According to a new market study by Contrive Datum Insights (CDI), the global shunt reactor market is projected to grow significantly in value between 2021 and 2028.
The growth of the shunt reactor market is mainly based on increasing energy demand worldwide. A branching reactor is mainly used to absorb reactive power in mains systems to ensure a safe power supply while maintaining optimal voltage transmission levels. As the need for electricity continues to grow in both the domestic and industrial sectors, shunt reactors will find considerable adoption.
Primary energy consumption, which reached 395 exajoules in 2000, increased to 576 exajoules in 2019 and is expected to multiply in the coming years. Increasing energy consumption is directly shaping the growth of the shunt reactor market, driving demand for products.
Growing awareness of the worrying levels of carbon footprint has been an important feature of the transition to the energy sector towards renewable sources. This is expected to have a positive impact on market development as manufacturers tailor products to the source.
“Due to the decline in energy consumption in the industrial sector due to Covid-19, manufacturers are redirecting their efforts in the domestic sector to get through the pandemic period,” says the CDI analyst.
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Αγορά Shunt Reactor – Key Takeaways
- The global shunt reactor market is projected to advance with an impressive CAGR of 8.6% between 2021 and 2028.
- Among the products, dry air-core reactors are expected to remain highly sought after due to the vegetation of their adoption in research institutes and electrical testing laboratories.
- Based on the phase, the three-phase section will represent most of the market value, while the single-phase branch reactor section will increase in CAGR by 8.9% during the forecast period.
- Based on the application, industrial applications will continue to channel the majority of revenue with the home sector ready for strong growth.
Buying Shunt Reactors – Basic Trends
- Due to rising production costs and components, market players are now focusing on developing affordable but effective products to turn the constraint into growth opportunities.
- The growing demand for modern transmission and distribution networks combined with improvements in energy infrastructure provide lucrative opportunities for market players.
Purchase of Shunt reactors – Peripheral analysis
- North America accounted for 32.6% of market share in 2021 and will remain at the forefront of market growth during the forecast period due to rising primary energy consumption.
- Asia-Pacific, one of the most densely populated areas, is also a prominent regional market for reactors.
- Asia-Pacific is poised to grow exponentially in the coming years, supported by the presence of a thriving industrial sector.
Shunt Reactor Market – Competitive landscape
Some of the most important players in the market include ABB Ltd., Fuji Electronic Co., Ltd., General Electric, Hyosung Corporation, Nissin Electric Co., Ltd., Zaporozhtransformator PJSC, Siemens AG and Toshiba Corporation. Market players focus on launching innovative products to stay competitive.
- In March 2015, ABB developed a new type of capacitor device with high efficiency and minimal heat loss.
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Buy Shunt Reactor – Classification
- Dry air-core type
- Submerged oil
- Single phase
- Three phases
- Shunt reactor fixed
- Variable displacement reactor
- North America
- Latin America
- West Europe
- East Europe
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