According to a recent analysis by Future industry Insights (FMI), the global energy demand is linearly correlated with the growth of the shunt reactor industry. In 2019, the world consumed 576 exajoules of primary energy, with China, the US, and India leading the way. Aware of its growing carbon footprint, the industrial sector is rapidly investing in renewable energy, which, according to the report, accounted for around 40% of the global increase in primary energy in 2019.
According to the FMI analysis, in order to meet the demands for power quality and voltage stability with grid integration of renewable energy sources, market players must innovate shunt reactors.
Shunt Reactor Market Size Study
- Air-core dry type shunt reactors to witness greater traction through 2030
- Adoption of variable shunt reactors (VSR) to accelerate in near future
- High demand for shunt reactors to come from industrial sector over following decade
- Single phase shunt reactors to gain momentum
- Market players to turn to Asia Pacific excluding Japan (APEJ) for potential growth avenues
COVID-19 Impact on Shunt Reactor Market
The global demand for shunt reactors has been severely affected as over half of the global population is following stay-at-home orders, resulting in steep collapse in electricity consumption.
The International Energy Agency (IEA) reveals that consumption generally dropped by up till 20% for every month nationwide lockdowns continued. Usage in China – the first country to enact lockdown – fell by 6.5% during Q1 2020.
Countries such as India, the US, France, and the UK witnessed demand fall by at least 15% during lockdowns, while electricity demand in Italy – during peak of COVID-19 outbreak – fell down by about 75% at times.
Although residential demand has scaled by up till 40% as customers are working from home, the upsurge is nowhere close to reversing the impacts of shutting down businesses, particularly in service sector.
Realizing depressed electricity demand, priority access to grids, and low operating expenses, several countries are turning to renewables. In the US, natural gas continues to lead the pack, followed by renewable, having outshone the contribution of coal-based power generation projects.
Share of renewables in India continue to rise in power mix, and the gap between coal and renewables has narrowed down during lockdown timeframe. In China, renewables are maintaining greater share in power mix after relaxation of lockdown measures. These trends will create fertile breeding for shunt reactor manufacturers in coming years.
Shunt Reactor Market – Competitive Intelligence
The global shunt reactor market is highly competitive, as leading players are striving to capture value at stake. Manufacturers are focusing on designing innovative solutions to serve diverse applications. For instance,
- Trench Group develops air-core shunt reactors that stretch from small kVAr units for use cases including, limiting capacitor bank inrush, to large power reactors for myriads of use case including, shunt reactors that are over 100 MVAr per coil.
- Zaporozhtransformator PJSC is developing magnetically controlled shunt reactors (MCSR) in order to implement flexible AC transmission systems (FACTS) projects.
- Siemens AG has developed 100 MVAr variable shunt reactor for HOPS to address the challenges of excess reactive power regulation and high transmission voltages.
To Know More About Shunt Reactor Market:
A new market research report published by Future Market Insights (FMI) on the global shunt reactor market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the shunt reactor market through five different segments – product, phase, rating, application and region. The shunt reactor market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of shunt reactor and product adoption across several end-use industries.
Key Segments
Product
- Air-core dry Type
- Oil Immersed
Phase
- Single Phase
- Three Phase
Rating
- Fixed Shunt Reactor
- Variable Shunt Reactor
Application
- Residential
- Industrial
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa (MEA)
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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