The shunt reactor market is expected to grow at a double-digit CAGR. The Covid-19 crisis caused a slight slowdown in global sales of shunt reactors because all factories were shut down and only necessities were permitted. North America is expected to dominate the global shunt reactor market through 2030. Until 2030,
Since the lockdown was lifted in order to improve economic conditions, the manufacturing industry has been working hard to gain traction and attract customers around the world in 2021 through innovative launches and technological advancements.
According to the FMI report, market participants must innovate shunt reactors to meet the needs for power quality and voltage stability with renewable energy grid integration. Although residential demand has increased by up to 40% as more people work from home, the increase falls far short of reversing the effects of business closures, especially in the service sector.
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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
“The networks for distributing and transmitting electrical energy is confronting new demands owing to changes in load structure and power generation. Both environmental and commercial drivers are contributing to this demand, so does power quality. As complexity of these systems is scaling up, adoption of shunt reactors is surging as they are reliable and cost-effective solution,” says analyst at FMI.
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.
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.
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Shunt Reactor Market 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)
