth. In addition, major players in the market are continuously testing and launching shunt reactors suitable for renewable energy power plants.

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Manufacturing consumes the most energy per year in the industrial sector, followed by mining, construction, and agriculture. Mining involves the extraction of minerals as well as non-mineral products such as stone and gravel, coal, oil, and natural gas. Farming, fishing, and forestry are all examples of agriculture. Manufacturing is the transformation of materials or substances into new products through physical, mechanical, or chemical means. Chemicals, petroleum, coal products, paper, primary metals, food, and non-metallic mineral products consumed 16.9 quadrillion Btu in 2018, accounting for 87 percent of total manufacturing energy consumption. Petroleum, chemicals and coal products, and paper were the three largest manufacturing subsectors in 2018, accounting for nearly 70% of total manufacturing energy consumption.

With industries, schools, offices, and factories closed across the globe as a result of the coronavirus pandemic, the energy requirements of most countries fell lower than usual. Even though residential energy consumption grew slightly, there was a decline in the overall energy consumption, especially due to industrial usage. During the lockdown, there was curtailment of many activities, e.g. mobility, economic activity, construction and manufacturing, which has dropped the global energy demand. The latest data from July 2020 shows that, as compared to the same period in 2019, the peak reduction rates of electricity consumption in France, Germany, Italy, Spain, the U.K., China, and India were more than 10%. The weekly energy demand was estimated to be cut by approximately 9% under limited restriction, 17% under partial lockdown, and approximately 24% under full lockdown. However, the market has witnessed positive growth since the opening of the lockdown.

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Based on phase, the shunt reactor market is categorized into Single Phase and Three Phase. Amongst these, the three-phase category is expected to hold a significant share in 2020. A three-phase shunt reactor is generally connected to a high-voltage electrical bus system for capacitive reactive power compensation of the power system and to control dynamic over voltage occurring in the system due to load rejection.

Based on type, the Shunt Reactor market is classified into Oil-Immersed and Air-Core. Amongst types, the oil-immersed category accounts for the majority share of the market owing to growing energy demand in the industrial sector as well as the launch of new products by major players in the market.

Based on voltage, the Shunt Reactor market is bifurcated into three segments: up to 200 KV, 200-400 KV, and above 400 KV. In 2020, the above 400 KV category accounted for a considerable share of the market. Moreover, growing requirements for protection solutions against sudden voltage spikes and investments into upgrading existing transmission and distribution networks are also augmenting the demand for high voltage shunt reactors.

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For a better understanding of the market adoption of Shunt Reactor Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the shunt reactor market on account of increasing utilization of shunt reactors for electric utilities and industry vertical applications. Shunt reactors offer high efficiency and are used in places where high voltage and minimal losses are critical parameters. Moreover, surging consumption of electricity in developing countries such as India and China is escalating the adoption of smart grids, coupled with the increasing need to upgrade existing energy and power infrastructure, has positively influenced the market demand for shunt reactors.

Some of the major players operating in the market include General Electric Company, Siemens Energy AG, Hitachi Energy Ltd., Hyosung Corporation, CG Power and Industrial Solutions Limited, Nissin Electric Co. Ltd., Fuji Electric Co., TBEA Co. Ltd., Hyundai Heavy Industries Co. Ltd., and GBE S.p.A. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Shunt Reactor Market Segmentation

Market Insight, by Phase

• Single Phase
• Three Phase

Market Insight, by Type

• Oil-Immersed
• Air-Core

Market Insight, by Voltage

• Upto 200 Kv
• 200-400 Kv
• Above 400 Kv

Market Insight, by End-User

• Electric Utilities
• Industrial Verticals

Market Insight, by Application

• Variable Shunt Reactor
• Fixed Shunt Reactor

Market Insight, by Region

• North America Shunt Reactor Market
  • United States
  • Canada
  • Rest of North America
• Europe Shunt Reactor Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific Shunt Reactor Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Shunt Reactor Market

Top Company Profiles

• General Electric Company
• Siemens Energy AG
• Hitachi Energy Ltd.
• Hyosung Corporation
• CG Power and Industrial Solutions Limited
• Nissin Electric Co., Ltd.
• Fuji Electric Co.
• TBEA Co. Ltd
• Hyundai Heavy Industries Co. Ltd
• GBE S.p.A