Global Shunt Reactor Market 2017-2021
About Shunt Reactor
Shunt reactors protect transmission lines from high-voltage fluctuations. Transmission-line reactance consumes reactive power along the line when it is loaded. Reactance is the characteristic of electrical or electronic equipment to oppose changes in electric current or voltage owing to inductance or capacitance. The generated reactive power results in an increase in the voltage along the line, reaching dangerous levels for the system. To avoid such a phenomenon, shunt reactors are used that consume reactive power, thereby stabilizing the voltage along the transmission line.
Technavio’s analysts forecast the global shunt reactor market to grow at a CAGR of 7.37% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global shunt reactor market for 2017-2021. To calculate the market size, the report considers the new installations/value and exclude spares/aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Shunt Reactor Market 2017-2021
Technavio recognizes the following companies as the key players in the global shunt reactor market: ABB, CG Power and Industrial Solutions, Siemens, and TBEA HENGYANG TRANSFORMER
Other Prominent Vendors in the market are: Beijing Power Equipment Group (BPEG), EGE, Fuji Electric, GBE, General Electric, Hilkar, HYOSUNG, Mitsubishi Electric, PJSC “Zaporozhtransformator”, Toshiba Energy Systems & Solutions, and Transformers & Rectifiers.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of smart grids. One of the major trends in the market is the emergence of smart grids. Smart grids comprise intelligent functions that help in improving energy efficiency. Smart grids offer enhanced reliability, efficiency, and availability in the power industry, which contribute to their overall development. Certain criticalities such as technological improvements, educating the consumers, and developing standards and regulations related to smart grids are important for successful incorporation of a smart grid network.”
According to the report, one of the major drivers for this market is Renewable power generation capacity expansion. As of 2014, the US and China together lead the global power generation capacity, with China's capacity anticipated to expand exponentially till 2035. Majority of the expansion is toward renewable energy, with major countries increasing the adoption of renewables such as solar and wind energy to adhere to stringent carbon emission goals. Many end-users are adopting alternative forms of energy to avoid their dependence on power generators that operate on fossil fuels. Wind power, solar power, and other forms of renewable energy are gaining popularity among all categories of electricity end-users. As per the Global Wind Energy Council (GWEC), the installation of total wind power in the European Union was 142 GW in 2016, of which onshore installed capacity was about 92% and the remaining was based on offshore facilities.
Further, the report states that one of the major factors hindering the growth of this market is Reduced earnings of the global power distribution sector. Upgrading the grid systems has various other associated capital burdens of replacements and retrofitting of equipment such as cables, power systems, and controls. As a result, to meet the high energy demand, third-party aggregators and power utilities are already undergoing huge capital expenditure. This escalation may stem from aging power infrastructure and the increased need for renewable power grid integration. This means that the average cost of deploying smart grid technologies by utilities will range from $17 billion to $24 billion a year. In addition, power utilities remain reluctant to upgrade their power grids (to attain compatibility with smart grid solutions) owing to the heavy investments involved. Therefore, various smart grid solutions are in high demand among power utilities. This is expected to have a significant impact on the growth of the global smart grid T&D equipment market and in turn impact the shunt reactor market as well.
ABB, CG Power and Industrial Solutions, Siemens, TBEA HENGYANG TRANSFORMER, Beijing Power Equipment Group (BPEG), EGE, Fuji Electric, GBE, General Electric, Hilkar, HYOSUNG, Mitsubishi Electric, PJSC “Zaporozhtransformator”, Toshiba Energy Systems & Solutions, and Transformers & Rectifiers.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook