Shunt reactors are used to increase the power and energy system efficiency
as they absorb and compensate for the reactive power in cables and long
high-voltage transmission lines. It can be directly connected to the power line
or the tertiary winding of a three-winding transformer. In high-voltage energy
transmission systems, shunt reactors are employed to keep the voltage stable
during load changes. Traditional shunt reactors have a fixed rating and are
either permanently connected to the power line or switched in and out depending
on the demand.
Thus, rising investments in power transmission and distribution networks
coupled with the growing augmentation and modernization of transmission and
distribution networks across the globe, are expected to drive the market. For
instance, to meet the demand of China’s cities and industrial zones for
electricity, the State Grid Corporation of China (SGCC) is building 12
electricity transmission lines linking the coal production and hydropower
centers for a project valued at US$ 33.7 billion. According to China’s state
grid company, the line can transmit up to 12 gigawatts, which is enough to
power 50 million Chinese households.
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Most industries purchase their electricity from electric utilities or
independent producers. Additionally, some industrial facilities also generate
their own electricity that they produce and/or the residues from their
industrial processes. For examples, many paper mills have combined heat and
power plants, which may burn purchased natural gas or coal and black liquor,
which is produced in their mills to generate process heat and to generate
electricity. Some manufacturers also produce electricity from solar
photovoltaic systems, which are located on their properties. Some industries
also sell some of the extra electricity, which they generate. Industries
consume more fuel than any other sector, in 2017, this amounted to 149 million
terajoules of energy. About 20% of that energy consisted of electricity.
According to ‘UnivDatos Market Insights (UMI)’ research
report “Shunt Reactor
Market Analysis, 2020”, the Shunt Reactor market
is projected to grow at a CAGR of ~5% during 2021-27F. Growth in urbanization
and industrialization in developing countries is one of the prominent reasons,
which is driving the market of the Shunt Reactor. For Instance: The world’s
total electricity consumption reached 22,848 TWh in 2019, which is an increase
of 1.7% from 2018.
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.
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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.
On the basis of End-User, the market is categorized into
electric utilities and industrial verticals. During the forecast period, the
electric utilities category will hold a dominant position in the market. The
demand for electricity is increasing as various developing nations are engaged
in expanding their power generation capacity, due to the continuous rise in
population and urbanization rate. Thus, the electric utilities category is
expected to witness tremendous growth during the forecast period.
Very Low Output (Up to 500 W) Segment to Witness Robust growth
Asia Pacific to Grab Lion’s Share, and witnessed Explicit Growth
Based on the Region, in 2020, Asia-Pacific dominated the shunt reactor
market owing to 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. Asia Pacific is
expected to skyrocket with a CAGR of X% in the forecast period owing, as stated
in UnivDatos Market Insights (UMI)’ research report “Shunt Reactor
Market Analysis, 2020”.
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According to UnivDatos Market Insights (UMI)’, the key
players with a considerable market share in the Shunt Reactor Market are
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., among others. The players are focused on partnerships and
colaborations with major power generation companies expanding their
geographical reach to get a competitive edge in the industry.
- In June 2020 - Siemens Energy AG announced that Danish customer
Semco Maritime has tapped it to provide the main electrical equipment for the
electrical service platform (ESP) for the offshore wind project, Mayflower
Wind LLC. The 1.6-GW project is situated in a central lease area near
Massachusetts, United States. Siemen aims to supply components for Semco
Maritime by 2022, and the contract includes delivery of three 275 kV / 265
MVAr shunt reactors.
“Shunt Reactor Market Analysis, 2020” provides
comprehensive qualitative and quantitative insights on the industry potential,
key factors impacting sales and purchase decisions, hotspots, and opportunities
available for Shunt Reactor providers across the Globe. Moreover, the report
also encompasses the key strategic imperatives for success for competitors
along with strategic factorial indexing measuring competitor's capabilities on
16 parameters. This will help companies in the formulation of go to Market
Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Phase (Single
Phase and Three Phase)
- By Type (Oil-Immersed
and Air-Core)
- By Voltage (Upto 200 KV, 200-400 KV, and Above 400 KV)
- By End-User (Electric Utilities and Industrial Verticals)
- By Application (Variable Shunt Reactor and Fixed Shunt Reactor)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (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.)
Key questions answered in the study:
- What are the current and future trends of the Shunt Reactor
industry?
- How the industry has been evolving in terms of end-user demand
and application areas?
- How the competition has been shaping across the countries
followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Shunt
Reactor industry?
- What is the customer orientation, purchase behavior, and
expectations from the Shunt Reactor firms across various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE SHUNT REACTOR MARKET
6 SHUNT REACTOR MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY PHASE
8 MARKET INSIGHTS BY TYPE
9 MARKET INSIGHTS BY VOLTAGE
10 MARKET INSIGHTS BY END-USER
11 MARKET INSIGHTS BY APPLICATION
12 MARKET INSIGHTS BY REGION
13 SHUNT REACTOR MARKET DYNAMICS
14 SHUNT REACTOR MARKET OPPORTUNITIES
15 SHUNT REACTOR MARKET TRENDS
16 DEMAND AND SUPPLY SIDE ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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